Re: Frustrated with realtor
posted at 11/24/2010 10:52 AM EST
BrokerMike from the Bay Area is TOTALLY CORRECT about the "3 P's of Real Estate Marketing"!
The reason is that it is a joke in our industry and has been used as such in real estate marketing classes for the past several decades. The marketing instructor always uses the "3 P's" as an illustration of the vapid and nearly always embarrassing drivel which passes for "marketing" by real estate agents.
We've all seen the Xerox copy of a Xerox copy of a MLS print out being used as "marketing" at open houses, rather than the agent using brochures with color pictures - taken by professional photographer - on heavy stock paper. Or the agent using out of focus or too dark pictures taken with their cell phones of million dollar homes, as they are too cheap to hire a pro.
The reason this will never change is that agents don't get paid until we sell something and since the house may not sell - for multiple reasons - agents don't want to spend their own money, or much of their own money, to sell a home.
I don't know the statistics, but from my 25 years of selling real estate, of the many, many thousands of agents I've met, only a couple had a marketing degree or had worked as a marketing manager for a respectable company. Most of the agents who had worked in sales prior to real estate had sold cars, insurance, bottled water or retail office supplies. One or two were "heavy hitters" working for a Fortune 1000 company and decided to leave the corporate grind behind, but nearly all of them had no where else to go, so they went into real estate sales.
Marketing is not sales, though I see agents day in and day out confuse the two, usually on purpose, but mainly out of ignorance. Marketing departments are to support the direct or indirect sales force of the company, but since agents are independent contractors and not salaried employees, that duty and cost gets pawned off onto real estate agents, who follow what their broker tells them.
The problem is that many brokers - who agents work for - started their real estate careers a decade or multiple decades ago and are usually computer illiterate, so all they know about marketing is newspaper ads, postcards and the all important "personal relationship". Craig's List is huge step forward, mainly because it is free and easy to use.
The 3 P’s of Real Estate marketing will always be part and parcel of our industry, as marketing is done by agents and agents are on a budget - their own personal budget - so most “marketing” is on vanity marketing by the agent telling the world how they are Number 1, etc. The seller and the consumer are secondary to needs of the agent.