I just finished an article in The New York Times titled Hashtag Open House concerning brokers hiring influencers to promote their listings. While the trend seems to at present be relegated to Los Angeles and New York City is this a marketing program a seller of a residence or their broker consider?
With a marketing and public relations background; honestly I rolled my eyes while reading the article. While I understand the concept and the desire to secure eyeballs onto a listing; will such a program and the costs associated truly sell one’s residence?
Thus I decided for fun to distill my thoughts and I welcome comments:
- Influencers: My first question is the influencer presenting and/or penetrating the audience for the listing? Honestly when I see a multi-million dollar listing being splashed across Instagram and other channels, promoted by an Influencer I question the Return on Investment (ROI). Granted if someone can present me with an influencer that is truly targeting the prospective buyers of one of my listings I would entertain the idea. However when marketing a larger, top 2% of the market price point I have to question if the influencer is capturing the demographic I wish to target including high-net-worth, liquidity, professional educational attainment and employment and so on. My personal view is if I am not attracting qualified prospective buyers all I am attracting is voyeurs.
- Voyeurs: Hey I have nothing against voyeurs. Actually I like them as A) I hope I have captured their interest, B) at some time in the future they may be a client either on the buy or sell side and C) more eyeballs mean potential sharing and potentially attracting a buyer. Now for my concern: more eyeballs may also invite nefarious activity. Granted this is nothing new; as brokers we post pictures distributed among various channels i.e. Multilist, the Internet, Social Media and open houses have been used by those up to no-good to preview a potential opportunity for future theft, squatting, vandalism and so forth.
- Is One Selling a Residence or Selling their Broker: Yes I may be old-school (it happens with 25+ years in the business) yet do such activities sell a residence or sell the broker? In general from discussions with experienced peers it seems very few open houses actually sell the home to a visitor to the open house. Please do not misunderstand; I believe open houses can be a valuable tool for both sellers and brokers including assessment of comments/responses concerning presentation, pricing, interest and so forth. Of course for brokers hosting an open house an opportunity to meet prospective clients, both sellers and buyers.
The whole concept of being Instagram ready is not new. I always suggest a prospective seller consider professionally photographed images as a picture is truly worth 1000 words. In addition for certain listings, staging and related activity may enhance the marketing program. Personally I view staging, as a 3-D advertisement coupled with presenting a fantasy that can becomes one’s reality.
And while the article mentions events and immersive marketing this is nothing new in California! A Builder Hires Model Family to Sell Homes. However even California builders were late to the party as live mannequins have been used in retail (Selfridges c. 1920’s) as well as entertainment i.e. Area in NYC in the 1990’s.
BTW if you wish to see truly challenged listings: http://terriblerealestateagentphotos.com
I will be curious how the Instagram and Influencer marketed listings work out. I comprehend the opportunity concerning new developments, a multi-unit building, rentals, a market with competition within the price-point and so forth. However for exclusive listings, the one’s that are truly unique, bespoke, rarified well……sometimes discretion can be most attractive.