The Listing Agent – Marketing Your House to Other Agents Topics:
– The Multiple Listing Service
– Office Preview
– Broker Previews and Culinary Delights
– Office Flyers
– Marketing Sessions
The Multiple Listing Service
Even before the sign is up and the brochures are ready, your agent should list your property with the local MLS (Multiple Listing Service). The MLS is a database of all the homes listed by local real estate agents who are members of the service, which is practically all of the local agents.
Important information about your property is listed here, from general data such as square footage and number of rooms, to such details as whether you have central air conditioning or hard wood flooring. There should also be a photo, and a short verbal description of what makes your house “special.”
Agents search the database for homes that fit the price range and needs of their clients. They pay special attention to homes that have been recently placed on the market, which is one reason you get a lot of attention when your house is first listed. Many agents will want to preview the home before they show it to their clients.
The main point about having your house listed in the MLS is that you expand your sales force by the number of local MLS members. Instead of having just one agent working for you, now you may have hundreds or more, depending on the size of your community. The listing agent’s main job to make sure that the other MLS members know about your house. This is accomplished through listing your house in the Multiple Listing Service, broker previews and advertising targeted toward other agents, not homebuyers.
If your listing agent belongs to a fairly sizable office, an “office preview” will introduce your house to other agents working in the same office. In effect, they get a “head start” on selling your property. Once a week, the office’s agents will get together, share vehicles, and “caravan” to all of the new listings. They generally pull up in front of your house at about the same time (some even use a bus) then file quickly through your home like some bizarre “follow the leader” game.
It can be amazing to watch. They go through very quickly, since most of them are familiar with similar models of your house. They are usually looking for anything memorable or different and to determine if your house is one they would be proud to show their clients. Then they all pile back into their cars and move on to the next house on the tour. But some of them come back…with buyers.
Individual Agent Advertising
Individual agents may advertise your home for the same reasons as companies do. They usually advertise in classified ads or in specialty magazines featuring houses available for sale.
As in other types of advertising, these ads rarely sell your home. Once again, the main goals of advertising are to accumulate homebuyers as clients, and to impress you and future home sellers with how well they market their listings. Some agents actually do sell their own listings, but not that often.
It is much more productive and beneficial if your listing agent directs most of his or her marketing efforts toward other agents. Since this is “behind the scenes” marketing that you don’t actually see, it is often difficult for you to measure how hard the agent is working for you. It is a mistake to measure your agent’s effectiveness solely by counting the number of newspaper and magazine ads featuring your property.
Your agent will undoubtedly prepare flyers about your property so that prospective homebuyers can be informed about the attractive features of your house. These flyers (or similar ones) should also be sent to all the local real estate offices, too. Most areas have a weekly flyer service that delivers advertisements to all of the local offices. Since agents get these flyers every week, they do not always look at them. However, a large percentage of them do. Some agents will keep the flyer and bring buyers to your house. The flyer should be done professionally and photocopy well. Ask your agent to show you copies of office flyers they have done in the past.
Your agent probably belongs to a local association of Real Estate Professionals and they often have meetings once a month. At these meetings there is often a “marketing session” where some agents stand up and tell about their listings and other agents stand up and tell about their buyers. Your listing agent has an opportunity to “pitch” your house at these marketing sessions.
At the same time, these sessions may not be as effective as they were in the past. One reason is that they are often more social occasions than serious business meetings. Another reason is that, as technology has expanded, local associations have tended to merge and create larger Multiple Listing Services and Associations. Local meetings have become poorly attended gatherings.
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First Choice Realty Group
184 Pleasant Valley Street
Methuen, MA 01844