Category — Differentiation

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From a project we’re working on. You are not alone.

We just released the latest version of our eBook Alterations entitled “Selling Steamboat - 10 ways to think differently about selling real estate in Steamboat.”

It’s free so download it, read it, copy it and give it to a friend in need!

Alterations - Selling Steamboat

I have choices when it comes to getting my hair cut. I could go to Mountain Cuts for an inexpensive “blow & go” cut by a recent cosmetology grad. It may be a fine service for some but I prefer a little more experience and a higher quality hair cut so I go to Savanna at The Comb Goddess. I pay more and I get more. I pay more and I experience lower risk that it’s going to be screwed up & I’ll look like a fool. Both are hair cuts but they are not the same. They’re not fungible. (Fungible means that there is no difference in value between two or more items. For example, a $20 bill is fungible with any other $20 bill and it’s fungible with roughly $200 Mexican pesos.)
You can’t swap either haircut for the other and have the same result (the guy in the picture doesn’t get this). Savanna delivers additional value and I pay a higher price.

Most if not all of what you do to market a property is not fungible.

How about your real estate marketing? Most if not all of what you do to market a property is not fungible. Point & Shoot digicams won’t capture the same essence of a property as an experienced photographer with a digital SLR. You can’t simply trade one for the other and have the same value.

Writing ad copy 30 minutes before the deadline is not the same as a well crafted message done by a professional copywriter.

Venturing into the online realm with the cheapest web company you can find won’t be the same as investing time, energy and money with an experienced e-business outfit.

Just as we, the consumers, can tell the difference between a bad “bowl cut” and a killer style, we can tell the difference between elegant marketing that tells a compelling story and cookie-cutter-hack-job marketing. They are not the same. They’re not fungible - they don’t have the same value. In a crowded, competitive market, paying more attention to the quality of your marketing and less about the price can make a huge difference. We notice.

Because they’re consistent in investing and improving their business in both good times & bad times.

I hear the same objections over & over regarding investing in their business. In good times many brokers say “Why should I spend any money to market myself or my properties? Business is so good, these properties just sell themselves.” Then they go play golf.

In bad times they say “Business is too slow right now. I can’t afford to spend and invest in my business. I’m going to cut way back till things get better.” Then they wait.

But the brokers who are successful in bad times are the ones who take a consistent approach to investing and improving their business in good times & bad. This works because it lengthens the good times and shortens the bad. As they continue to improve & invest in their business they put themselves in a position where they have more opportunities and more lucrative transactions. So when the market begins to turn south their opportunity pool is much deeper than otherwise, thus extending their good business.

They not only make more money but they also take deals off the table that could have been there for you.

When times are bad the same brokers continue to invest & improve their business Their down market is shorter than others. Why? For two reasons. First when many other brokers scale back their efforts those who maintain a strong presence have a greater chance of being noticed. Second, for the most part, the market pendulum will swing back the other way and when it does, those who have continued to invest & improve will catch the upturn much earlier than others. They not only make more money but they also take deals off the table that could have been there for you.

Cam Boyd recently hired a full time marketing person - in a down market. By doing this he’s positioned himself to catch opportunities much earlier and free his time & focus to find & properly market those opportunities.

There will be no green light for a better market and by the time you read about it, a ton of money will have already been made.

Interesting perspective from Seth Godin. I’d comment more on this video but I think it’s one of those things that either you get or you don’t.

(Can’t see the video, click here.)

The good stuff isn’t on the main trails. It’s hidden away in tough places to get to. On a powder day we seek the edges. We try to stay away from where everyone else is. We avoid the tourist areas. As locals we understand and appreciate this.
I think this same thought process applies in real estate/business. The good stuff isn’t found by blindly following the crowd. It’s not on the “Main Trail.” Try following a maverick into the “business woods” sometime. You’ll be surprised what you find.

The Microsoft iPod (2min 54sec)

If you want to make your ads stand out often simpler is better. We see so many Real Estate ads that are cramped, hard to read, and miss the mark in conveying a message. Next time you’re creating an ad, keep this video in mind. In today’s txt-message world, less is more.

Apple makes some of the most sophisticated devices on the planet and yet their marketing approach is so simple, elegant and effective. That is until Microsoft gets in the mix

(Can’t see the video? Click here.)

A quick review of the current Homes & Land reveals the following URLs that contain the word “Steamboat”

buysteamboatsprings.com

steamboatvillagebrokers.com

steamboatproperties.com

steamboatlistings.com

buyeragentsteamboat.com

stanforssteamboat.com

sharonsteamboat.com

howesenplacesteamboat.com

remax-steamboat-co.com

steamboatdream.com

steamboatsprings4sale.com

buysteamboat.com

steamboatagents.com

steamboat-realestate.com

onesteamboatplace.com

steamboatrealestate.com

forsalesteamboat.com

steamboat4sale.com

steamboatmountainproperties.com

steamboatestates.com

prudentialsteamboatrealty.com

olympiansteamboat.com

alpinemountainranch.com

What gets me about these domain names is that none of them are memorable, interesting or unique. The biggest offenders are

steamboatsprings4sale.com
steamboat4sale.com

steamboat-realestate.com
steamboatrealestate.com

Utterly confusing. Domain names are essentially free and yet these Steamboat Springs brokers are content to stick with confusingly similar domains.

Since a primary function of a broker is marketing, the domain name of choice not only reflects on that brokers marketing and understanding of internet marketing but also can impact the response rates to their magazine ads.

Stinky Water

“stinkywater.com” is one of my favorite domain names for a Steamboat Springs business but it’s for sale for $800. If I had a true need for it I’d buy it in a heartbeat. It speaks to an aspect we all know and love about Steamboat Springs and it’s memorable. A week from now you’ll remember stinkywater.com but you’ll be hard pressed to truly remember any of the names above in any meaningful context. Yes stinkywater.com is odd & “out there” but that’s precisely what’s needed in a very, very crowded market.

Here’s a few tools to help find a unique domain name:

www.nameboy.com This service will search for available domain names based on your keyword input.

www.dnscoop.com Fun site that tells you how much your domain name is worth as well as other stats.

www.snapnames.com If you subscribe to the snapnames newsletter, you can see which interesting domains are about to be sold for not much money. No guarantees as to how effective this service is, but it’s a neat way to think about what to build next.

• Who has decided to provide value to the home owners of Silver Spur without expecting anything in return?
• Who has spent time getting to know each family in Silver Spur?
• Who has created a newsletter specifically tailored to the community of Silver Spur?
• Who has created an online presence highlighting the neighborhood of Silver Spur?
• Who can convey the true value of Silver Spur in a simple, memorable story?
• Who has become a resource for Silver Spur home owners in the way of home improvement?
• Who has a digital catalogue of Silver Spur pictures, maps & Google Earth files?
• Who gets invited to all the Silver Spur parties?
• Who has an “I Love Silver Spur” bumper sticker on their car?

Neighborhood Ownership

As the vast majority of Steamboat Springs real estate professionals try to eat from the same trough the concept of neighborhood ownership is one to seriously consider. It’s not easy, it won’t happen overnight, over a month or maybe even over a year and it might not be a sexy as other markets. But in an ultra crowded market going to the edges, finding a niche and providing personalized value to a select group can be a very successful approach.

My sense is that Silver Spur homeowners are a tight-knit group who may be as concerned as anyone about property value but are more motivated than most to make it happen. They’re younger, well educated, have families, know their neighbors and see their home as an integral asset in their wealth accumulation strategy. Home improvements, curb appeal improvements, community improvements are all areas where a sharp broker could be providing valuable information to this neighborhood.

Earn It

The home owners of Silver Spur are too smart for a blanket half-hearted attempt to win them over. Simply increasing the volume of noise they’re exposed to through direct mail, etc. will only have the opposite effect. Instead, a slow, sincere approach providing value first without any expectation of a return is what’s needed. If you can earn their respect, they’ll talk about you. If their property values increase in-part because of your added value they’ll talk about you more. Take the success story you’ve earned down the road to Heritage Park, then on to Steamboat 700. Lots of opportunity.

Legacy -

leg·a·cy (lěg’ə-sē)
n. pl. leg·a·cies Money or property bequeathed to another by will.
Using death to sell real estate is an interesting approach from Alpine Mountain Ranch. Every time I see one of their “Legacy” ads I can’t help but think about death. Every I see them I’m reminded of my own mortality.

So we came up with a few tag lines they could use free of charge:

Alpine Mountain Ranch - Buy now the end is near!

Alpine Mountain Ranch - Because you can’t take it with you!

Alpine Mountain Ranch - A great place to spend your final days!

Alpine Mountain Ranch - A little closer to God

Alpine Mountain Ranch - Free estate planning with every purchase!

On the other side of town, their competitor, Marabou has created a ton of buzz, interest and community value. And guess what? There’re selling out. Alpine Mountain Ranch continues to languish because of this shallow marketing even though in a lot of respects it may be a better development. I just don’t think that reminding their target market of their mortality is an effective approach. It’s a turn off.

Whose team would you want to be on?