Agent Advice - How to get more vendor-paid advertising
In this guide, you'll find our top tips for securing more vendor-paid marketing investment.
Not only that, I'll teach you how to talk about the subject while you are in the appraisal stage so your request for marketing money doesn't end up costing you the listing.
Because that's the biggest fear, right? And it's often why salespeople don't suggest spending lots of money on advertising - they don't want to talk themselves out of the listing.
And then once the owner signs up, it's kind of too late to go back and have those conversations all over again.
So without further ado, here are our top tips to help you secure better marketing budgets...
Audio version:
The podcast version includes scripts and dialogues that you can incorporate into your next listing presentation.
To subscribe to the show, search 'Agent Monday' on Spotify, Apple Podcasts, Google podcasts or any popular podcast app.
Have a plan that worked before (tell the story)
Show the owners photos of a previous sale that attracted a lot of interest (it could be yours or one from your office). Present it as a case study, talking through the number of viewings, how long it was on the market, how many offers they received. Then talk through the marketing plan that was used. Close the story with words like:
"These owners invested $1,800 in marketing and attracted 9 offers in 18 days. I would love to put that plan to work for you as well. I can't guarantee exactly the same result but I can guarantee you we will follow the same process, step by step which led to that outcome."
Explain why it's worthwhile - before you ask for any money
With any discussion around marketing, you need to establish value. Why should an owner invest in extra marketing if every buyer is already looking on the internet? The way through this is to explain the different buyer categories.
Read this article for a breakdown of the three key buyer categories and why you need top-notch marketing to reach all of them (Agent Monday subscription required):
Note: You could send this article directly to your owner or talk the ideas through with them in your meeting.
You can also check out the podcast version of this guide here which includes a breakdown of the three buyer categories and scripts to use in your listing presentation.
Tell them it's their choice
Owners don't like being pressured into anything. Always emphasize that you will back the owners up whatever they decide to do. Your job is to present the options and advise your clients as best you can, but let them make the call on what to invest in and what to accept at the end of the process.
Only offer what you believe in
If you really don't believe in print marketing then don't put it in your marketing plan. It's extremely hard to sell something that you don't believe in. Instead, build a custom marketing plan that you know will add value and offer that to your clients.
Don't presume they won't want to invest - smart owners get it
I've seen many salespeople walk into a listing falsely presuming their potential client doesn't want to pay for marketing. Many owners realise that sometimes it takes money to make money. So instead of making assumptions, start by asking questions, like:
"How would you like to see your home marketed?"
and
"Where do you look for property to buy? What websites or magazines do you use? Which ones do you think are important? What kind of properties stand out to you when you are looking online?"
Offer something for free if it's a good listing
Sometimes you have to put your money where your mouth is. If you believe in the saleability of a property and you want to secure that listing, then don't be afraid to contribute some of your own money towards the marketing package. This is a great way to give your potential clients a 'win' during the appraisal / listing negotiation. You might offer to pay for their professional photographs while they cover the rest of the cost.
It's important that your owners have some skin in the game and have an interest in securing an outcome, but it's also worth coming to the party sometimes by subsidising your marketing packages if you want to secure the best opportunities.
Note: If your owners absolutely won't spend a dime on marketing, I recommend at least paying for professional photography out of your own pocket. This protects your image online and will increase your chances of attracting buyers and earning a commission. Whatever you do, don't put listings on the net with photos taken on your phone, it's a bad look.
Record yourself role-playing the marketing discussion
Nothing will improve your listing presentation skills quicker than practising in front of a colleague, a video camera or both. Whatever you do, don't practice on your clients, that's a recipe for sub-optimal outcomes.
Convince owners their home is worth it.
Finally, it's worth noting that many owners are reluctant to invest in vendor-paid advertising because they don't think their home is worth it. They might feel like their home is run-down compared to others in the area, or maybe at the lower end of the price spectrum.
Part of your job is to remind your potential client that wherever their home sits value-wise, it is a large financial asset and deserves to be treated as such. This is a great way to show your enthusiasm for marketing their home, which is often an important factor in an owner's decision of who to hire.
