I’ve touched on the herd theory in the past, but I would like to revisit it and explore other ways that you can incorporate it into your real estate methods. There are a lot of examples of the herd theory portrayed in nature. For example, a fish tends to follow the fish around them and swim in a school of fish. The same idea is true in marketing and in our real estate agent business. your actions are going to be super important for attracting additional fish, additional buyers, and sellers in that community.
When I first got my real estate license I was really struggling, but my first big kind of big breakthrough was after I got a call from a luxury homeowner. They had previously had their home listed by another agent and decided to call me because their contract was about to expire. This was right in the peak of the recession in 2010, so the price value of vacation homes in my market was a lot lower than what we usually see. We were seeing a reduction in price points based on the recession. Like a lot of sellers in that market where you have received price points, these folks didn’t think their price or their home was going to be affected by the market that was around them.
In rising tides and falling tides, all homes and price points are generally going to be rising and falling together. I had to make a decision. Did I want to take that listing? Did I want to push back or give them some guidelines and criteria on a price we should consider reducing to? I have never been one to give up or one to be afraid of a challenge, so I took the listing. It was a feather in my cap and I marketed the property heavily.
I went to work and I really did a lot of homework on that specific home, and on the community. I executed a direct mail campaign to all the other homeowners in the area and I created a local print media campaign as well. I did everything I could to demonstrate my level of competence, credibility, and expertise with that listing. Shortly after the listing had sold, I received a call from a homeowner in the same development area. I ended up earning that listing for 3.2 million, which was awesome!
A week went by and I received another call from an owner who had two lots in that subdivision, and I got that listing as well. All of a sudden my client list started to evolve because I was able to draw in clients through my online marketing. The way that you’re able to do that and attract the herd is by doing a really good job of demonstrating your level of competence, credibility, and expertise.
It’s super important that you think about that when you’re marketing that home because people are watching. If you get a new listing in a neighborhood, put a sign out in the yard. Believe me when I say that the neighbors and the community are going to take notice of you, your sign, and your marketing.
I can guarantee you that other homeowners in the community are going to call your client and ask about you. Birds of a feather flock together and these homeowners are going to want to use an agent who knows the lay of the land and has proven that they can do a good job. All of these methods go into the herd theory and I hope you are able to apply this to your real estate marketing plan. I would love to guide you through the process and assist you with your digital marketing.
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