PROView - September 2007 - (Page 5) only opportunity for a sale they may have within several months. According to Ubaldini, unrealistic price levels will almost always lead to an expired listing and a customer looking for another agent. “Essentially, setting a price too high helps homes properly priced in that same price range look better,” cautioned Ubaldini. Barbara Zaccaria, prominent Realtor® with Coldwell Banker in St. Pete Beach, concurs. Given the current market conditions, agents, she said, need to go the extra mile for each customer and be vigilant about reducing a price when a home has been on the market for over 30 days. Beyond the price discussion, she also makes sure a home she represents is in pristine condition, and shows in the best possible way. First impressions do last, she said, both outside and inside the home. She pointed out that the yard should be well cared for, any pool should look inviting, no garbage cans should be visible and any paint peeling on the outside walls must be removed. “Many of these things are self-explanatory but many sellers do not have the vision of what it looks like from the perspective of a buyer. As Realtors®, we ought to make sure we always provide the extra service of guiding our customers.” Inside a home, she said, unnecessary items such as refrigerator magnets and family pictures should be put away. “All areas of the home, including the garage, must be neat and clean. “ (To learn more about staging, read the July/August issue of PROView Magazine at www. tampabayrealtor.com/proview). “While educating customers is essential, our own commitment to learning is equally important,” said Nancy Leslie, a Realtor® with Re/Max in Palm Harbor. In her opinion, the most important thing a Realtor® can do is to listen. “A detailed discussion about what your customers are looking for, where and at what price will help you in the end,” she added. Leslie continued to share that now more ever, Realtors® definitely need to know their market and the current conditions within that market. “A high inventory level enables buyers to be more selective.” There is little doubt that the Internet has enabled potential buyers to better educate themselves about the market they are interested in and other important factors such as the distance to the nearest school and detailed information about how a certain neighborhood may fit their lifestyle the best. Rest assured, buyers are out there and they are becoming more and more sophisticated. But how do you find them? All Realtors® I spoke with agreed: more marketing. “This is not the time to cut back on your marketing PINELLAS REALTOR® ORGANIZATION efforts,” said Leslie. “On the contrary, you need to be more visible than ever.” Asked in what ways she makes sure to get her name out there, she says she takes any and every opportunity to attend chamber events and fundraisers and functions within her market area. While it may seem obvious to most, Leslie said she often notices a lack of response among Realtors®. “The expression “early bird gets the worm” is definitely true in our profession, “ said Leslie while pointing out that communication is key, in any market, and that customers expect a quick call or email in return to a request. Rafal Wazio of Sand Key Realty Sales & Rentals in Sand Key strongly agreed that now is the time to increase marketing efforts. He credits his success in specializing in waterfront properties to persistent advertising. Wazio said he advertises his properties in upscale magazines such as Tampa Bay Magazine and duPont Registry as well as in several beach publications and the St. Petersburg Times. “You cannot expect immediate results from ads,” he said. “Yes, it’s expensive but I treat my campaign budget as a mortgage payment with long-term goals to achieve. Realistically, it may take over a year until I receive a call from someone who saw my ad.” Wazio said that he doesn’t limit himself to one marketing vehicle, however. “You have to have a presence; nowadays an abundance of pictures and a virtual tour on the internet are essential and so is having ads in several publications. When prospective customers start seeing you in several different places, you build familiarity with your brand, which increases the likelihood of a response.” Wazio is also quick to stress the importance of being available to current and prospective customers. Any marketing is useless unless you make yourself available, he said, giving an example of when he recently sold a $2.4M waterfront condo. At midnight! “Being a Realtor® takes precedence over everything else.” When you’re working with real estate, you don’t get to set your time - your customers do. “ In Wazio’s opinion, agents may have all the advertising and marketing in the world going for them, but if they are not responsive to their customers, they will lose opportunities. Unfortunately, advertising is a costly way to reach new customers. Marketers typically say that the cost of reaching a new customer versus retaining the business from a previous transaction is five to seven times higher. In order to maximize your marketing dollars, your marketing mix should also include a systemized approach to keeping the business of those you have served in the past. By systemized, I’m referring to the kind of activities employed by Shane Whitlatch of Lambrecht & Associates. This year, he said, they have emphasized an increased focus on communications with their customers by putting in place an organized client management system all agents now are September 2007 5 http://www.tampabayrealtor.com/proview http://www.tampabayrealtor.com/proview
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