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ShareListing Fatigue can certainly be a condition that some builders of new construction face. So many places you could advertise your inventory, it can be overwhelming. So what is the prescription?
With many builders realizing the effectiveness and cost savings of moving from print to digital advertising, so too came a plethora of websites promising tremendous value and the best quality leads. As is true of all things, too much of a good thing well, turns out to be too much of a good thing.
The secret to any marketing plan is of course knowing where your marketing dollars are best spent, and which give you the greatest return. The hard part is knowing where those best investments are made without real metrics to judge those dollars.
According to NAR, 72% of final new construction sales are made in fact with the help of licensed real estate agents. Many consumers will use the large portals like Zillow and Realtor.com to look around but the reality is that when they are serious about buying, the vast majority will link up with a real estate agent and ask for their help to sort through all that they have researched on their own to get additional insight. Experienced Realtors® have knowledge about the best properties/floorplans, the best communities, and the best builders to work with that will deliver what they promise at a fair price.
NOW is the time to educate licensed real estate agents as builders build their 2021 marketing plans so that they will receive their fair share (or even more) of these pre-qualified buyers in the coming year. Many builders ‘think’ they may not need agents at this time with record low interest rates and a strong desire to move up into larger homes or simply out of an apartment, but the truth of the matter is, if builders don’t build and maintain relationships with these agents, then other builders that are building those relationships with agents will steal market share away from those who do not. Strong relationships are not built overnight, and the cost of a referral made is worth 3 or more referrals NOT made. Unlike a consumer that might purchase a single home in a lifetime or at least only one in 8 years or more, a licensed real estate agent represents many buyers that will purchase a home in the coming year. Therefore, one Realtor® relationship is 8 times more valuable than a single consumer relationship. A builder should not overlook the cost to market to that single consumer and the return, a single sale, (hopefully) vs the cost to make multiple sales happen.
Per our research and over ten years in business, we have found that it takes more than 100 consumer leads to generate one sale; meanwhile, it takes less than 20 Realtor® leads to generate that same sale with now the potential to make many more sales with the same Realtor® now that a good relationship has been built.
Just like it is very difficult to herd cats, it is equally difficult to herd agents. However, there is ONE place to easily put your properties in front of licensed real estate agents that delivers trackable metrics using patented technology at the lowest cost in the industry. As you build your marketing plan, don’t overlook adding an agent outreach component by mixing in Buildersupdate.com into your plan. Contact us at buildersupport@buildersupdate.com or 512.901.9899 for a quick 15 min demo to make sure you have all of your bases covered. You can rest assured if they are not, your competition will be stealing your business.
