It’s getting interesting to see what the real estate magazines and newspapers are doing to try to get Realtors to keep advertising in their publications when the latest statistics say that hardly any buyers are using magazines and newspapers to look for homes anymore.
The latest is an email I received this afternoon from one of the real estate magazines attacking the Tribune for publishing an article in the Business section of today’s paper about the savings if you sell your home yourself. This real estate magazine is playing the “loyalty” card and telling Realtors they would NEVER accept a For Sale By Owner (FSBO) ad in their publication and suggesting that FSBO’s are counterproductive to the Real Estate Industry and the best interests of home owners. They end their email with:
“The next time you think about allocating your ad dollars, please consider the level of support that the media you select gives to YOU in return. “
This is the same magazine that has already stopped telling Realtors that you should advertise in their magazine to attract buyers. It’s now all about promoting your “personal brand” saying that homeowners looking to list their homes use real estate magazines to find a Realtor.
When you list your home with a Realtor, you sign a binding listing agreement for a period of time. If you find that your Realtor isn’t marketing your home to where Buyers are looking these days (the Internet!), you don’t have many options. You can try to cancel the agreement but then you are subject to paying the Listing Broker/Agent for out-of-pocket expenses. Here’s what is says in Section 3 of the Cancellation of Listing form (CAR form COL)
“Principal agrees to pay Broker $___, for out of pocket expenses, costs incurred and services rendered in marketing the Property prior to cancellation of the Listing.” This is only if the Broker agrees to cancel the contract which they don’t have to.
I wonder if the Realtor that is spending $$$ advertising in real estate magazines to promote their “personal brand” will try to recoup the thousands of dollars they spend on expensive print advertising by saying it was really spent on marketing your home to buyers.