Tricia Fox has always done things a little bit differently from other real estate professionals in her downtown Chicago area. From art shows to shopping center kiosks to home-buying seminars that draw more than 500 people, Fox, broker of Tricia Fox Group of Keller Williams Luxury Real Estate in Chicago, does more than “take a listing, put it in the MLS, post it to a few websites and send out a postcard.”
So, when the weather turned cold, Fox decided to add luxury home tours by limo to her marketing repertoire. “Our offices are located on Michigan Avenue, and we specialize in properties in this area,” says Fox, who had 22 sales associates on her team and two staff members. The free limo tours took prospective buyers to several condominium listings in that area. But, it was so popular that Fox had to come up with a plan B. “We had such a great turnout that we decided to rent a trolley car so that we could seat more people,” she says. Fox recently took out her first trolley tour. “We had 32 seats, and they were all taken [15 couples]. Some of our team sales associates brought buyers on the tour, some sales associates waited at the properties,” she says. The group looked at seven resale properties and, according to Fox, three couples have taken a second look at some of the properties.
The trolley tours are free to prospective buyers and last about two hours. Each tour costs Fox about $1000 and she’s planning two a month. “Brunch is a good time of day for the tours,” says Fox.
Here are Fox’s tips for running a successful tour:
1. Plan ahead. The hardest part for Fox is the front-end planning. “You have to choose properties, make arrangements with owners [all properties are listed by Fox or someone on her team], decide who to invite and get the invitations out.” Fox has about 12 agents participate in the tours, so it’s vital to schedule several weeks in advance to ensure the entire group knows their assignments. “We have two agents at each site.”
2. Choose properties wisely. Fox only chooses vacant or sparsely furnished condos to show on the tour. “With so many people walking through the listing at once too much furniture makes it difficult,” she says. She also picks a price range for each tour. For example, one tour may feature lower-end properties that first time homebuyers or part-time residents may like; another tour might feature properties between $1 and $2 million. She then offers a mix of properties ranging from those with beautiful views to those with distinctive architecture.
3. Serve refreshments. Fox always serves refreshments at each property. “We may start with coffee at the first condo, then move on to wine and cheese. But, at the last property we always serve chocolates and champagne to make it festive,” she says.
4. Encourage conversation. Between properties, Fox visits in the trolley with each couple to answer questions. She also brings along a couple of mortgage brokers who can answer financing questions.
5. Use signs. Fox had some custom signs made that she can hang on the trolley for each tour. She also features brochures and signs at each listing.
6. Follow up. In addition to a feedback form she hands out, she has a follow up system for her team. “Individual agents follow up with the buyers and set up more appointments,” she says.
While she’s only done one tour, she’s learned a valuable lesson. “Next time, I would push people through the properties a little faster. We ended up with a lot of questions that could have been answered in the trolley on the way to the next property.”
It’s too soon to know exactly what kind of return on investment Fox will see. “Who knows what the actual return will be, but when you compare that cost to a print ad, the trolley is much more effective. It has the impact of personal touch. You can meet with people in person and really get to know them,” she says.
by Tracey Velt
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