Are buyer databases now defunct?

The good, old-fashioned exclusive buyer database — or coveted email list — is becoming extinct, according to a real estate marketer.

The CEO and founder of Bespoke Media Group, Nic Fren, told REB that “just because an agent has your number or email address, doesn’t mean you are exclusive to them”.

“No one owns a buyer,” he flagged.

“If someone is looking for a one-bedroom apartment in Bondi Beach, they are enquiring on every one-bedroom home for sale in Bondi Beach.”

He acknowledged that on the seller side, potential vendors are “putting themselves in front of multiple agents all the time and that’s why we see competition so strong in the listing side of the business”.

“In a booming market, buyers can almost be dismissed unless they are either a contract holder on a property or have something to sell straight away,” he conceded.

Mr Fren warned that agents can become complacent “when it comes to buyers, because there’s such a heavy reliance on the major portals and vendor paid advertising”.

He argued that “if the tables were turned, we would see a massive shift in client experience”.

“If an agent isn’t calling a buyer back after open homes or inspections or touching base with them when new property is about to hit the market, they could potentially lose the opportunity when it comes time for them to sell or get their foot in the door if that buyer is looking to lease out the property,” Mr Fren said.

“I’ve seen buyers looking for weeks, even months, and all they usually receive is the same email that goes out to the agent’s entire email list.”

A new buyer outlet

With buyers now looking for “an edge in the marketplace”, the CEO has devised a solution that enables buyers to market themselves to a real estate agent, in the way that an agent would market a property to a buyer.

He’s created a new marketing portal that enables buyers to get their names in front of local agents who may have ideal properties waiting in the wings.

According to Mr Fren, the portal has “the look and feel” of the major listing platforms — barring a few noticeable differences.

“Instead of advertising 123 Smith Street, Smithville, the headline reads something like Mark & Claire are looking for a one-bedroom apartment in Bondi Beach,” he explained.

“Instead of property images, we market key features they are looking for in the home, and, if agreed to, a picture of the actual buyers, or for better results, a video of them talking about their wants and needs.”

The CEO has also touted the platform’s social media lead generation ad that is created which then goes out to desired locations “in the hopes of capturing those who are thinking about selling, but are not yet on the market”.

Mr Fren said, in turn, this will also act as a prospecting tool for the agent.

“Instead of the standard ‘Just Sold’ call and ‘I’ve got a buyer’, we are hopeful this will replace that prospecting method to be more modern in approach and feel in 2021,” he said.

He believes the new portal “will not only help agents have a point of difference at the listing appointment, but will also help them to brand themselves and potentially generate interest in the passive buyer — the one who is not looking to sell for a few months.

“You have a buyer looking now who can offer a settlement period convenient to the owner,” he said.

Written by Grace Ormsby

Real Estate Business