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"Convert More Listings with a Strong Marketing Plan"

by Bernice Ross, Ph.D., MCC and Byron Van Arsdale, MCC

When it comes to selling a property, most people believe the agents control the entire process. In actuality, the seller controls the positioning and salability of the property (i.e. price and condition), and the buyer control the prices (since only the buyer decides what to offer on a given property). The only thing agent actually controls is the strategy for marketing the property. Thus, having a strong marketing plan for each listing presentation you go on will greatly increase the probability of obtaining a signed listing. While there are many ways to effectively market a property, here are some general guidelines.

1. Prior to going on the actual listing presentation, create a color brochure of the property and make it the first page of your marketing plan/listing presentation. To do this, simply use your digital camera to take the picture, load it on your computer, and print it. If working with the computer is not your greatest strength, you can take a normal picture, have it developed at the one-hour photo, and then glue stick it on to a sample brochure. This strategy says you're prepared and ready to begin marketing now.

2. In your 90 day marketing plan, include the dates for when the property will be submitted to the MLS, when the sign will be posted, when the flyers will be ready, when the property will first appear in the paper, etc.

3. Before submitting the ads to the newspaper, the copy to the MLS, and/or the copy for any brochures, ask the sellers to review it. This actively involves the Sellers in the process and also prevents costly reprinting of materials.

4. Since many newspapers make major edits in real estate ads, give Sellers exact copies of all submissions. Alert them ahead of time that the newspapers routinely make changes that you know nothing about until you see it in print. Thus, if there is something wrong with the ad, the Seller knows who is responsible.

5. As part of your plan, note the date you will discuss the seller's property at your weekly office or Board of Realtors meeting. Be sure to give them feedback on the response.

6. Schedule weekly updates to review, either by phone or email, the last week's activity on the property.

7. At the first of the month, schedule an appointment, either in person or by phone, to review and update the marketing plan, update comparable market data, and discuss positioning with respect to price.

8. Schedule the dates when you will be sending out "just listed" cards as well as any invitations to open house.

9. Outline your plan to contact the most active agents representing buyers in your area.

10. Be sure to include what dates you will hold open house, when the property will be on tour/caravan, as well as the dates you will be mailing out open house invitations.

11. Finally, outline your plan for contacting listing agents in the same area who have properties priced at a similar purchase price (or slightly higher) than the subject property. These agents generally have their own leads from marketing their listings. If their listing is not suitable to for their buyer, yours might be.