Resort & Second-Home Markets Course

4.1RESORT AND SECOND-HOME MARKETS CHAPTER FOUR

Resort & Second-Home Markets Course

CHAPTER FOUR


In This Section

•Marketing and communications strategies

•Sharing “best practice” ideas

•Networking and referrals


Marketing Means . . .

•Align the way you sell with how customers buy

•Sales insurance

•Ensures right action, product, and time

•Marketing strategy = “what”

•Tactics = “how”


Marketing Plan Basic Research

•Where are customers located?

•Comparison to competitors?

•Current and potential customers and clients?

•Characteristics and demographics?


4 “Ps” of Marketing

•Promotion, Product, Price, Place

•Promote the Product customers and clients want, at the right Price, and at the right Place.


Information SourcesVacation

Homes

Investment

Homes

Real estate agent 28% 34%Friend or relative 23% 17%

Yard sign 16% 17%

Knew the sellers 9% 12%

Internet 8% 9%

Newspaper ad 7% 6%

Homebuilder 3% 3%

Home book magazine 1% 1%


The Marketing Mix

• Location of target audience?

•What do they read, see, and listen to?

•What is the message?

•Media available?

•Preparing content for and accessing the media?

•Budget constraints?

•Most cost-effective?

•Best time to reach the target market?


Skill Builder Tip

Brochures on a budgetThe local visitors bureau may be able to provide preprinted four-color brochure shells that feature local landmarks and amenities; the shells can be overprinted with your promotional information. Or, try searching on the Internet for “brochure paper.”


Marketing Media

•Brochures

•Newspapers

•Newsletters

•Direct mail

•Convention & visitor bureau material

•Local area buyers guides


Internet Marketing

•Bargain compared to print media and direct mail

•Include Web site, e-mail, and phone number on everything

•55% search for homes on the Internet

•77% who searched on the Internet purchased through real estate agents


Build a Better Web Site

•Register with search engines every 2-3 weeks

•Meta-tags

•Sticky Web sites

•Search word analysis

•Hotlinks

•Credentials and certifications

•Standardized follow-up procedure!


Skill Builder Tip

Return to SenderA link from your Web site to another may inadvertently encourage visitors to leave your Web site. Make sure the linked site appears in a new window so that your Web site remains open in the background.


Weblogs

•Interactive online newsletters or personal journals

•Keeps visitors returning regularly

•Ideal for fostering customer relationships


Virtual Tours

Ask Before You Buy . . .

•Is the price within my budget?

•Will viewers need to download a plug-in?

•Can it be played by any ISP?

•How large are the digital files?

Best - - still shots for small homes, panoramas for large homes


Going Off the Web Site

•Don't rush

•Make yourself available

•Show your worth

•Provide timely responses

•Be open-minded


E-mail Etiquette

•Don't YELL

•Just the facts, ma’am

•Less is more

•Easy on the formatting

•Cheek yore speling

•The joke may be on you

•Tell them your sign

•Return to sender


Test Your E-mail IQ

LOL BTW F2F FAQ

FYI NRN L8R L8R

COB SLAP MTF EOM

CU OBO POV TX

Snail mail


Do Not Phone, Fax, E-mail

•CAN-SPAM Act

•Junk Fax Act of 2005

•Do Not Call Registry

•Fair and Accurate Credit Transactions (FACT) Act


“Experts” Network

•Stay informed

•Help deliver top quality customer service

•Broader perspectives on real estate issues

•Automatic coalition partners

•Builders, engineers, surveyors, developers, insurance agencies, travel agents, housekeepers, landscapers, and building trades


Skill Builder Tip

Build Your Experts Network Start building your experts network by selecting three people who would be good candidates. Invite them to lunch, outline the plan, and then ask each of them to invite one more person. Contributions and assistance must flow in both directions and the value of members can be determined by their contribution and their ability to stay focused on the issues for which the network was created.


Referral Network Keys to Success

•A long-term time frame

•Relationship building first, individual transactions second

•Ask for referrals


Four Principles of a Referral-Based Business

1. Personal equity

2. Ask in the right way

3. Accept and responsibility

4. Consistent follow through and follow up


Skill Builder Tip

Strategic networking

If networking is to succeed, it must become a part of your business and strategic planning. It requires the following commitments:

Time

Effort

Money

Focus Plan


Top 10 Most Common Referral Mistakes10. Choosing the wrong network to join.9. Not being actively engaged in the network.8. Letting the network consume you and your time.7. Not giving referrals yourself.6. Not thanking people who give you referrals.5. Doing a bad job.4. Not communicating updates.3. Not tracking the results.2. Not marketing yourself.

1. Not asking for the referral.


Referral Best Practices

•Determine the region that best meets client needs

•Research market dynamics

•Check your office policies

•Research major firms in the market

•Prepare for agent interviews

•Make contact with the firm


Referral Best Practices

•Schedule agent interviews

•Interview agents and discuss compensation

•Share specific information

•Set expectations

•Prepare the client

•Hand off client to receiving agent

•Monitor the transaction

Documents

Resort & Second-Home Markets Course