Our industry is ubiquitous with misinformation around marketing.
The worst offenders—in my opinion—are the Big-Box Teams. You know who I’m talking about; there are numerous teams using this business model in every major market.
Some of these teams actually advertise how much money they spend every month on marketing! Thousands… tens of thousands… hundreds of thousands…
But, let’s get real for a minute and take a hard look at what their marketing is all about:
Don’t get me wrong. There’s nothing wrong with advertising your services. Just don’t imply that the money you’re spending is for the benefit of the seller.
There’s no other industry on the planet that boasts about how much they spend on marketing, and then tries to imply that they’re doing it for you.
"You should buy a Ford, because we spend millions on marketing!"
Doesn't that sound stupid?
As a REALTOR®, how does your billboard, radio or TV ad, bus bench, or practically any other form of advertising, actually benefit your client?
Even Facebook ads and print media ads that feature specific properties, are not actually meant to sell those properties. We all know these ads are all about lead generation. Not that there's anything wrong with that!
Truthfully, how many times has a property ever sold as a direct result of someone stumbling across a Facebook ad?
OK, I don’t know the exact number, but I guess two is pretty close. 😂
I’m not saying you shouldn’t advertise on Facebook. You should! Just do it for the right reasons, and don’t try to tell the public you're doing it for them.
The absolute worst form of misleading advertising in our industry—in my opinion—is the Guaranteed Sale Program.
We ALL know very well that this is a bait and switch tactic, used for the sole purpose of getting in front of a potential seller, and then convincing them that they don’t need it. “Oh, sorry, your home doesn’t qualify, due to the lengthy list of ridiculous conditions in our 'guarantee'. Darn! But, hey! We'll get it sold, anyway. Please sign on the dotted line."
We all know that even if the home does qualify for the program, the “guaranteed” price will be so stupidly low, that hardly anyone in their right mind would ever agree to the terms.
We all know this program is complete nonsense, and reeks of illegal "bait and switch" tactics, but they get around that because technically it is a “legitimate” and legally-binding program.
I say it's an embarrassment to the entire industry, and it should be abolished.
Here’s a message to all you individual agents or small service-oriented teams:
You can’t compete with the Big-Box Teams in terms of advertising dollars.
But… there are other far more effective ways for you to compete, and none of them include misleading gimmicks.
It’s easy to compete with and defeat the Big-Box Teams, by simply showing your clients the truth about How Real Estate Really Works.
I’ll show you how.
Stay tuned. There’s MUCH more to come.