The Evolution of Real Estate Marketing
Business marketing has been transformed by the internet. The real estate industry in many ways has been a trailblazer for what is now impacting our local small business community.
According to recent studies, over 86% of all home searches now begin on the internet. Property listings must to be online, and findable, when buyers are searching for information. Comprehensive online exposure including photos, videos, neighbourhood profiles and community links are critical to promoting home purchase decisions.
Buyers want to search on-line for a home, but as they do so, they often become overwhelmed by the proliferation of data. That’s where the real estate agent’s expertise and sales skills combine with their marketing saavy to help make the sale happen.
While having access to huge amounts of information is appealing to consumers, it can also be extremely confusing. In efforts to consider all the minutae of data and to wait just that little bit longer for the perfect home to come along, buyers often miss out on excellent opportunities.
Our job as Realtors is to remove the obstacles for buyers and package our listings as the most obvious choice. To do so we must be available at all times to guide our clients and increasingly often this means continual communication via online channels such as e-mail and social networks.
Yes, the vehicles for talking to customers are evolving but the language of personal selling remains the same. We create value by developing client relationships and providing solutions that match their needs.
The interactive nature of the social web provides a new environment to engage in conversations with our customers so they can get to know more about us before committing to a face to face meeting. As a marketing tool, it provides us with a profound means to share a more contextual experience of the “place” that will become their home.
All successful business owners know it is never just the product that consumers are buying.
Cathy Berkhout-Bosse, H.B.A. is a real estate broker and Community Manager of www.mypelham.com
The Best Thing I Ever Ate
Food memories are not just about the taste and presentation. They become forever associated with the context of the time and place of the experience.
Last week I went to the Blue Mountains for a spa date with my two sisters to celebrate the 40th Birthday of our youngest sister with a visit to the Scandinave spa. After an incredibly relaxing yet invigorating late afternoon of lounging in outdoor hot pools, sauna and steam room followed each time by polar dips in frigid cooling pools we had built up quite an appetite.
We decided to dine at Oliver and Bonacini, the restaurant at the Westin Trillium House, the hotel that we had carefully selected for our overnight sisterhood adventure. What a delight it was to be seated in front of the wall of windows overlooking the frozen pond with a view of the Village, enchantingly glowing in the reflection of the night-lit ski hill.
Next to us was a massive round island serving station with a mesmerizing ring of fire floating above. It exuded a sensuous ambiance while also buffering our seating area from the rest of the dining room. Our hostess read us well when she chose our seating because the one thing we sisters do well is share lots of loud, belly laughs!
I knew instantly when I read the menu what dish I just had to order – the Sea Scallops with Oxtail, hands down – no questions asked. I had visions of rich, marrow-drenched, slow-roasted,soft, tasty morsels of beef contrasted by the sweet, juicy yet firm texture of perfectly sautéed giant scallops.
Yup-I have a big, bold food imagination and my moments of true Foodie bliss are those times that exceed my expectations. This time I must say, they were blown away!
My experience of oxtail stew to date has been limited to the luscious yet now familiar West Indies curry flavours introduced to me by my dear friend, Robin, who once lived in Barbados. Chef de Cuisine, Jeremy Korten’s version had an enticing blend of spices with a strong note of Fennel Seed that stole my heart. The combination of this incredible oxtail sauce with the spot-on, seared scallops, delectably creamy polenta and crunchy peas shoots put me over the top.
60% Sales Drop in Niagara – can this be True?
So far only 110 Niagara residential single family MLS® sales posted for December 2011 compared to 272 last year.
But…..don’t quote us yet…
Just found out today is another holiday/vacation day at our Niagara Association of Realtors admin office. In addition, our Association is in the midst of a data conversion to a new on-line service providor.
We are therefore delaying the release of our 2011 Year End Market Summary until we can confirm that ALL the sales data has been inputted.
Stay tuned…We’ll keep you posted!
How Healthy is Today’s Market? Pelham News Update
The local real estate market is sputtering its way into the 2011 home stretch. Total unit sales in November dropped slightly from last year’s level and year to date sales are 11.7% shy of November 2010 results.
According to the MLS® sales reports of the Niagara Association of REALTORS® there were 9 single family unit sales in Pelham during the month November compared to 10 reported last year. Much of this represents the typical seasonal slow down when you consider that the October and September respective monthly totals were 17 and 31.
On an annual basis, however, the January to November sales figure of 171 units is identical to the tally reported in 2008 shortly after the collapse of theU.S.housing market and the ensuing global financial crisis. In comparison, the November 2010 year-to-date figure was 191 units and the 2009 total was 199. The current 4-year average of 183 single family unit sales is 17% below the November 2007 peak level of 221 units.
Now don’t let these figures scurry you into a housing bubble New Year’s prediction. Our current activity levels are entirely consistent with the sales levels achieved during the earlier years of this millennium with an average of 190 units being the typical November year-to-date results reported between 2004 and 2006.
It is important to keep a long term prospective when analyzing the health of our local housing market. While activity levels have improved since 2008 the overall volume has dropped significantly since the heady days of 2006 and 2007.
Market conditions continue to be extremely price sensitive. The average time on the market for homes sold during November 2011 was 94days – significantly longer than the average of 41 days for those sold last November.
There have been 423 new listings placed on the market so far this year compared to 387 during the same time frame last year. The 12-month average price stands at $334,942 up 3.3% since the November 2010 figure of $324,095. Interestingly, this average price growth is slower than the 2010 increase of 6% over the November 2009 12-month average price of $305,709.
So how’s the market? In a nutshell – spurty – but on average, balanced and normal.
This article is part of our ”Real Estate View” Column Series published semi-monthly in the Pelham News, a Niagara area community newspaper.
Some Lessons from the Kitchen Table
Wikipedia defines consensus as the “community resolution when opposing parties set aside their differences and agree on a statement that is agreeable to all, even if only barely.” While this definition is easy to understand cognitively, it is oh so challenging to achieve in practice.
In 2001 I had the decidedly elusive opportunity of participating in an extremely successful consensus building process – the creation of the Niagara Association of Realtors. Prior to our Association’s amalgamation there were three real estate boards operating in the Niagara Region – the St. Catharines & District Real Estate Board, the Niagara Falls-Fort Erie Real Estate Board and the Welland District Real Estate Board.
As our individual real estate boards approached the millennium it had become increasingly apparent that technology had reached a level of capability that the administrative location for delivery of information sharing services could be efficiently centralized. It was also recognized that by combining the financial resources of all three organizations there was the potential for investing in improved larger scale initiatives while also reducing the long term cost per individual member.
Lofty ideals – but how best to explore the opportunity while respecting the integrity of each individual Board’s autonomy and perceived differences?
We started by simply agreeing to establish an Amalgamation Task Force assigned to “broker a deal” provided that terms could be negotiated that all parties could live with. I guess, looking back, much of the reason for our success is likely that consensus building is fundamental to the way that we Realtors make our living at the kitchen tables ofNiagaraeveryday.
At the end of this month members of the St. Catharines-Thorold Chamber of Commerce will be voting to throw their collective hats in the ring to start the process of forming a Greater Niagara Chamber of Commerce.
TheNiagarabusiness community recognizes the potential benefits of having a united voice. Niagara Realtors have demonstrated an excellent example of how to get the deal done – but first let’s resolve how to get everyone to the kitchen table.
Cathy Berkhout-Bosse, H.B.A. is a real estate broker at Remax Welland Realty Ltd.& member of the Amalgamation Task Force for the former Welland & District Real Estate Board. You may read past columns at www.NiagaraRealtySourceReport.com”
Just Listed in Fort Erie! Walking distance to Niagara River $139,900
Slow but Steady Housing Outlook
New listings in Pelham surged during the month of October with 31 single family homes listed for sale compared to 22 placed on the market during the same month last year. Year-to-date, new listings in Pelham have jumped 10%, according to the most recent MLS® system reports of the Niagara Association of REALTORS®
Fortunately, October sales also outpaced last year’s results with 17 units sold – up 13% from the total of 15 sales recorded in October 2010. So far this year home sales in Pelham lag 10.5% below 2010 levels and are 14.3% lower than January-October 2009 results.
AcrossNiagarathere have been 4398 year-to date sales of residential single family homes compared a total of 4586 in 2010, representing a 4% decline in regional activity.
Unlike Pelham, most communities inNiagaraare reporting fewer new listings than last year. As of the end of October there were 9105 listings placed on the market in 2011 compared to 9412 last year – an overall drop of 3.3%.
The lower inventory level has offset the reduced sales activity to keep the regional market in a generally balanced position. The 12 month average price inNiagarahas been hovering at approximately $229,000 since July 2011.
With a surplus inventory situation in Pelham the average price story in our immediate local market is slightly different. Pelham’s 12 month average price in October was $330,296, reflecting a .6% slide from the September 2011 peak level of $332,199.
The slow down in average price growth is the subject of many recent national housing reports with economists noting that the Canadian re-sale average price of $352,600 in September represented the smallest year-over-year increase since January.
Overall the housing market continues to be bolstered by the combined impact of low mortgage rates and the general level of consumer confidence in the resiliency of our Canadian economy. A slow but steady outlook bodes well for the continued vitality of the residential housing sector.
“Cathy Berkhout-Bosse, H.B.A. is a real estate broker at Remax Welland Realty Ltd. You may read past articles at www.NiagaraRealtySourceReport.com”
Home Inspections Not Just for Buyers
So you’re getting ready to take your car to the dealer for an estimate of its trade-in value. What do you do first? Most likely you get it detailed – and this means more than simply vacuuming it out. Picture yourself steam cleaning, stain removing, de-odorizing and buffing until it shines.
Preparing your home to maximize your selling price requires a very similar process. It takes careful planning and an investment strategy approach to ensure that your property attracts optimal market value.
There is a growing trend towards home sellers commissioning ‘Pre-Home Inspections’. By preemptively investigating the potential issues that would be revealed during a home inspection, home-owners have the opportunity to remedy the required repairs in advance.
Another pre-inspection that is becoming increasingly common are those related to septic systems and drinking water. It is highly advisable to obtain health department certification prior to listing country properties for sale. This documentation is mandatory for financing approvals and the delivery of a potable water source is the home owner’s contractual responsibility.
Eco-energy audit reports are also starting to become more prevalent in the marketplace. Since 2007 the federal government has offered ‘on again, off again’ grant programs to facilitate homeowners making their homes more energy-efficient.
The ecoENERGY Retrofit home program was renewed again on June 6, 2011 and continues until March 31, 2012. Homeowners that have upgraded their property under the program can supply buyers with extremely helpful information including the energy rating of their home and the estimated saving on energy bills generated by the retrofits completed.
Perhaps the highest return on investment pre-inspection is the obtaining of a professional home staging report. Most home stagers will provide a room by room list of recommendations on a fee for service basis ranging from $200-$500. Homeowners can then choose to do the work themselves or contract the home stager to complete the recommendations.
For most people, their home is the most valuable investment that they own. Detailing it for sale doesn’t just make sense, it makes dollars too.
Cathy Berkhout-Bosse & John Bosse, Brokers at REMAX Welland Realty Ltd.
Selling Homes & Building Communities – That’s What We Do!
www.NiagaraRealtySource.com
Community Manager @ www.mypelham.com
www.facebook.com/NiagaraRealtySource
twitter.com/realtyvoice
www.linkedin.com/in/cathyberkhoutbosse
Pelham Third Quarter Comparison Charts 2006-2011
Local Housing Market – the ‘Engine that Could’
The local housing market is demonstrating remarkable resiliency despite the renewed slowdown in global economic activity experienced during the third quarter of this year.
According to the MLS® sales reports of the Niagara Association of REALTORS® there were 57 single family unit sales in Pelham during the months of July, August and September 2011 compared to 54 reported during the same time frame in 2010. Considering the volatility of the financial markets during the past three months this 5.5% increase in home sales certainly speaks to the strength of our housing sector.
The burst in activity during the third quarter has gone a long way to stabilize the low performance results recorded in the 2nd Quarter. During the months of April, May and June this year Pelham house sales dropped by 20%, with 48 transactions reported compared to 60 in the 2nd Quarter of 2010.
As of the end of June 2011 the year-to-date sales total for single family homes in Pelham was running 21% shy of last year. The year-to-date shortfall has now lessened to 12.6%.
Across the Niagara Region overall home sales were up 12.6 % during the 3rd Quarter, with 1,438 homes changing hands compared to 1,277 last year, while year-to-date home sales are trailing last year by 4.2%.
During the month of September here were 28 new listings placed on the market in Pelham – 28% fewer than the September 2010 total of 39 -suggesting that the last month’s listing growth trend may be subsiding. Overall, there have been 367 homes listed for sale in Pelham this year – up 7.6% from the total of 341 that were listed during the first nine months of 2010.
This month the 12 month average price in Pelham bounced back to $332,199 – just .4% below our previous peak of $333,703 recorded in June 2011. The overall 12 month average price in Niagarahas been hovering at $229,000 throughout the 3rd quarter.
Much like the ‘little engine that could” our local version of the Canadian housing market is demonstrating balanced conditions with relatively flat prices and a modest slowdown in sales volume heading into year-end.
Cathy Berkhout-Bosse is a Real Estate Broker and Communications Strategist living in Pelham. You may read past columns at www.NiagaraRealtySourceReport.com
