By: Jessica Weston
In this challenging economy, we struggle to provide marketing ideas and outlets that reach our audience both directly and cost effectively. But, just as important as marketing outreach is the first impression our communities give these buyers once they are in the door. One of the most important marketing tools is the property itself and how it is represented by its model homes.
We have found that modeling a home or condominium floorplan allows the buyer to better visualize the space and to see how they can actually live in the home, and is a marketing investment worth making. Developers are now very considerate of maximizing the space of their floorplans and want to showcase the great value and live-ability of their homes. By doing so, certain floorplans that weren’t appealing as empty units feel comfortable and conveniently laid out when properly decorated. Buyers can then visualize their life in that home.
We have had much success with model homes at our properties. Gallery Residences had a 2 BR + den floorplan that hadn’t sold in years. Modeling that floorplan and showing what can be done with the den space resulted in 8 sales of that particular plan in less than 6 months. At 1010 Midtown, a floorplan that had not sold at all was modeled. Within 5 days of completing the model, the property received a contract on that particular floorplan. At 10 Terminus Place, one of the models has moved 4 times in the past 9 months because each time a floorplan type is modeled, it sells.
Given this, it’s not just marketing outreach that results in qualified buyers and therefore, sales. It’s also making sure the homes are appealing to the target demographic. Making floorplans feel like home, rather than an empty space makes a huge difference in the buyers’ minds. Model homes give a much better first impression than an empty one, resulting in happy buyers, and therefore, happy sellers!
Categories: Sales and Marketing
By: Jessica Weston
Now that the April 30th tax credit deadline has passed, many of us real estate professionals are anxious to see what the immediate future holds. Will buyers continue to be excited about the incentives offered by homeownership or will they wait to see what the government will do next?
Fortunately, the tax credit didn’t seem to sway many buyers one way or the other, especially not like it did the first time in November of 2009. The main buying decision this season was price. And developers and builders have realized this. Now, more than ever, pricing is competitive and buyers are eager to take advantage of these steals. It’s cliché, but with interest rates threatening to rise, buyers who want to take advantage of this “buyer’s market” are eager to do so right now!
Many buyers believe the market is stabilizing and their confidence in their buying decision is growing. According to a Prudential Real Estate and Relocation Services survey found in an article on Yahoo News , consumers are “optimistic about real estate values, with 46% expecting prices in their area to increase over the next year”. This same survey showed that among the list of buyers concerns, the tax credits ranked the lowest, with rising mortgage interest rates, unemployment, and stricter lending guidelines being the highest.
There is no doubt the tax credit helped to stimulate the real estate market, but we are hopeful that consumer confidence in real estate continues to rise and that this consumer confidence in the economy as a whole will prove a stable real estate market is near. Once that stable market has proven to be here with employment on the rise, affordable housing prices, and rising interest rates, we hope to see a boom in the sales for the summer 2010. I don’t have a crystal ball, but it seems we’re moving in the right direction!
Categories: Tax credit · Value of a home
By: Jessica Weston
With only 2 more months to take advantage of the $8,000 federal tax credit, those of you who are first time homebuyers are eager to utilize the government’s money and capitalize on the great offers in the real estate market.
However, buying your first home can be very overwhelming and confusing, especially in a market in which location, location, location is no longer the iconic slogan of the real estate industry – it’s now best deal, best deal, best deal, which broadens your search tremendously, making your decision even more overwhelming. Buyer incentives are everywhere, and the comparable search is no longer simply comparable.
To all of you first time homebuyers, as you spend your time searching for your perfect first home, it behooves you to work with an agent that has your best interest at heart. He / she will help educate you to make a decision that is right for you, your pocketbook, and your lifestyle. Your real estate agent will first instruct you to get pre-approved by a reputable lender prior to beginning your home search. The pre-approval process will help you narrow your search by limiting the price point you can afford. Narrowing your search to be based on price will be one step to a more simplified buying process.
An agent will not only guide you in finding your home, but will also be able to help you through the stressful contract negotiations and explain all of the underlying costs of a new home purchase. And, as you’re choosing your new home, your agent will also help you determine if the house is not just the right house for you, but if it is also the right investment for you.
Above are just a few of the reasons why it is imperative that a first time homebuyer work with a trusted and knowledgeable real estate. Agents are authorized to act on your behalf and to limit the stress so you can enjoy the excitement of your first home!
Categories: First-time homebuyer
By: Jessica Weston
My last blog topic was on social media and the advantages it provides as a marketing outlet for real estate agents. So, I thought it would be interesting to follow up with some data on the growth of one of these tools – Facebook. According to Larry Hartstein’s July 8th article in the AJC, “Atlantans really love Facebook”, almost 72 million Americans are currently using this social networking site and Atlanta is warmly welcoming Facebook with arms open wide. The number of Facebook users in Atlanta has increased by 142%, from 535,000 to 1.3 million, faster than any other metro city in the U.S.! (Los Angeles, CA comes in second with a growth rate of 97%.)
No one is sure why this surge is so drastic in the Atlanta area. Could it be because we are ahead of the curve or because we were behind it to begin with and are now drastically catching up? Or could it be because Atlanta is one of the fastest growing metropolitan cities in the U.S. with regards to population? Please comment if you have thoughts on this!
The growth of Facebook users in Atlanta is interesting, but the most interesting fact this article presented me with was the age group with the largest amount of Facebook users. Drumroll please…..ages 35-54! The active participation of the 35-54 age group is another factor that shows the validity in using social media outlets as a way for real estate agents to prospect. This is the largest age group of our buyers, agents, developers, etc. Why wouldn’t real estate professionals be on Facebook when their job is to be “in the know” and to get their faces out there? According to the recent Nielsen Online report about Internet usage, consumers spend more time, on average, on Facebook in June 2009 than they spent on the sites of the other 9 top web brands. As a real estate professional in Atlanta, why would one not participate in one of the fastest growing methods of communication in one of the fastest growing cities?
It will be exciting to follow this social media trend and see where it leads us.
Categories: Sales and Marketing · social media
By: Jessica Weston
The internet has been climbing the ladder over the past several years as one of the most valuable tools in the homebuying process for buyers and, therefore, for realtors. In a recent study by the National Association of Realtors (NAR), “87% of recent homebuyers in the U.S. say they used the internet as an information resource during their home-buying process, and nearly 1/3 say they first leaned about their newly purchased home from an online channel.” And, with the recent craze about social media, the internet is also a powerful communication channel amongst friends, colleagues, and trusted industry experts. Given this data, it is very important that real estate professionals focus on the internet as a valuable sales tool to reach out to consumers and communicate with them.
Social media outlets are important platforms for real estate agents to share industry news, voice their opinions and promote their listings. Their words are trusted by those listening since their audience is typically friends, family, friends of friends, colleagues, and acquaintances. Gone are the days when traditional media set agendas by presenting information that represented unchallenged truth. Now, consumers are more likely to trust what they have seen, read or heard about a company if someone they know has already mentioned it to them. So, for home sales, all it takes is one real estate professional to begin a blog, post something on his/her Facebook page, and/or share a video of his/her home for sale to begin a chain of communication that reaches a broader audience than ever before. It’s like the conversation at the water cooler, but with hundreds or thousands of people as your captive audience! Word of mouth about a company or association drives trust. Trust drives transactions.
To capitalize on the world of social media, Coldwell Banker NRT Development Advisors will be hosting a series of ongoing training programs, called Socially Speaking. These sessions will educate our sales and marketing teams about how to utilize these outlets to effectively market their listings and inform prospective clients about the social media forums with which their target audiences take part.
Categories: Uncategorized
Tagged: Facebook, National Association of Realtors, online marketing, Sales and Marketing, social media
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