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Bernice Ross
As we head into the end of 2020 and plan for 2021, where can you market your business to obtain the highest return for your time and money? If you’re ready to generate new income streams for your business, here are four ideas for your next marketing campaign.
According to a study by Redfin, about 25 percent of all homeowners intending to purchase had no change in their homebuying preferences. On the other hand, a substantial number of buyers are now seeking designated spaces for working at home and for their children to learn.
The key is to take a “stair-step” approach to these buyers: Market two-bedroom homes to owners of studio and one-bedroom condominiums. For those with two bedrooms, market four-bedroom homes. If someone owns one-tenth of an acre, search for properties with a third of an acre.
Phrases like “Too few rooms for too many people at home these days?” and “Upgrading to a bigger home may be cheaper than you realize” can be winners in your print marketing campaigns. When cold calling, emphasize today’s low interest rates and – for condo owners – how much they could save on HOA dues.
In a hot market like Massachusetts, some owners may be concerned about listing their property prior to purchasing a replacement property. Today, a number of so-called “fintech” companies are addressing this issue.
An excellent example is Knock’s new “Home Swap” program that enables owners to make non-contingent offers on their next home. Knock will advance qualified owners up to six months of mortgage payments on their old house plus up to $25,000 to ensure the old house is market-ready and sells for top dollar.
Need Down Payment Help?
With home prices rising in an already high-priced market, sometimes potential buyers will be concerned about coming up with the down payment. Because some people’s finances have been drained due to the pandemic, they may need some help with their down payment to make their next move.
This is where DownPaymentResource.com comes in. The website aggregates all the local, state and federal down payment programs on one site where buyers. Approximately 84 percent of the properties in the U.S. qualify for some sort of down payment assistance.
There are programs for teachers, firefighters, military, first-time and minority buyers and others. In 2019, the average amount of down payment assistance provided to DownPaymentResource.com clients was $13,000.
Get Out of Town
Have you heard the term “isolation tourism”? This references how some people are leaving the cities and getting away to quiet, less populated places where there is less risk from COVID-19. For decades, snowbirds have headed south for warmer weather in the wintertime. Today, “isolation tourism” is taking city dwellers to lakes, mountains the seaside and other second home destinations.
According to Scott Shatford, the founder and CEO of AirDNA, there are currently 7.5 million second homes in the U.S. and 2.2 million are listed. AirDNA tracks the performance of short-term rental properties.
Shatford says people are now renting properties for four to six months to see if they are willing to leave the lifestyle where they live currently for a new one where they’re renting. In many cases, these people will end up buying and using the property as a second home when they’re not in their current residence.
Another great resource is Rental Beast. According to Rental Beast founder Ishay Grinberg, there is $12 billion in potential commissions locked up in the rental market.
Rental Beast has created a quasi-multiple listing service for rentals posted by individual owners and property managers. Rather than getting a specific percentage commission, many of these rentals offer the first month of rent as a commission to agents. Moreover, most of these rentals will never appear on the MLS.
This is a tremendous opportunity not only to connect with individual owners who may sell, but to supplement your commission income from doing leases. Furthermore, if any of your sellers need to rent out their property, this is another place where they can list their property for rent.
Are you start bext year with more commissions? If so, now is a great time to implement a marketing campaign geared to the needs of today’s market now and use it throughout the upcoming year.
Bernice Ross is a nationally syndicated columnist, author, trainer and speaker on real estate topics. She can be reached at bernice@realestatecoach.com.
