Two-thirds (67%) of Americans have not yet found their dream home, which means there are countless opportunities for sellers in this market*. However, the lack of inventory is the greatest challenge facing real estate today. There simply aren’t enough homes for sale to satiate buyer demand, and a lack of homes on the market translates to fewer listings for our agents.
So how can we convince homeowners to leave the place they call home in order to uncork the housing market and open up those listing opportunities for our agents? We get homeowners to dream.
First, let’s start this story 14 years ago when the financial crises had the real estate industry at a standstill. Coldwell Banker altered the standard industry talk track to consumers from touting the financial benefits of homeownership to espousing the emotional aspects of owning the American Dream. We pivoted our marketing and brand messaging, speaking to potential homebuyers about why owning a home was still important in the wake of the financial crisis. It worked: Coldwell Banker agents have helped millions of homebuyers put down roots ever since.
Fast forward to today. The real estate conversation has again changed as consumers are eager to buy homes, entering bidding wars and upping their offers to new heights. Most of our agents recently finished their busiest year ever, showing us that potential homebuyers don’t need emotional convincing to enter the market. Many of our competitors rely only on that old framework. But Coldwell Banker knows it’s time to change that mindset and meet today’s business challenges.
This year we unveiled our Dream ad campaign, designed to get homeowners to dream about moving closer to the grandkids, to the mountains, or to that place they’ve always dreamed about. It’s part of our 2022 Seller Strategy, complete with a refreshed website designed to focus on what sellers need to make listing their homes seamless. While the ad kickstarts those dreams, arming sellers with efficient tools and knowledgeable agents is what puts those dreams into motion.
Custom tools to help sellers see what’s possible
It’s tough to imagine your next home when you’re not even sure what your current one is worth. According to our February 2022 research with The Harris Poll, nearly half (46%) of American homeowners say they are unsure of the current value of their homes. This number increases to 52% among Gen Z homeowners and 54% among Millennial homeowners. One of our newest tools, the CB EstimateTM, is helping homeowners realize this value. Sellers can get a free and instant estimate on the value of their homes without providing additional data.
Sellers can also take a closer look at their dreams through our new Move MeterTM tool that compares various data points to evaluate a move from one city to another. The Move Meter acts as a local insider, addressing deeper questions that other tools can’t, like the quality of life, job market strength, and living affordability. Our tools help quiet the “what ifs” around moving and let dreaming take over.
We wanted to do our homework when building these tools, and our research revealed even though many sellers start their real estate journeys online, 60% of Americans would trust a licensed real estate agent to accurately estimate the value of a home. That’s why when sellers finally take the leap, our star agents are ready to take their listings over the finish line. Coldwell Banker’s Sellers Assurance Program, with offerings like RealSure and RealVitalize, ensure sellers will get the most from their home’s value.
In this seller’s market, Coldwell Banker agents shine
We’re still in a seller’s market and they continue to have the upper hand. It was important to us that this message reached local communities, which is why we provided a customizable 30-second ad spot to all Coldwell Banker affiliated companies. With hyper-localized brand messaging, sellers will know exactly who to call when they’re ready to make their dreams a reality.
We’re committed to creating business for our agents, which is why we’re always trying new marketing approaches to reach new audiences. In addition to our March Madness ad campaign launch, this year we expanded into a sponsorship of the PGA Championship to diversify our traditional media mix and cater to the critical “downsizers” demographic. We’ve also heightened our exposure on social media to align with how consumers are approaching the home selling journey, and to support agent growth in the long term.
It’s the beginning of a new chapter for the real estate industry, and Coldwell Banker is again at the forefront of innovation for both sellers, buyers, and agents. If change excites you, visit ColdwellBanker.com to try our new tools, or learn more about joining our network of over 100,000 agents.
*According to The Harris Poll on behalf of Coldwell Banker. The survey was conducted online within the United States by The Harris Poll on behalf of Coldwell Banker.