Marketing Strategy for Property Sales is Important
There are few assets larger than property, so when it comes to selling real estate you need to treat it the way you would any other business transaction. Sure, a home comes with more memories and sentimental attachment than, say, selling insurance, but the point is that the goal of any business is to ensure as many people have heard about your products and services as possible; the same principle applies to real estate.
Central to any successful business is a strong marketing strategy and, again, the same is true for selling property. There was once a time when your real estate agent would put an ad in the paper, hammer a signboard in your front yard, and then wait for the buyers to come. In contemporary real estate, however, there are more marketing options available than ever before, which means it’s no longer enough to choose one or two marketing mediums and call it a day.
The internet has obviously come to play a very important role in how people buy and sell real estate, so a property listing on one of the main property websites is an essential ingredient in any property’s marketing campaign, which is why I won’t discuss it here. But, since a fundamental characteristic of the internet is that it prioritises newness and with hundreds of new property advertisements going online every day, it’s easy for a single property advertisement to get lost fairly quickly.
Striking the right marketing mix
That’s why, in addition to online advertising, your sales agent will also make other marketing suggestions, based on your property, current market trends, your budget, and the buyers you are seeking to attract. It’s unwise to discount any additional marketing options, purely because of the cost. Property marketing should be seen as an investment, one that will result in greater returns on auction day.
Signboards: Are still an integral component of any marketing campaign, and most agents will insist on them. Signboards help to attract buyers that may not have originally considered buying in your area, while also attracting the attention of passive buyers, who may not have even considered buying until they saw your property for sale. They’re also very effective at cutting through the internet noise and attracting the attention of active buyers.
Newspaper advertisements: Display advertising in your local newspaper, although expensive, is still one of the most effective ways to market property today. In Sydney, properties that utilised both online and print advertising, spent an average of 33 days on the market, which is exactly half the number of days properties that only utilised online advertising spent on the market; properties that used both print and online also added 5.1% to their final sale price. I think those statistics speak for themselves.
Social media: Social media companies like Facebook and Twitter have amassed boatloads of data in their years of existence, which you can use to your advantage by using either medium to advertise your property. In a very Orwellian way, social media companies know what their users are looking for, where they’re looking for, and when. So if you’re looking to target specific buyers, social media offers you the way.
Email marketing: Just as social media companies have amassed boatloads of data, so too have real estate agents. I’ve sold plenty of properties in the past by contacting my database of pre-qualified buyers, who’ve either expressed an interest in a particular type of property or who have missed out on a very similar one in the past. Email marketing is an effective way to put your home in front of active buyers, who are actively looking for a property just like yours.
Postcards and brochures: This is another oldie, but it’s a goodie. Just like a newspaper is delivered straight to your prospective buyer’s door, thus eliminating the need for them to do anything, but open it and browse the property ads inside, postcards and brochures do the same. This time, however, you’ve got no other property vying for your potential buyer’s attention.
Marketing is something you should speak with your sales agent about in the very early stages of the sales process, as the successful sale of your property hinges on it. Do remember, though, that just because there are more marketing opportunities available to you, it doesn’t mean you should use all of them. Always work in consultation with your sales agent to select the right mix for your marketing campaign.
If you would like to learn more about buying and selling property, continue reading this blog or view my educational real estate videos for tips on selling and buying property. Alternatively, for a confidential appraisal of your home, contact me so we can discuss your requirements in greater detail.