Why you should invest in marketing when selling your property?
When you go to put your property on the market, your salesperson may offer you an opportunity to invest in extra marketing options. Over and above what their standard plan includes.
At this point you might understandably think:
"Hey, I'm already paying you a commission. Why should I pay extra for advertising?"
The reason is, to ensure you get the best possible result. To put your property on a pedestal and make it stand out from the crowd. To make it easy for buyers to find, and fall in love with your property.
Understanding the buyer market
In most locations, the general pool of buyers can be categorised into three groups:
A buyers
They are looking online for new properties every day in your location. These buyers have saved searches and email alerts set up with their criteria. They will move quickly when the right home comes up.
How to reach them: Easy. Just get your home on the internet with high-quality photos!
B buyers
This group is looking online every day but in a different (potentially nearby) area. They could be the perfect buyer for your property but it might not come up in their normal online search process. It's a little harder to attract these buyers, but if you can, the payoff can be big.
How to reach them: Premium online listings, boosted posts on social media, print marketing (real estate magazines, local newspapers), flyer drops, large agent databases.
C buyers
This group are a little more casual. They are not looking every day but would buy the right home if it came on the market. They might look at a real estate magazine once a week or browse online occasionally. Often, these are the best buyers to attract. They understand how hard it can be to find the right home (they might have been waiting a long time) and can be prepared to pay good money to secure it.
How to reach them: Premium online listings, boosted posts on social media, print marketing, flyer drops, large agent databases, local community groups, photo signboards, google display network advertising.
What does this all mean?
Real estate professionals at the top of their game employ a marketing strategy that aims to attract buyers from all three groups listed above.
Why? Because that is the best way to secure a premium result for their owners. It's a commitment to leave no stone unturned in the search for the right buyer for your home.
Making sure every buyer knows your home is for sale does take effort and expense though. And as an owner, it's natural to feel like the agent should cover all expenses of the marketing campaign. But this is where it's so important to stop and consider your options carefully.
If the best possible price for your property is 5-10% better than an average price, how much would that be worth to you?
Is the relatively small marketing expense worth it to ensure you walk away knowing you did everything you could to maximise your net worth through this process?
It takes courage to spend money before you know what your home will sell for. Or where your buyer will come from. It takes courage to believe in your chosen real estate professional enough to invest in marketing options they recommend.
At the same time, if that relatively small investment in high-quality marketing adds 5-10% to the sale price of your property, it could turn out to be one of the best investments you have ever made.
Final thought
Don't keep your house sale a secret. Make sure every potential buyer knows it is for sale so that when you accept an offer, you know you are looking at the best available price at that time.
Source: Andrew Duncan