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Agents spend marketing dollars in the wrong places

 

WASHINGTON – May 20, 2014 – The National Association of Realtors®' (NAR) 2014 Home Buyer and Seller Generational Trends report indicates that Realtors who spend a bulk of their marketing budgets on things such as search engine optimization, Facebook ads, direct mail, newspaper ads, calendars and magnets should determine whether the return justifies the costs.

In some cases, agents may be wasting their money.

According to the report, a yard sign coupled with an open house generates double the closed seller transactions than all categories of Internet websites. Moreover, the chances of receiving referrals from relocation companies or other real estate agents are about the same with an open house/yard signage as they are with sellers finding an agent online.

Search engines, newspaper ads, Yellow Pages ads, mobile or tablet applications, direct mail, and things like calendars and magnets made up less than 1 percent of closed seller leads. On the flipside, floor duty generated 3 percent of seller leads, on par with websites.

When it comes to buyers, websites generated 9 percent of closed transactions, open houses for 6 percent, for sale/open house signs for 6 percent, and floor duty for 3 percent.

Meanwhile, face-to-face contacts like friends, neighbors or relatives accounted for 39 percent of seller and 70 percent of buyer leads.

The survey indicates that Realtors should expand their databases and generate referrals from people who like them and their services, keep in touch with past clients, and rely more on face-to-face activities than impersonal contact.

Source: Inman News (05/19/14) Ross, Bernice

© Copyright 2014 INFORMATION, INC. Bethesda, MD (301) 215-4688

 

Related Topics: Marketing