I just read a reader poll from Realtor Magazine that shocked the @&## out of me. The poll came from Realtor.org where Realtors all over the nation go to get information, training, and tools for their business. The poll brings up an interesting idea… Is Your Realtor Cutting Back on Marketing this Year? It’s quite a good question when they are getting the same or higher commissions than in previous years.
Less Marketing for Offices, Agents, and Listings
Take a look at the reader poll just above. You can see that:
- 51% of agents admit to cutting back on marketing substantially
- 27% are cutting back at least a little
- 2% haven’t cut back but are planning to
- and 20% haven’t and won’t (read “good agents” here)
Now, 80% of Realtors polled freely admitted that they either are, or are planning to cut back on marketing this year. Let me point something out that is so blatantly obvious that I think people tend to forget…
Realtors market properties. That’s what they DO. If you are saying you’re cutting back then I ask, “What do your clients think about that?”
Retraction is a disservice to clients
Unfortunately, we’re seeing this all over, in local and national markets. As a real estate practitioner, I’m privy to what’s going on in terms of marketing properties in other offices… we do talk occasionally despite the rumors. Everything I’ve heard points to companies and agents offering less for more, not the other way around. Real estate companies work on such tight income margins that the drop in sales over the past year has forced them to offer less services to their agents, and therefore, their clients. With agents having to foot more and more of the bill and selling less and less they do the only thing they know how… they trim services from their marketing strategies to cover they extra expenses as well as offset lower incomes.
Always do what everyone else isn’t…
So who are the Realtors and companies that are really thriving and surviving in this market? The answer?
The ones who are:
- Spending more (or at least smarter)
- Diversifying business
- Pushing the innovation envelope
As you can see by the numbers… most major brokerages and most agents are skimping. They’re trying to last out the recession and then go back to old methodologies. Unfortunately for them, it’s a brave new world in real estate. Truly successful companies are becoming more creative and innovative while still being leaner and meaner than their ancient counterparts.
Is EXIT one of the new breed? Is EXIT Pro? Look around and see for yourself.