Stinko Lingo

Major Price Reduction!!! Owner says sell!!! Price Slashed!!! Motivated Seller!!! Bring offers!!! E-mails with these types of headlines overpopulate our inboxes every day. It gets to be a little repetitive, don't you think?

Are these e-mails working? Do such exclamations excite you to actually open the e-mails and consider whether the properties are good deals and if the sellers are really motivated?

We, at Broker_Confidential, are a cynical bunch. When we see these messages, we tend to think: "Here's an old overpriced listing which is slightly less overpriced than before", or "Here's an agent who is making a last ditch effort before losing the listing".

Broker_Confidential was not created to spew negative comments about New York City's residential real estate brokers. There are already plenty of blogs and websites doing that! Broker_Confidential takes a constructive approach to the issues. Our mission is to point out practices which may be outdated, or even detrimental, to the brokerage community. Most importantly, we want to "Build Better Brokers" by suggesting new and smart ways of doing business - we hope to the benefit of both the real estate agent and the consumer.

With that in mind, let's return to the topic at hand: To suggest a re-thinking of the lingo to something suitable for an industry dealing in expensive investments which are often the culmination of our customers' and clients' life-long dreams or, sometimes, heartbreaking losses.

What is a broker to do if she/he wants to grab the attention of fellow agents or potential buyers?

First: We are so technologically advanced now that we have automatic searches set up to alert us if a change has been made to a listing. A mass e-mail announcing the change is redundant.

Second: A price adjustment is only relevant to those who have seen or inquired about the listing in the past. It is meaningless, at best, to everyone else. Again, a mass e-mail is unnecessary, but a targeted e-mail or phone call to interested parties seems like a good idea.

Third: An appropriately priced listing will create a fast and intense buzz simply by being appropriately priced. Again, a mass e-mail is unnecessary.

Fourth: A price reduction is just as likely to be a turn-OFF as a turn-on to the buying public. Here is how the thinking goes: "This seller was unrealistic before. Why should I think the seller is realistic now?" "The seller just reduced the price, so the seller is probably not negotiable. I have nothing to lose if I wait and see what happens".

In summary, the simple act of updating the listing in the database will grab the attention of those looking for the listing.

If you use e-mail as a way to promote your listings, consider focusing the Subject Line on the most important feature(s) of the property. What is it that sets it apart from the competition? It is very rarely a price reduction or a motivated seller.

Identifying the unique feature(s) may require you to study the competition, but that will probably be very helpful anyway to 1) your overall marketing of the property, and 2) your fingertip knowledge about the market segment.

Why will buyers choose your listing over others? Again, it is probably not price or a seller's level of motivation. Imagine yourself the buyer of the property. Imagine being asked a year from now, why you chose that property. There are usually several reasons. Some are more important than others. Your challenge, as the exclusive agent, is to distill those reasons into an attractive Subject Headline.

Broker_Confidential looks forward to receiving all your irresistible headlines!!!

Tell us what YOU think. Your comments, questions, suggestions are welcome!