Here are still more examples of how much advertising and marketing contributes more to the decline of the real estate market than people realize.
Sorry to sound like a broken record, but the realty associations continue to put out statistics which do not have a positive impact. As sports fans can tell you, people can use certain statistics to make arguments for either side.
Nashville TN provides us with still another example. The Greater Nashville Assn. of Realtors released their latest monthly market statistics earlier this week. Keep in mind that the realty agents in the area are the ones who combine to financially support the Association. Yet, these statistics show a drop in home sales in the area for the 2nd month in a row.
The question should be asked. Why did the Association issue this information? The member agents don't benefit by current and potential sellers seeing that they have even less of a chance. I don't buy the argument that it encourages potential buyers to take advantage of all of the bargains out there. Instead, potential buyers from out of the area could think that the region has become less desireable.
The Nashville Tennesseean, the major newspaper there, added to the negative spin of this information:
http://www.tennessean.com/article/20111109/BUSINESS02/311090133/2047/BUSINESS
Yet, the local business publication took the SAME information, and put a slightly more positive spin on it:
http://nashvillepost.com/news/2011/11/9/october_marks_four_months_of_home_sales_growth
I'm sure that the Association intended their statistics to always have a positive spin such as the Post gave it. Come to think of it, the Post's article isn't totally positive either. It does show how two separate entities approached the same statistical information. Whether it should have been available to them or not.
Yet, these two articles are not advertising or marketing pieces. That's my other discovery this week.
It so happens that I use a mailbox store to receive a lot of my mail and also to receive packages during the day since I prefer not to have mail or packages left outside of my home. Of course, the junk mail also goes there, which is a good thing.
Earlier this week, I received a mailer from a local mortgage broker. Since I'm in contact with 200 to 300 mortgage offices and banks most every week, I was curious to see their angle. To my amazement, this lender's "letter" told me that they could get me a better deal for my home located at (address), even quoting an estimated amount of my mortgage.
What this mortgage broker didn't know is that the address in that mailer was for the mailbox place. There is no house at that address!
Of course, my industry colleagues are getting a good laugh about this as I spread the word about this lender's carelessness. However, if I were not an advertising and marketing professional in the business, I might well have considered that mailer as one more shady operator and a reason not to deal with mortgage brokers. Especially if I had recently read about how my local realty association promotes that fewer and fewer homes are selling in my area.
These realty agents and lenders seem to have nothing to talk about except for how awful the market is. Yet, next month is supposed to see the start of the Home Affordable Refinance Program. It could be huge break for the millions of home owners who are thousands of dollars underwater on their current mortgage, yet have made the payments and stayed faithful.
I know because it could impact me personally. I'm already on 2 "waiting lists" to be contacted the minute the plan becomes available to me. I might add that neither of those lenders are my previous mortgage broker, since he didn't contact me about this yet. From my conversations with banks and brokers each week, I know that some are planning to administer this program, while some aren't certain and some say they will not.
This HARP plan could save me and thousands of home owners thousands of dollars, and could very well keep numerous home owners from heading toward foreclosure over the years. This could be the most positive development in real estate in three years.
Yet, I'm one of the few writing about it, while realty associations continue to pump out the "nobody is buying" statistics and lenders continue to think that every address is a home with a mortgage.
Here's hoping that advertising, marketing, and news releases will appeal to 100% of the people next time around.
Showing posts with label nashville. Show all posts
Showing posts with label nashville. Show all posts
Thursday, November 10, 2011
Tuesday, December 22, 2009
Listing of the Day - Nashville TN
In an effort to improve the impact of the marketing of listings, I randomly choose current listings around the country in a variety of price ranges and comment on their effectiveness. No current clients of mine are used, nor do I know any sellers or buyers or have any additional information about the property.
7009 Red Apple Rd. Nashville $249,900 3 + 2 1/2
http://www.homefinder.com/TN/Nashville/50033886d_7009_Red_Apple_Rd
Even though there is only one photo in support of this listing ad, the exterior photo is an excellent choice. It is easy to see the size, scope, and beauty of this home right along with the detailed landscaping.
This home appears even newer than having been built in 2003 (as shown early on the left column), and seeing that it has approximately 2,600 square feet reinforces the size we can see on the photo.
However, the description copy kills the momentum and the positive vibes for a potential buyer. The agent (or whomever wrote the description) overlooks that he is asking the buyer to invest 1/4 million dollars by giving us one sentence split apart by dashes.
The opening phrase of "Great buy in the cane ridge area" is supposed to read "Cane Ridge" (as it does further down the page). This is not a good reflection on the agent. Next it says "showings by owner". Red flag!
Do you mean to tell me that a home that photographs this well won't be shown to a potential buyer by the listing agent? As if the owner is going to be able to answer potential buyer questions about the community?
Next, the "description" copy tells us that the "mailbox is at 501 appleseed ct.". For one, it should read "Appleseed Ct." with proper use of capital letters. For another, that information has no place at the point where the copy is supposed to entice the buyer to want more information. Does this mean that the eventual buyer will have to walk to the corner every day just to get the mail?
Then, the end of the description copy, which reads "landscape lighting & irrigation- " Say what? Does that mean the ditch is lit up?
There is more. This is a large 3 bedroom home, and parking is always an important factor. Yet, further down in the facts column for Parking, all it says is "Concrete Driveway, Electric Door Opener". Besides the fact that NOW capital letters are used when not necessary (as opposed to street names), the writer of this ad has overlooked something very important.
What does the "Electric Door Opener" open? You see, I read over this entire page several times, and never did find any mention of a garage. And there is none in the photo. If there is a garage, does it hold 1 car? 2 cars? We are not given the slightest hint.
Based on this ad, if this property ever sells, the listing agent should give the "owner" the commission.
GRADE: D+
Note: This commentary is uncompensated and for marketing purposes only and is no reflection on the featured property. Its accuracy is not guaranteed. Neither Dave Kohl nor First In Promotions shall be held responsible for any representations.
At this time, I have openings for more realty agent/office clients to critique current and brand new listings on an hourly basis. No current or past client listings are featured on this blog.Random listings are chosen around the country.
Your comments are most welcome!
7009 Red Apple Rd. Nashville $249,900 3 + 2 1/2
http://www.homefinder.com/TN/Nashville/50033886d_7009_Red_Apple_Rd
Even though there is only one photo in support of this listing ad, the exterior photo is an excellent choice. It is easy to see the size, scope, and beauty of this home right along with the detailed landscaping.
This home appears even newer than having been built in 2003 (as shown early on the left column), and seeing that it has approximately 2,600 square feet reinforces the size we can see on the photo.
However, the description copy kills the momentum and the positive vibes for a potential buyer. The agent (or whomever wrote the description) overlooks that he is asking the buyer to invest 1/4 million dollars by giving us one sentence split apart by dashes.
The opening phrase of "Great buy in the cane ridge area" is supposed to read "Cane Ridge" (as it does further down the page). This is not a good reflection on the agent. Next it says "showings by owner". Red flag!
Do you mean to tell me that a home that photographs this well won't be shown to a potential buyer by the listing agent? As if the owner is going to be able to answer potential buyer questions about the community?
Next, the "description" copy tells us that the "mailbox is at 501 appleseed ct.". For one, it should read "Appleseed Ct." with proper use of capital letters. For another, that information has no place at the point where the copy is supposed to entice the buyer to want more information. Does this mean that the eventual buyer will have to walk to the corner every day just to get the mail?
Then, the end of the description copy, which reads "landscape lighting & irrigation- " Say what? Does that mean the ditch is lit up?
There is more. This is a large 3 bedroom home, and parking is always an important factor. Yet, further down in the facts column for Parking, all it says is "Concrete Driveway, Electric Door Opener". Besides the fact that NOW capital letters are used when not necessary (as opposed to street names), the writer of this ad has overlooked something very important.
What does the "Electric Door Opener" open? You see, I read over this entire page several times, and never did find any mention of a garage. And there is none in the photo. If there is a garage, does it hold 1 car? 2 cars? We are not given the slightest hint.
Based on this ad, if this property ever sells, the listing agent should give the "owner" the commission.
GRADE: D+
Note: This commentary is uncompensated and for marketing purposes only and is no reflection on the featured property. Its accuracy is not guaranteed. Neither Dave Kohl nor First In Promotions shall be held responsible for any representations.
At this time, I have openings for more realty agent/office clients to critique current and brand new listings on an hourly basis. No current or past client listings are featured on this blog.Random listings are chosen around the country.
Your comments are most welcome!
Monday, August 18, 2008
Keep Looking For Positives !!
Still looking for more positives about the market while others, including those in the industry itself, continue to spread the word about doom and gloom.
Now, an article in the Nashville Tennesseean caught my attention, about how appraisers are coming under fire:
http://www.tennessean.com/apps/pbcs.dll/article?AID=/20080818/BUSINESS01/808180322
An article in the Kane Country Chronicle (suburban Chicago) over the weekend further illustrates my point. First, it shows declining home sales figures again. Released by the local realty association.
Then, it quotes, among others, Linda Ayukawa, who is managing broker at a local Coldwell Banker office as saying “People for whatever reason just haven’t been that motivated to buy,”.
Let me get this straight. Another local realty association continues to make lagging home sales figures available on a regular basis. A managing broker in the same area gets quoted as not knowing why consumers aren't motivated. Thousands of consumers saw that article.
If I was a real estate professional or a lender in the Kane County area, I'd run ads with Linda's quote, identify her CB office, and in big letters, state that "We work with the motivated buyers and sellers in (name of community)." There is a saying among marketing experts that "Sometimes any publicity is good publicity". Someone should tell Linda that this is the furthest from "any time" I have personally seen in years. But she is probably busy bragging about how she was an expert quoted in the local paper.
Perhaps the rise in some of the homebuilder stocks last week will make some investors and potential buyers take notice. D. R. Horton, Pulte, Red Bank, and Centex, all showed increases in share prices at some point last week. A bit of consumer confidence could go a long way.
Nice reporting by HispanicBusiness.com, with a recently completed study showing that lower home prices are "more than offset" by higher mortgage rates, even to the tune of 10 - 20% more. This came out the same week as a report showing state-by-state which areas have the highest closing costs.
I take that as a message for investors to explore joint venture possibilities with other investors to grab some of the good deals out there. It's not easy, but nothing successful ever is. Get together a group of 6 investors with $50,000 each. A barrel filled with $300,000 CASH up front just might get you a property listed in the $500,000 range since the seller receives all cash immediately. No waiting and waiting and waiting for a qualified buyer to come along. The buyer group can then re-list for a $450,000 - $500,000 sale price without having its own mortgage payments to worry about. Some will call it "group flipping", but it is a way to do some power buying.
Finally some positive sales statistics from a big city. The Detroit Free Press reports that home sales in metro Detroit rose 15%. Before I could join you and say "that is because of foreclosures", that same article added that during the month of July foreclosure activity fell by percentage points. While the article contained many more positive and negative statistics, its most important points were positive toward the industry.
An Aspen CO real estate firm came up with a way to keep the local market going. Chaffin Light Real Estsate purchased a $7.65 million office building to house its operation. How does this impact the local market? I'd say with the right advertising campaign. I am not their marketing consultant, and normally don't give valuable free advice, but in this market I need to get industry professionals thinking and acting positively. Chaffin Light should point out that "We invested over $7 million into this community, and we'll get you the best local investment for your money". And show off their newest listings.
No matter what you read, think positive. Create opportunity.
Now, an article in the Nashville Tennesseean caught my attention, about how appraisers are coming under fire:
http://www.tennessean.com/apps/pbcs.dll/article?AID=/20080818/BUSINESS01/808180322
An article in the Kane Country Chronicle (suburban Chicago) over the weekend further illustrates my point. First, it shows declining home sales figures again. Released by the local realty association.
Then, it quotes, among others, Linda Ayukawa, who is managing broker at a local Coldwell Banker office as saying “People for whatever reason just haven’t been that motivated to buy,”.
Let me get this straight. Another local realty association continues to make lagging home sales figures available on a regular basis. A managing broker in the same area gets quoted as not knowing why consumers aren't motivated. Thousands of consumers saw that article.
If I was a real estate professional or a lender in the Kane County area, I'd run ads with Linda's quote, identify her CB office, and in big letters, state that "We work with the motivated buyers and sellers in (name of community)." There is a saying among marketing experts that "Sometimes any publicity is good publicity". Someone should tell Linda that this is the furthest from "any time" I have personally seen in years. But she is probably busy bragging about how she was an expert quoted in the local paper.
Perhaps the rise in some of the homebuilder stocks last week will make some investors and potential buyers take notice. D. R. Horton, Pulte, Red Bank, and Centex, all showed increases in share prices at some point last week. A bit of consumer confidence could go a long way.
Nice reporting by HispanicBusiness.com, with a recently completed study showing that lower home prices are "more than offset" by higher mortgage rates, even to the tune of 10 - 20% more. This came out the same week as a report showing state-by-state which areas have the highest closing costs.
I take that as a message for investors to explore joint venture possibilities with other investors to grab some of the good deals out there. It's not easy, but nothing successful ever is. Get together a group of 6 investors with $50,000 each. A barrel filled with $300,000 CASH up front just might get you a property listed in the $500,000 range since the seller receives all cash immediately. No waiting and waiting and waiting for a qualified buyer to come along. The buyer group can then re-list for a $450,000 - $500,000 sale price without having its own mortgage payments to worry about. Some will call it "group flipping", but it is a way to do some power buying.
Finally some positive sales statistics from a big city. The Detroit Free Press reports that home sales in metro Detroit rose 15%. Before I could join you and say "that is because of foreclosures", that same article added that during the month of July foreclosure activity fell by percentage points. While the article contained many more positive and negative statistics, its most important points were positive toward the industry.
An Aspen CO real estate firm came up with a way to keep the local market going. Chaffin Light Real Estsate purchased a $7.65 million office building to house its operation. How does this impact the local market? I'd say with the right advertising campaign. I am not their marketing consultant, and normally don't give valuable free advice, but in this market I need to get industry professionals thinking and acting positively. Chaffin Light should point out that "We invested over $7 million into this community, and we'll get you the best local investment for your money". And show off their newest listings.
No matter what you read, think positive. Create opportunity.
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