The 3 P's to Real Estate
Some — many, actually — will tell you that real estate is about three basic principles: location, location, and location.
Of course it would be silly to dispute it. Right?
Question: What if the three sacred laws of real estate also pertained to a nonphysical or virtual space?
Instead of thinking of real estate as just a place on a map, or an intersection you may know, imagine that “location” also refers to real estate or Internet placement on a proven high-volume Web site. The place where the vast majority of all people looking for a home go to find their information.
Get it? It’s about placement, placement, placement!
In fact, research shows that 82 percent of people who are going to buy a home this year will do most of their search online, and 86 percent of those online searchers will go to Realtor.com.
So, here is my bold, young, arrogant statement: Physical location is important, but unless you have superior online placement, it doesn’t matter.
I’ll go even further: Internet placement of a home on the market is the single most important
factor that makes a home sell.
Bham! I said it!
We live in a different world than we did 5 years ago.
Today’s real estate market is vastly different than the one from the beginning of this millennium, let alone from the mid-90s or mid-80s.
Initial market position and location are important — but an agent, office, and company that truly understands Internet placement and marketing is more so.
Is the real estate industry still about people? Absolutely, but it is also about the sophisticated marketing of a commodity and creating a perception of value. Have you ever heard of a little Internet site called eBay?
So, on your next listing appointment, ask yourself: “Do I get it?”
Darrin Friedman is the branch vice president of Coldwell Banker Residential Brokerage Chevy Chase, Md.
Subscribe to this blog's Web feed
Comments
I definately agree with you on the three p's. If the house can't be found- it won't be purchased purchased purchased.
Posted by: Judy Greenberg | February 11, 2008 08:38 PM
Great Point you have made here. I have had so many buyers that at the first meeting; they already have a list of properties they saw on line which they are interested in - found of course on the net.
Posted by: Jim | February 11, 2008 10:07 PM
great post
Posted by: smf | February 12, 2008 01:03 AM
This is absolutely true! I think having multiples pictures on Realtor.com or a virtual tour can also really help showcase a property.
Posted by: D'Ann Faught | February 12, 2008 05:44 AM
Oh so true, hence my own branded email address. It's all about the web! Blog On!
Posted by: Josh Arnson | February 12, 2008 03:30 PM
This post should be required reading for all listing agents! I don't think there's anyone out there that can deny the marketing power of having worldwide access to your listings through a variety of web portals. Understanding web positioning also provides agents with a great tool in overcoming their seller's desire to start with a price that's way too high - when price is a web search parameter, the buyer will never see a listing that's priced higher than they are willing to spend. The days of browsing the classifieds, where even an overpriced listing got exposure, are coming to an end.
Posted by: april | February 14, 2008 10:10 AM