Florida Realtor - November/December 2024
Go Big or Go Home
2024-10-16 12:56:24
MARKETING
Want to make a big impact? Double your marketing budget and gain market share. Here’s how.
When the market collapsed in 2008, Roger Pettingell, a Coldwell Banker Realty agent and broker who specializes in luxury waterfront properties in Sarasota and Manatee counties, doubled his marketing budget, buying larger print ads in the local paper and sending mailers to more farm communities. Fortunately, his gamble paid off in spades: Pettingell increased his listings significantly and became a top Realtor® in his area. “Increasing marketing has always helped me gain market share,” he says.
Here are his strategies:
Hire pros: Pettingell has two full-time marketing staffers, one each for print and digital. “A lot of people save by skipping print and doing their own online advertising,” he says. “But I’d argue most [real estate professionals don’t have time] to stay on top of the trends of online marketing. Anyone can post, but to have your posts function well, you need to work with a professional.” When hiring, look for locals who know you and your market, he advises. “Generic marketing is virtually worthless— especially in the luxury market, it needs to be custom.”
Be consistent: “I don’t think there’s a great marketing idea that doesn’t have consistent follow through,” he says. Case in point: a program he calls “Aunt Sally.” For 25 years, he’s been sending a monthly snail mail letter to past buyers and sellers. Each note includes the type of content you’d share with your aunt, he explains. Instead of urging his sphere of influence to sell their home, he offers valuable information, like a free dessert at a new local restaurant or a pre-hurricane reminder to evaluate home insurance, with a list of recommended vendors.
Pricing can trump marketing: “As critical as marketing is, pricing is probably most important,” he notes. “This year, we had a listing we could not figure out how to sell. We did every marketing trick I know, like a new Zillow showcase, a million impressions campaign and print ads everywhere, but could not get to close.” Then, once he changed the price, the neighbor made an offer and purchased the property. “We had amazing marketing but the wrong price. It wasn’t until we got to the right price that we sold the home.”
Pettingell’s approach, which combines professional expertise with personalized, local content, has helped him navigate even the toughest real estate markets. However, as he reminds us, while marketing can open doors, pricing is often the key to closing them. For agents aiming to grow their business, the lesson is clear: Invest in smart marketing, stay consistent but always keep pricing at the forefront of your strategy.
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