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Beware Of Brokerage 'Freebies': 03/26/2012
Beware Of Brokerage 'Freebies'
An article by Christopher Leo of Leading Agent
4.17 out of 5 by (6) User/s
2 Comments
2 Comments
Christopher Leo of Leading Agent shares this article on his blog. As you read on, one thing to keep in mind is that some brokerages have stricter guidelines about their agents' marketing materials. We recommend that you always check with your broker and ensure that your marketing decisions are not violating any company policies.
As the owner of a marketing agency that mostly deals directly with REALTORS® and not necessarily always with the brokerages, there is one thing that comes up time and time again. Not a week goes by that we meet with someone in person, or talk to them on the phone, and when asked about what they are doing for their print marketing, the response we get is some variation of:
“My brokerage has a deal on postcards, so we just use them. They aren’t the best, but they work.”
Let me be clear, I am not writing this article to bash brokerages. Quite the contrary. I think brokerages are a good thing. Many of them we deal with on varying levels are run by top notch people in the industry that really know their stuff.
The thing of it is though, that on an agent level, this is BAD branding and not doing them justice. I get it. Cheap, especially in this economy, is good. But as the adage goes: “You get what you pay for”. To those ends, here are a few reasons I propose that you strongly reconsider just going for “easy” with your marketing, build YOUR OWN brand, and get noticed.
1) Your brokerage’s postcard options may brand the brokerage #1 and you #2
This is perhaps the biggest reason that every agent should take notice and be cautious. The fact is that the postcards from your brokerage’s vendor aren’t cheap because they charge less money than anyone else. It’s probably because your brokerage is subsidizing the cost of the postcards (trust me on this).
Beware Of Brokerage 'Freebies'
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Your claim that the broker brand diminishes the agent marketing only holds water when the broker brand has no meaning. Independent brands like Latter & Blum, Edina Realty, Howard Hanna, and franchise brands like RE/MAX, Century 21, and Coldwell Banker have power.
Having said all of that, I do like what leading agent does and believe there is room for agent branding when the broker brand is weak or the agent brand is strong. However, generally, this is a bad idea that leads to a lot of agent photos with their dog.
Perhaps the measure looks something like this. Agents who spend less than $1000 per month in advertising and marketing should stick with the broker brand (unless the broker does less). If the agent spends more than $1000 - then they probably have a brand that consumers recognize, and it would be fair to lead with that.
just my $,02
While big brokerages do offer brand power, I still stick by my assertion that brokerage marketing is "brokerage first and agent second". I'm not bashing brokerages though. Please don't get it twisted. It's their money and they need to get some return on investment. In this case, that return is exposure and market share.
While the brands you mention do have power, I think the test is this: Take any of the top producing agents in your marketplace. Take their marketing piece, and swap out their current brokerage logo, for another brokerage's logo. Do you think that logo change would result in the agent getting less listings? In most cases, probably not.
That is because homeowners are first off, hiring an agent to work with (one they "click with" and can relate to), and secondarily hiring a brokerage.
If we can agree on that, you can see why it is our belief that agents need to brand themselves and show what unique tools they bring to the table and how they can help a homeowner. Many times that is done with a custom brand strategy.
I'm not saying that one of the unique tools cannot be the brokerage the agent works for, but I am saying that the agent's beliefs, expertise and methodical approach to their Real Estate Practice will trump brokerage.
I really appreciate your comment Victor. Thanks for reading my article.