Using New Media To Sell Condos
In A Slow Economy, Real Estate Agents Are Being More Creative Than Ever To Make That Sale
By Ashley Wright
In Miami they're giving away Lamborghinis, and in the state of Washington they're offering free pizza for a year. In a slow economy, real estate companies and independent agents are searching for unique and creative ways to attract buyers. And real estate agents along the coast aren't lacking in the creative department.
Jason Koertge and partner Karen Smith have taken the Panama City Beach market by storm, creating what they call the "only Internet TV show about real estate on Panama City Beach." Each Wednesday morning the pair air a segment featuring great condo deals they have found in the area. "With the way the economy has gone, housing prices have fallen substantially, and sometimes it's just crazy at how cheap real estate in Panama City Beach has gotten," Koertge explained. "Each week we analyze the active listings on Panama City Beach and look over each property to determine how good a deal it really is. If it makes the list, we show up on location, cameras-in-tow, and shoot each Deal Section in the actual property. This does two things: It helps give you a good picture of the property we are talking about, and it helps us better convey the awesomeness of each particular property."
In a buyer's market, focusing on the buyer and catching those 'diamond-in-the-rough' deals are what keep The Beach Show in business. "We do not work for the sellers, nor do we receive compensation from them (other than the real estate sales commission) for featuring their property," Koertge said.
Koertge has been in and out of the real estate market since 2003 and began his media-driven journey in 2006 with the founding of the increasingly popular news blog PCBDaily.com. The Beach Show began in March 2009 after he joined forces with Smith, who has worked in the industry for years and is the driving force behind the Panama City Hot Sheet-which featured local real estate deals. "We started The Beach Show to turn PCBDaily.com into a lead generator and have had huge success, generating on average 25 to 50 new leads with approximately five to seven going in the pipeline each month," he said. "We have generated three listings in the last two months from our efforts and reached thousands of potential future buyers. Each week, the new episodes bring around 500 to 700 viewers." PCBDaily.com sees around 20,000 unique visits per month and 65,000 page views.
But The Beach Show doesn't stop with its live Internet TV show. The duo also releases Real Estate Tips by Karen Smith that features her tips on how to best market and sell your property or how to buy real estate. Hunter Palmer's Mortgage Minute also gives a glimpse into the ever-changing mortgage market as well, Koertge said. In essence, they've created a one-stop resource for buyers and sellers that keeps them coming back before and after the sale is made.
On the Alabama Gulf Coast, the Brett/Robinson sales team is also using a novel approach to sell their condo units-they've hit the road and they're documenting their efforts on Facebook, YouTube and Twitter, said Marie Curren, director of marketing and reservations. "We always search for ways to embrace new technology, and we discovered the flip cameras," she said. "Then we thought about how it could be used to assist us in getting out our message to our audience. One thing led to another, and the marketing department became 'script writers' and 'cameramen.'"
In fact, Gene Brett, president, has his own YouTube channel that potential buyers can subscribe to. Brett covers everything from construction updates on their up-and-coming Phoenix West II property to sales calls out of state. On his out of state sales calls, Robinson showcases how people from around the country are buying into Phoenix West and the Alabama Gulf Coast via his blog. "Good news sells, too," he said in one of his blogs. "And we've got a lot of good news here on the Gulf Coast."
Brett/Robinson has completed 18 buildings with the 19th, Phoenix West II, under construction. The company's unique sales strategies seem to be paying off as the company has closed sales on at least 204 condos in its Phoenix on the Bay II and gulf-front Phoenix IX without a single buyer backing out. Only five condos in Phoenix West remain unsold, and sales are strong for Phoenix West II, which will be the largest building when construction is complete, with more than half the units pre-sold as of September.
The opening of Brett Robinson's new Phoenix West complex was touted as a "bright spot in a national real estate stall" by Ala. Gov. Bob Riley. "This is a big deal for Alabama's Gulf Coast and an example for the nation," Riley said. "It proves that when the condo market is done right, it can thrive."
Brett/Robinson's strategy for success is requiring cash from buyers up front-20 percent at contract signing and four subsequent equal payments during construction. The company also offer discounts for buyers who pay full price. This strategy keeps cash flowing throughout the construction process and keeps Brett/Robinson from having to rely on banks for large financing packages, Curren said.
Other agents are relying on blogs and websites to showcase their knowledge of the market to entice potential buyers. Chris Arnold of Prudential Shimmering Sands in Panama City Beach uses his website, www.panamabeachrealty.com, not only to assist buyers in the buying process but also provide insight into his knowledge of the local market, his experience in negotiating and his overall insight into the condominium market. "Five years ago I broke into the market and decided I didn't want to be a run-of-the-mill agent. I wanted to be successful, so I was looking for a niche that I could dominate," he said. He has used his website to find niche customers who appreciate the quality of his website and its listings and the feel it gives them for the market, he said. "They like the analysis they get and that there isn't a question that I can't answer because I live and breathe these waterfront properties. They're getting honest answers."
