Real Estate Business asks some of the nation's top principals to share a recent business change and how it's helped them
A COLOURFUL MESSAGE
THE KEY to marketing is to stand out from all the other businesses offering similar services to you.
Lou Rendina, managing director of Rendina Real Estate in Melbourne knows that not only do you need a point of difference, you need to show consumers your unique qualities before they even speak to you.
“You need good, catchy marketing to strengthen your name and your brand … you need to get away from your traditional ‘sold’ sticker,” he says.
“It might be pushing a tag line or a slogan – one we’ve just completed is ‘We say the four letter word more than any other agent’ – which is kind of quirky.”
Standing out requires your marketing to be loud, which is why Mr Rendina allows his vendors to choose the colour of their signboards from a palette of loud and vibrant colours.
“We have three coloured signboards, so on one street you could potentially have three different coloured boards from our agency. We wanted to be different from other colours that are out there in the marketplace, so we chose three bright, fresh and vibrant colours,” he explains.
“We give the vendor the choice of which colour they’d like – if it’s a period home with a nice lawn and green hedges, we’ll suggest the green board. The yellow boards go nicely with the Tuscan-style townhouse and the blue board looks nice on traditional cottage-style homes.
“We also change the colour scheme of our ads in the local paper, our brochures and our rental boards to the same three colours – but our logo always stays the same.”
Rendina Real Estate Melbourne
STICKING TO YOUR PATCH
KNOWING YOUR patch is a must if you want to succeed in real estate. Recent sales, median prices, clearance rates, new vacancies and a whole lot more need to be taken into account before stepping in the front door of a new lead.
But according to Matthew Bourn, director at mcconnell bourn in Sydney’s north, a lot of agents are biting off more than they can chew.
“We see other agents go out there and they spread themselves thin across a variety of different types of property over a range of different suburbs – they’re all over the place,” he says.
Mr Bourn believes agents should be focused on becoming a specialist rather than being a generalist.
“What we’ve done with our team is allocate a very specific area of approximately 1,500 homes [to the agents], training them to be the specialist and market leader in that area,” he explains.
“It has allowed our agents to become very close with the local residents, which gives them the leg up in actually winning the business in the first place.”
But having defined boundaries can stir trouble, particularly with a majority of business coming from referrals.
“If a client is referred to an agent outside their area, the agent would go to the person who is that area specialist and take them to the property, so it ends up as a sort of co-sale,” he explains.
“That way, the vendor has the agent they have had a prior relationship with, as well as the area specialist.”
Mcconnell Bourn Lindfield