Selling a property? Give the market a chance to respond
A WISE person once said that trying to sell something without advertising is like trying to wink at someone in the dark: you know what you're doing but no-one else does.
This principle holds true when it comes to selling real estate. To achieve the best result, you must expose your property to as many buyers as possible. Before you sell your property, it is important that you give the whole market a chance to respond, rather than just the first buyer. The greater the competition the better the result.
Creating a competitive atmosphere for these buyers is critical, as is having an effective advertising and marketing plan.
Enlisting the services of a good, local real estate agent is the best way to ensure you have access to up-to-date advice on current trends, sales data and strategies that will provide the most effective exposure to potential buyers.
Among the many important elements of an effective marketing campaign that may be considered are:
• Sign Boards
• Photography, sketches and floor plans
• Internet displays, including virtual tours
• Editorial features
How much is enough?
As a general guide, many property agents will advise that approximately one per cent of the anticipated sale price should be allocated towards the marketing spend.
For example, a $500,000 property would generally warrant a $5000 marketing plan. This is just an industry guide. A seller can allocate as much or as little to a marketing budget as he or she sees fit.
Where do I put my marketing money?
A study conducted by Neilsen Australia researched which tools a consumer used when researching property.
It found that local newspapers and the internet were the most highly engaged mediums.
Advertising in a product such as Domain is an effective strategy to getting the SOLD sticker on your For Sale sign quicker and with more dollars in your pocket come settlement day.
When your home is advertised in Domain, potential buyers have a hard-copy visual reminder of your property's features.
Ways to market a property
There are many different ways to market a property, however before you place an ad or go online, you will need to ensure you have quality images of the home.
These days many sellers engage a professional photographer and sometimes a professional copywriter to make sure the property is presented to buyers in the most appealing way possible.
Common forms of material
Window cards and brochures: A property consultant will usually generate a window card for the office shop front and various colour brochures or booklets to give prospective buyers at the open for inspections. This printed collateral forms part of the marketing basics.