Pete Richards

Where will the buyers be in 2010?

by Pete Richards, on 14th January, 2010 • 1 Comment

Where will the buyers be in 2010?

The smart agent should always be looking to list stock that matches hot buyer activity. In 2009 this space was largely dominated by first time home buyers (given the well publicised FHOG), but what buyer groups are set to be hot in 2010?

A recent survey from the Bureau of Statistics and RP Data confirmed that upgraders are most likely to be the largest buyer group in 2010, along with an increase in investor activity.

The ABS Housing Mobility Survey suggests that a massive 45% of Australian home owners feel their homes are too small. The survey was conducted when interest rates were twice today’s levels, and upgrading was not as financially viable for many home owners, but with interest rates now significantly lower (despite the three recent small increases) it’s no wonder that upgraders are predicted to be very active in 2010.

So what do these buyers want? In addition to a bigger property, they also want a better quality property that is close to shops, cafes and transport and in a quieter location with better security.

Investors are also likely to also be in the marketplace in high numbers next year. The same survey also revealed the main reasons tenants are unhappy with their current homes: poor condition, lack of security, noise levels, traffic levels and not being close enough to shops and transport. In addition, 25% complained their property was too cold.

In short, tidy properties that are secure, on a quiet street (but still close to local amenities), preferably north facing (with light, bright living spaces, balconies and backyards) and within 15kms of a major CBD will be like gold dust in 2010, as smart investors should flock to them like bees around a honey pot.

Best of luck for 2010.

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Pete Richards

Leverage your brand, don’t differentiate from it

by Pete Richards, on 26th November, 2009 • 17 Comments

Leverage your brand, don’t differentiate from it

What separates great marketing from good marketing is simplicity and consistency. The easier you brand is to remember and recall the more people will be drawn to it and, ultimately, the more people will respond to it.

In real estate terms this simply means that if you tamper with your branding and advertising, even a little, fewer potential buyers will be attracted to your listings because there’s less chance that they’ll remember which brand your property is listed under, and there’s less chance they’ll be able to find the listing online.

Regardless of which product or service a company provides, smart, cut through and (most of all) consistent marketing is absolutely critical.

It’s no accident that some of the world’s best businesses not only have the best brands, but the most consistent and doggedly defended brands. It’s a rule that applies to the professional services sector as much as consumer goods. Think for a minute about which bank you use. I can guarantee that every letter, monthly statement or any marketing materials that you receive from your bank will be perfectly branded and reproduced to a very high, and highly consistent, standard.

Can you imagine an employee of a bank or a law firm sending you a letter (full of spelling mistakes) on photocopied paper instead of a perfect, original letterhead? It just wouldn’t happen, wouldn’t be allowed to happen, and for good reason.

Employees of banks, solicitors and law firms, just as much as retail outlets and consumer goods manufacturers, wouldn’t dream of taking their company’s brand into their own hands and changing it in any way, and this makes me wonder why so many real estate agents do!

I see a lot of real estate agents making the mistake of trying to differentiate themselves or, worse still, their listings from their brand. This is usually by just tweaking the layout and design of a press ad, a sign board or an online listing, changing a font here or an icon there, moving the logo. It might not seem like much, but it will eventually inflict a death by a thousand cuts to your brand and, therefore, your business and ultimately your own income stream.

The power of your brand is your best friend. Every agent should embrace the brand that they’re working under and leverage it to its full potential, not strive to differentiate from it.

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