Focus On Marketing That Generates Results
By Paul Esajian on November 25, 2013
If you are trying to sell your home, you need to focus on advertising that really works. Most sellers are on a strict budget and can’t afford to swing and miss when it comes to their advertising. The longer your home goes unsold on the market, the less valuable it becomes. Even if you aren’t necessarily concerned with getting top dollar, every day it is on the market, the less likely a buyer will come along. Fortunately, there is data that can help you pinpoint which is the best allocation of money and where your buyers are looking. Track your marketing efforts and and invest in those strategies that are generating the most results.
In the past few years, there has been a growing shift in the way buyers find property. Nearly half of all buyers found the property they are going to buy somewhere online. In most cases, they contacted a realtor to complete the transaction, but they started the process by finding the property on the internet. This should be an area that you focus on. Whether it is through social media, a personal website or other home listing sites, the internet is where you need to be. If you are not technologically savvy, it is easier than ever to find someone online that is. This is too big of a market not to be taking advantage of.
In addition to the internet, buyers can find properties in their cars. If you are selling your property, you should be advertising with a yard sign directly on it. A simple property for sale sign with a phone number can be enough to get your phone ringing. If you bought bandit signs in bulk, place the 50 or so signs strategically throughout town. Check with your local city or town as to the legality of where you can place signs, but assuming there is no issue, take advantage of the market directly around your property.
Newspapers and real estate magazines are in rapid decline. Accordingly, print based media could potentially be a waste of time. Less than 1% of all sales come from print advertising. With the price of print advertising only dropping slightly, you are not getting a good return on your investment. Newspaper sales in general are down and Craigslist makes buying or selling a property easier than ever. Make sure you get a good return on your investment when advertising. This doesn’t mean print based media won’t work, it is just not as prominent as it used to be.
Other than the internet, the best place to advertise your property is the MLS (multiple listing service). If you have made the decision to sell your property on your own and aren’t having the success you desire, it may be time to reconsider. The MLS is the place where every local realtor will see that your house is on the market. Any realtor will have the opportunity to show the property and if the compensation plan is attractive enough, you should have no shortage of interest. This will come at a cost of anywhere from 3-6% of your sales price, but once you deduct your advertising costs, time spent showing the property and inability to get top dollar, it usually makes sense to list the property with a realtor.
Buyer’s tastes are changing along with where they find property. If you are selling, you need to be aware of this and focus your marketing efforts on new strategies. If not, you could be wasting valuable time and money.