Expanding the Market
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We have all met with a potential client, partner, or fellow broker at one point or another to discuss the idea of equity marketing and its benefits. On most occasions, the response is tepid at best, if not outright resistant. The concept is not used in most brokerages and therefore doesn’t make it to the average agent or broker. Part of our job is educating them about the benefits. While these benefits are really too numerous to lay out in one article, I would like to mention just a couple that I like to use as examples when educating someone new to the concept.
The first point is very simple—why not? Why not expand the marketplace? Most people initially jump to the conclusion that you are only going to take exchange offers and are telling them to ignore cash offers. This misconception holds people back. The simple truth is that in almost all cases, if an acceptable cash offer comes in, we’re going to take it. We are just choosing not to wait for a pure cash offer. If they stick with just cash offers and don’t get any, how many offers do they have? But if they expand to look at both, they can still get cash offers. They haven’t lost a thing by accepting both, but they have potentially gained other options.
I also like to point out to folks that equity marketing allows them to be the catalyst for potential transactions. I have found that most of my clients and partners are not overly patient folks. Allowing them the opportunity to be a taker with their equity is appealing. Instead of just waiting for a call from a cash buyer, with equity marketing, they can go be an instigator! It’s active versus passive, and in my experience, successful people like to be active. It gives them an avenue.
Finally, and maybe most important, equity marketing is a great tool for keeping everyone involved in the marketing process. This involvement leads to more brainstorming, focusing in on ideas, and more constant activity. How many times has an idea that leads to the property being sold or exchanged come from a failed proposal? It may be as simple as enhancing our counseling session by going over declined proposals, but proposals generate thought and activity. This kind of activity doesn’t always just come from sticking up a sign and waiting on the phone.
Why not be active instead of passive? Why not become a catalyst? Why not open up more brainstorming opportunities? Why not close more transactions?
