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Before we get a chance to show a property to a prospective buyer, we have to ensure that information about it is as widely circulated as possible (or economically feasible) to attract that initial interest.
I have briefly described the Multiple Listing Service (MLS), the main vehicle for marketing Canadian properties in previous articles.
As many know, the MLS, run by the Canadian Real Estate Association and its member Realtors, enables us to offer properties for sale on behalf of owners and also to invite fellow Realtors to bring buyers and present offers on their behalf.
Before a new listing is made available publicly, local Realtors will be made aware of it through their private interface system and the daily “hot sheet”.
The MLS’s national website, which readers are invited to visit and try for themselves, can be found at www.realtor.ca. This is a new website, which has added mapping technology to its predecessor (www.mls.ca) but is very similar otherwise.
There have inevitably been some “teething” issues and the change in presentation may have taken regular users some getting used to, but overall it does offer improved facilities.
In essence, though, users follow a similar process as before, choosing an area they are interested in and entering their requirements (price, number of bedrooms, etc.). They are then presented with a selection of properties, with links to further details and contact information.
When a property is listed on the MLS, details are also circulated to local Realtors’ existing clients and contacts via the Private Client Services system. This is an automated, e-mail based system.
Once a client’s contact details and property requirements are entered, a new listing triggers an automatic e-mail to the client informing him of the listing and providing a link to a personalized website with all details, photos and so on.
This is a very popular service and is extremely useful for agents and clients alike. Sellers can also use it to keep track of sales, new listings and price changes, which might affect the prospects for their own property sale.
Given the MLS’s scale and power, other advertising media are somewhat secondary, but not insignificant.
The Internet as a whole inevitably plays a major role, given its universal reach and relative ease of communication. Most offices will operate their own website in addition to the MLS. A major challenge here is attracting traffic to the website in the first place. It will act as a backup to the MLS, of course, providing further information on individual properties, Realtors and the area in general.
However, it may also be a first online port of call for many property hunters, who will find it typically via search engines like Google (try Googling “Lillooet property”) or through other advertising media.
Other Internet resources are available, but are relatively marginal.
For example, we can post advertisements on Craigslist (www.craigslist.ca). This is quite well frequented in the cities and is largely targeted at a city audience with mostly city properties, but a Lillooet property posting in Vancouver might catch the eye of a potential retiree or someone looking for a change of lifestyle.
You have to choose a location to post to and it is certainly no substitute for the MLS, but it’s free – so there’s nothing to lose but a little extra time!
Local newspaper advertising (see back page!) is obviously important, not just in terms of potential local buyers, but also visitors who will pick up a local paper and browse listings.
And local newspapers are increasingly available online, too. Less common is out-of-town newspaper advertising. Sellers sometimes ask to advertise in, for example, a provincial or another town’s local newspaper.
However, the response from out-of-town advertising is generally poor (if there is any) and rarely justifies the extra cost. Nevertheless, it is a negotiable option if a seller is keen.
Local buyers and visitors can of course view properties for sale in our office windows, then call in and ask for details or lists of all available (MLS-listed) properties. An important priority, then, is to obtain contact details (especially e-mail) in order to keep in touch and circulate new listings, especially via Private Client Services as outlined above.
Out-of-town buyers will typically phone or e-mail for further information or advice. It is important to be able to provide them with the information they need to decide to come and view.
E-mail and digital photography are invaluable here. Whilst a typical listing will feature up to eight or nine photos, the listing Realtor will usually take many more, not least in order to e-mail to interested parties and Realtors.
I always take care to explain to clients that most of the photos I take are not intended for the public domain, in case they are worried by the state of their teenager’s bedroom! Some buyers will also request particular photos, such as ones of the neighbourhood of a listed property.
That said, we have to keep in mind that not everyone has a computer. We still do things “old school” for some buyers, sending out printed details of new listings by mail on a regular basis.
Open houses are also used to generate interest and make useful contacts. At an open house, any interested person is welcome to take a look at the property, regardless of whether or not he is interested in buying.
The thinking here is that all publicity is good publicity and impressed visitors may well pass on their favourable impressions to friends and family.
Last but not least, we do field a number of general inquiries from people interested in the area and not infrequently act as unofficial tour guides to people who are just visiting, but might consider the area for future residence.
We will generally offer visitors to the office who are not familiar with the area a quick drive around. Not surprisingly, our tours focus on the main residential areas, to make sure they are all well represented, and we always take care to point out a few select properties on the way!
