An article in today’s Forbes.com discusses some technology “must haves” for a real estate brokerage to stay competitive in today’s tough environment.
According to the article, the most important tool for property marketing is the internet. By 2010, online real estate advertising will likely hit $3 billion, or 32% of the real estate ad market.
There are many advantages to using the internet to market real estate including:
– The ability to reach the largest audience for the least amount of money
– The ability to include multiple media formats such as photos, virtual tours, 2D Floor Plans, 3D Floor Plans, 3D Walkthroughs, Video, etc.
– The ability To Create a Brand for your Company
– The ability to drive traffic to property listings by utilizing pay per click advertising and blogs.
Unless you live under a rock, 3DWalkthroughs.com believes the use of the internet to market real estate will continue to increase and evolve in ways we probably can’t even imagine.
The full article is below.
How To Run A Real Estate Brokerage: Marketing Tactics
Lisa LaMotta, 07.11.07, 12:00 PM ET
Every new business owner needs to know the fundamentals. Forbes.com is breaking down those building blocks by answering eight core questions related to a given industry. Taken together, the information will give budding entrepreneurs a head start on making those first critical steps.
What are the most effective marketing tactics?
Brokerages have to appeal to buyers and sellers–but the techniques for snagging both groups are not the same.
Attracting buyers: Roughly four out of five people looking for a house now use the Internet to do their research. By 2010, online real estate advertising will likely hit $3 billion, or 32% of the real estate ad market–more than any other media, including newspapers, estimates Borrell Associates, a national research and consulting firm that tracks advertising.
Pay-per-click advertising on Google works wonders if you have deep pockets, but smaller shops need to be more creative. Blogs do a nice job of attracting search engines and connecting with customers. According to Bernice Ross, licensed agent and chief executive of RealEstateCoach.com, blogs should feature specific information on the neighborhoods buyers are considering. This could include everything from a digital map of local “haunted” houses to tips on how to cut the water bill during a heat wave. (For more on blogging, check out Go Blogging For Customers.)
Despite all that activity in cyberspace, nothing beats a decent yard sign. Traditional 24-inch-by-36-inch signage might run you $80 for a batch of five, depending on quality and design. (There are vendors galore online.) Each sign should be placed front and center and display the name of your firm, the telephone number and your Web address. Some signs have convenient cavities for brochures.
Note: Before you slap signs up on every telephone pole in the neighborhood, check the rules. At a minimum, you’ll need a permit to post signs, but there can be a tangle of other restrictions. Some jurisdictions allow signs only on the property for sale; others impose size constraints. Check with your local city council.
Attracting sellers: Sellers hang out online too, but brokers maintain the best way to attract them is still by advertising in the good old Yellow Pages. (For better or worse, most sellers tend to pick the first agent they come across.) Expect to pay around $1,200 a month for one ad.