Daily Real Estate News  |  November 8, 2008  |   Tips for Becoming a Marketing 'Survivor'
“So, how’s the real estate market?”

That’s a question you probably hear at least a few times a day, whenever you talk to friends, family, and anyone else who happens to know what you do for a living.

But how do you respond? Max Pigman, vice president of REALTOR.com, said you should treat this common question as a golden opportunity to explain why today is a perfect time to buy, and why you’re excited about guiding propspects through the process. It’s a mission that’s particularly important today, when prospects are overwhelmed with “doom and gloom” news.

Here’s one smart way to respond: “The market has definitely changed. I’ve changed as well on how I market real estate. I’m really excited about it. It’s the most opportunistic market I’ve ever seen with great opportunities for both buyers and sellers.”

Be careful not to dwell too much on how it’s a buyer’s market, Pigman said, as you risk discouraging sellers. After all, there are lots of buyers out there looking for a home right now.

“We need to be on a campaign for consumers who may be sitting on the fence,” Pigman said. “We need to campaign for their confidence to say ‘yes, it’s a good time to buy or sell.’”

Pigman, who led Friday’s “Marketing Survival Guide” at the 2008 REALTORSŪ Conference & Expo in Orlando, also shared some other tactics for coming out ahead in a tough market.

Borrowing a theme from CBS’ reality show “Survivor,” he said your goal should be to“outwit, outsell, and outlast the competition.”

To outwit: Use the power of free “viral” marketing tools, such as social networking and video podcasting, to connect with prospects and spread the word about your listings. Sites like Facebook, MySpace, and LinkedIn have been skyrocketing popularity, particularly among the 35-44 age group.

To outsell: Embrace technology. Be sure you have an excellent online presence and are using the latest methods to promote your online listings—slide shows, video and virtual tours, and interactive advertising. REALTOR.com offers a Featured Home Marketing System where you can get your listing to display prominently when consumers search for a home in your general vicinity.

To outlast: Your marketing can’t be stagnant. It must mold to the current market conditions and consumer concerns. Tell buyers about price decreases and attractive interest rates. Educate buyers about the new $7,500 first-time homebuyer tax credit. Or use an automated services, such as REALTOR.com’s Market Snapshot, to send consumers market data directly from your MLS. The snapshot includes the latest averages for sales prices, days on the market, and prices of nearby sold homes.

—Melissa Tracey