Traditional Real Estate venues and techniques are based on search.
If your buyer doesn't know to search on your town or zip code they
are unlikely to find your property. More needs to be done than simply
listing the property in the MLS and broker sites.
Unique properties should be marketed, not simply listed, and Franklin
Ruttan strives to supplement traditional methods with effort and
technique consistent with the magnitude of the property.
Franklin Ruttan exclusively lists properties, but also co-lists
properties with brokers all over upstate New York to assist traditional
brokers with the marketing of their unique listings to out of area
buyers.
Traditional Realtors rely on a sign and the MLS for 90% of their
marketing effort and sales in my experience. They also typically
spend less than 1/10th of 1% on direct advertisement. The typical
MLS agent plugs a sign in the front yard, posts amateur photos to
the MLS and prays the phone rings. That isn't marketing. That is
listing.
Franklin Ruttan supplements the traditional methods with direct
advertising. Mike estimates his ratio is 10% MLS and sign and 90%
direct marketing and media. This is particularly important when
the appeal to the property is more than just local and the buyer
may be down state or out of state and is more interested in the
property and may not be familiar with the location. The majority
of properties sold by Franklin Ruttan are to buyers who were not
familiar with the town prior to being introduced to the property
by Franklin Ruttan. Proper marketing budgets are 1% to 2% of realistic
sales price which is ten to twenty times that which traditional
and even top luxury brokers spend.
The era of the traditional Realtor are over as it pertains to unique
properties. Technology has rendered the antiquated MLS model obsolete.
It is redundant. It has become commoditized. The exclusivity the
MLS enjoyed thru their monopolistic control they exerted for years
has now been minimalized by DOJ rules that require the data they
controlled be opened up.
The MLS will continue their control over conventional properties
such as development homes but it is no longer relevant to unique
properties. Even so their control has been minimized by flat fee
listings. The MLS is a localized system and it is based on search.
And if a buyer isn't familiar with the location they'll not find
it, because the MLSs are localized (36 in New York) A local MLS
has minimal down-state or out-of-state reach.
Unique property buyers can not wait for buyers to find them. They
need to reach out and make potential buyers aware of their unique
property. They must make their property stand out over the noise
of the market. They can not have their property obscured by thousands
of others.
Unique property sellers find that when listing with top luxury
brokers their property is mixed in and is required to compete with
the rest of that brokers listings. These brokers use the sellers
property as bait to secure buyers agency. Sellers of unique properties
need someone to represent their interest. They need a custom marketing
not a listing.
Traditional Luxury listing techniques work in Palm Beach and the
Hamptons...................... but Upstate New York is not Palm
Beach.The MLS is just another venue. One of dozens necessary to
expose a unique property properly.
Your unique property deserves a marketing of a similar magnitude
to the elaborate nature of the property. A listing is simply inadequate.
Michael R. Franklin
Licensed NYS Real Estate Broker
Unique Property Specialist
Franklin Ruttan
1406 North State Street
Syracuse, NY 13208
(315) 876-2262
Mike.Franklin@FranklinRuttan.com
Broker fully supports the principles of the Fair
Housing Act and the Equal Opportunity Act.
www.FranklinRuttan.com |
