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For the past few years, we have been working with a handful of clients to help them understand how marketing works in real estate. Their success stories have been so inspiring, it makes us want to shout out loud! It also shows us that we can apply what we have learned in our marketing classes to our real estate business.
The first step to understanding marketing is to be aware that marketing is a part of real estate marketing. All real estate marketing is a means to an end. You want to convince the seller to sell. You want to generate the buyer’s contact information so that you can get the property into your portfolio.
Marketing is a huge part of any market. It’s no different in real estate. We don’t need to tell our clients that we’re going to make them buy our property. We don’t need to tell them that they should buy our property. We don’t need to tell them that we are going to get them to buy our property. We don’t need to tell them that everything will be ok because things always are in real estate.
But we do what we do because we believe that the right marketing will work for our clients. We all know that in order to generate the buyers contact information for our listings we need to have the right people in the right places. In other words, the key to getting people to buy your listings is to make your listings attractive enough to get people to look at them.
In a nutshell what we’ve found is that we can’t have a property on the market forever. If we allow our property to run out of listings, we get to the point where we can’t even buy the property anymore. That’s why we have to maintain our list of buyers so we can still make more money.
A property owner will always want to sell a property. Their own decision of selling or not, is not in question. In the same way, a buyer wants to buy a property. Their own decision of buying or not, is not in question. In the same way, a seller will always want to sell their property or not, their own decision of selling or not, is not in question.
In the same way, we will always want to make money selling our properties. The only thing is; we have no idea what our properties are worth. This is because we haven’t been able to get a real property appraisal. With a real appraisal, the person will be able to say, “I know the house is worth $100,000, but I don’t know the value of the land right next to it or the property on the other side of town”.
The only way to really know if an asset is worth a certain amount is to get a real appraisal. Real property appraisals are expensive, and not everyone can afford one (and many cannt be trusted). But it still makes sense to ask your real estate agent to get the value of your house or property before you sell it. We do this ourselves, and it works.
The other thing to know is that you can actually use the word “real” in the title of your property to mean “a real estate appraisal.” The word “asset” can be used to mean anything in real estate, and you can use “real” to mean “value.” This is how we got into this whole discussion about real estate valuations.