It’s a cliché but it’s true, you can’t sell a secret. Or to put it more accurately, you can’t sell a secret for a premium price.
There is a big difference between simply marketing your property and marketing your property TO SELL. Gone are the days of hammering up a generic “For Sale” sign and placing a four line advert in the local paper. Don’t get us wrong, signage and print media are still relevant when it comes to advertising your property in today’s day and age, however, it takes a far more measured approach to achieve a great outcome.
Right about now you’re probably thinking one of two things, either “a good agent will have a database of buyers they can market our property to” or “we already have so many expenses, we really don’t want to pay for advertising”. It’s important to understand that whilst almost every agent will have a database of buyers at their disposal, you are far more likely to gain a better result when your property is placed in competition versus isolation – we’ll explore this a little more later on. When it comes to the expenses associated with advertising your home, it is crucial to understand that the marketing component is an investment in not only your eventual sale price, but also the terms and conditions of the sale.
Getting back to competition versus isolation, it is vital to create competition amongst buyers due to basic human behavioural traits and beliefs and the need to create urgency – especially in today’s market. An excellent example of this is walking down a popular café strip in search of a cup of coffee. One coffee shop has a line out the door and the other is virtually empty. Which coffee shop will the vast majority of people enter? The really busy one because the immediate perception is that the coffee must be better. That same perception needs to be created with your property, it’s important to ensure you’re getting enough people through the door to create competition, whether it be perceived or real.
How do you ensure you get enough people through the door? Simple! By implementing a strategic marketing plan designed to put your property in front of the right audience. The aim is to drill down to the demographic of your likely purchaser and target that group of individuals via multiple advertising platforms with a high level of frequency which means that your particular property is being placed in front of that specific buyer group more than once.
Advertising campaign requirements and components will differ depending on the price range, location, main features and age of your property. Any agent who is worth their weight in gold will be able to construct the right advertising campaign for your property based on these factors together with market trends. When interviewing potential agents, make sure their proposed marketing campaign is on your list of questions and carefully review all proposals.