With so many differing opinions on marketing in real estate being spruiked by various media platforms, as well as agencies, I thought it was probably about my time to add my two cents worth.
When properties first began to be marketed on the internet, many believed it was going to be a fad and that the only way to sell a house was to advertise it in a newspaper and on window cards at the front of a real estate office.
Times have certainly changed with many now saying that print advertising is dead and real estate offices can now be run online without even a shopfront. Indeed some say that the internet is all you need to market your home.
There are even some trains of though out there that you can even market you home yourself on the internet and maximise your profit by not having to pay a real estate agent to assist you in the sale.
My thoughts are simple, none of the statements above will achieve you the best outcome, that is, the most money in your back pocket at the end of the sale process.
What will however is using a skilled real estate agent, with high level marketing and negotiation skills utilising a diverse marketing campaign with a blend of both online and print media marketing.
Put simply, after deciding that you are going to place your home of the market, the most important decision you then make is, which agent do you select? Why is it so important, because the right agent looks at maximizing the amount of money you receive at the end of the transaction. How does the agent do this, by a tailored high impact marketing campaign that maximizes buyer interest and then the use of superior negotiation skills to get you the best available price in the market.
Online marketing is now a mandatory part of a campaign with as many as 9 out of 10 buyers using online as part of their search for property. According to a Marketing Hitslink Survey however, 75% of buyers don’t go past the first page of their internet search!
Another interesting fact however, is that the same survey showed that 69% of buyers used a combination or online and print to search for a home.
This is predicated by the fact that in any market there are 2 types of buyers, active and passive. Active buyers are looking for a home, because they have a reason to buy right now; moving for work, upsizing, downsizing etc. Passive buyers however, are opportunistic buyers, they aren’t particularly looking to purchase right now, but when something they like comes up, they are prepared to consider it. Both these types of buyers can also be either local, or out of town buyers.
Whilst online is extremely important in attracting the active buyer, print media is equally as important in attracting the passive buyer. How many times have you flicked through a real estate magazine or paper and thought, ‘wow so and so is selling that nice home’, or ‘hey remember when we looked at that house when it was on the market before’ or even, ‘that place looks really nice we should go to the open house’
Whilst each of the methods may bring a buyer to the home, the best possible outcome is to bring more than one qualified buyer to the home, because competition brings the best price. This is why it is so important to market your property effectively.
It is also important to bear in mind that an agent who is prepared to market to a small segment of the market, either online of off, or maybe just to their own database, may well be doing you a disservice in achieving you the best possible result.
Don’t just take my opinion, an RP Data Maximiser Survey showed that properties marketed across both print and online media were,
More likely to be sold than those advertised in just one media
Spent less time on the market, and
Discounted their sales price less than home advertised in just one media.
Above all, when choosing an agent, choose wisely. Ask them about marketing, ask them about results. Realise that the agent whose only point of difference is that they are cheap, is probably for a good reason. Above all as stated earlier, choose the agent who at the end of the sale realises you the best possible result in your account at the end of the transaction.