Back in 2015, I had this idea of getting into the business of selling people’s homes. The thing is, I didn’t have any experience in selling homes, and let me tell you, I had no interest in following the typical estate agent’s model of cold calling or dropping leaflets just to bother people with hopeful promises.
I just needed to create a new model, one that didn’t exist!
I grew up in a corner shop, you know the type if you are a certain age? A set of five shops on a corner of a T-junction. Next door to us was a fish and chip shop, butchers, and a local food store. We sold papers, sweets, toys, haberdashery, including wool and cotton. We had multiple morning and evening paper rounds and served a loyal, local community.
I also remember the smell of our corner shop. Maybe yours, like my parent’s shop, had fresh bread and cakes delivered in the morning? The sounds of the till as it rang out and pinged, ready to give you change for your sweets. The feeling of saying good morning to the same person every day, talking about the weather, the football, your family, and holidays. Reading the headlines in the newspaper, looking at the sport on the back pages, all before buying your newspaper of choice and opening the heavy wooden door during winter to walk into a small, yet warm shop heated by a portable gas fire.
Unfortunately, these things no longer exist in convenience stores. The personality of our corner shop has been lost. So, how did this corner shop from a bygone age, selling penny sweets, teach me 5 lessons of how to sell someone’s home in our modern world?
Well,
In a corner shop, magic unfolded as customers stepped inside. Magic, like sleight of hand, invisible yet captivating. Today, it’s known as product placement. Valuable and profitable items strategically positioned, ensuring they caught every passerby’s eye. They couldn’t be overlooked. And inevitably, all customers ended up at the counter to settle their purchases. There, a carefully chosen additional item would beckon, right before their eyes. It held their attention for 30 to 45 seconds while they waited to pay.
Lesson one: Product placement – How to strategically position a home for sale so it is seen! Premium and featured listings on Rightmove are great positioning tools!
My local Co-op exudes cleanliness and orderliness. Last week I grabbed a loaf of bread, used the self-payment machine, and departed after a camera scan and card payment. One of the staff members smiled as I bid farewell during their shelf-stacking duties. In the past, purchasing bread would come with offers of butter, marmalade, or even beans! A nudge, a suggestion, a helpful reminder would create a connection in a customer’s mind.
Lesson two: Order taking vs selling – I love automation; however, it is still important to help people create connections with a new home, its location, and the lifestyle it offers. Videos, spotlights, quizzes and professional accompanied viewings do just this!
In the realm of corner shops; newspapers and milk reigned as the loss leaders. Despite their minimal profit margins, newspapers served as the primary source of local, regional, and global information before the digital era. Additionally, tea with milk is a British tradition. These staples opened avenues for daily conversations, fostering an understanding of people’s preferences. This, in turn, led to helping them discover their desired weekly magazine subscriptions, PG tips, Corn Flakes, cigarettes, and wine—each with higher profit margins.
Lesson three: Loss leaders to profit – We offer our own version of loss leaders. Virtual tours, property quizzes, spotlight information, and market data. These tools enable buyers to identify their perfect home, ensuring you, our valued client, profit from selling your property.
My parents taught me the value of serving and the essence of true service. Serving means fulfilling duties that benefit others, observed daily in hospitals, care homes, and nurseries.
However, true service encompasses something deeper. Operating a small shop with limited inventory, we couldn’t have everything at hand. Therefore, understanding our customers became vital. We anticipated their needs rather than reacting to their problems. Through this customer knowledge and a partnership with a wholesaler in Woodston, Easter eggs were available at Easter, Fireworks in November, and Christmas presents at Christmas. The appearance of the shop changed by magic as and when it was needed.
Lesson four: From service to serving – Know your buyer. Each home has certain types of buyers; we understand each of them and therefore can adapt our marketing accordingly, making each home look perfect for the right buyer.
In the ’80s and ’90s, I grew up and worked in a shop. It was a different time. My Mum and Dad didn’t know about marketing for small businesses, but they knew how to advertise! Our shop had a huge display window, showcasing products for different seasons. Wholesalers provided posters with the latest must-have items and discounts. Everything seemed to have a discount! Then came the BOGOF deals, limited-time offers, and product placement plans. There was no individual targeting or niche marketing back then. It was a simpler time.
Lesson five: Advertising vs marketing – In the world of real estate, it’s surprising to see many Estate Agents relying on discounts as their main strategy, despite the wide availability of marketing tools. It feels like digital presentation has taken a step back to the 1980’s with generic ads limited to platforms like Rightmove, today’s buyers expect to effortlessly find their dream home on their phone. They seek tailored descriptions that resonate with their lifestyle. Understanding the local market and area from the comfort of their sofa is crucial. Perfect homes will sell without heavy discounting or time pressure. They just need to be shown to the right people.
I’m sure you now have a clear picture of your own corner shop and now recognise the magic that happened for you, and to you during your daily or weekly visits. Here at Tortoise Property we have something we like to call our OurDifference It is a part of our DNA and includes these 5 lessons which are a part of our Race To SOLD! marketing model. If you would like to know more call me, Mike Matthews on 01733 592020.