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Series Summary

by Jay on December 26, 2008

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With more sellers than buyers in the real estate market across the country, listing agents will need to employ more sophisticated approaches to marketing homes. In the Durham luxury home market, which had been slow even before the general market decline, these new approaches require even more urgency.  The preliminary data that I’ve looked at indicates that only four homes in the $700K or more segment will have closed in the last quarter of the year out of 70 listings on the market.  That is several years worth of inventory to absorb at that rate and every indication is that more homes would come on the market if conditions were more robust.

Summary

The five part series addressed the topics described below.  I’ve assigned all these to a category I’ve created for the occasion called “Special Marketing Series.” This means that all five plus the introduction and this summary can be accessed from the “Categories” drop down menu on the left margin of the blog. I’ve also made the outline that follows links to the individual posts that will each open in a separate window (in Internet Explorer) or a separate tab ( in Firefox) if you want to read them in the order they were posted.

Introduction

Set’s the stage for the rest of the series.

1. Pricing

Pricing is paradoxically more difficult but less important in the luxury home market than it is for “commodity” homes with lots of good comps.

2. Product

We think of the product in terms of bricks and mortar but it is much more than that. Location is important but not under your control.  There are lessons from other industries about enhancing the product that can be applied.

3. The Internet

The internet isn’t just about mastering technology. The savvy agent knows how to take advantage of Web 2.0 capabilities to improve marketing.

4. Promotion

Thoughts on writing good copy with some suggestions about making copy more sensual.

5. Channel Marketing

Applying a concept from B2B marketing to the marketing of homes. In other words, focusing some of your marketing effort on the buyer agent.

Please feel free to share any of this with anyone you know contemplating selling a luxury home or even your agent if you already have one  through the “Share This” button at the end of each post. You can also contact me directly at jay@jayzenner.com or by my cell phone at 919.819.6666.

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