Marketing Your Home For Sale – An Investment or Cost?

marketing your home for sale

In such a competitive market it can be difficult to make your property stand out. Many agents will tempt you by the idea of saving money by using cheap or even free marketing. Although at first this may sound very appealing, the trouble is, it will actually end up costing you a lot of money as the end result is almost certain to be significantly less. In my experience it will cost you tens of thousands of dollars, if not hundreds of thousands of dollars on the end result. So the idea of saving some money on marketing is a very dangerous trap! If you want to achieve the maximum price for your home, and let’s face it…we all do, it is necessary to invest in quality marketing. Of course everyone has a budget, so what marketing elements are absolutely crucial for a successful campaign? Here is a rundown of what I have found to be the bare minimum in order to know with certainty that you are getting top dollar for your home.

Internet Advertising:

Today, the internet dominates. Active buyers will find your home on the major real estate websites (realestate.com.au or domain.com.au) or your agency’s website (eg. mcgrath.com.au). But it’s important to remember that not all potential buyers are actively scouring the internet. There is another type of buyer that is much more passive. It is not uncommon to hear buyers say to me that they are ‘in no rush to move’ or ‘waiting for the right one to come along’. They may have previously been actively hunting but have tired from the eager search. Alternatively they may be time poor or simply not fond of using the internet (many elderly people are not). I have had a lot of people buy properties off me that didn’t intend to move at all, until a piece of real estate marketing (such as a Manly Daily ad) caught their eye. These buyers are not searching the internet – they only act when inspired by properties that are well-presented in local or metropolitan newspapers, real estate magazines, letterbox cards and signboards.

Manly Daily Advertising:

Recent RP Data statistics made headlines last week when it was proven that homes that use a mix of print and online advertising are 20% more likely to be sold than properties that are only advertised by just one medium. The analysis also revealed that properties using a combination of print and online marketing had lower discount levels and had shorter days on market than homes that used only one advertising method. The average days on market for a property that was advertised both online and in a print publication was 38 days. The average days on market for a property advertised only online was 43 days. From my experience I find these statistics to be very modest. After years of tracking where our buyers come from, the Manly Daily attracts around 30 – 40% of enquiry which is simply impossible to ignore. Don’t bother with tiny ads though as they very rarely get noticed. A minimum size would be a quarter page ad. The more your property is worth the larger the ad should be. I have found that buyers generally perceive more value in homes that have larger ads.

Professional photography:

In real estate, a photo is worth more than a thousand words. Never let a real estate agent talk you into saving money by using agent or self-supplied photos. I can’t stress this highly enough! The photography is the first element that will attract buyers to your property. They will base their decision on whether they will view the home by the appeal of the photos. Many times I have taken over a sales campaign from other agents that have used poor photography. Once the home has fresh new professional photos, the numbers to open homes instantly increases, allowing me to negotiate a good sales result.

Signboard:

A signboard plays an important role in the sales process. It will attract local buyers that are not actively searching for a property. They already love the area so it makes sense to ensure every local knows they have the chance to buy your home. I have had people that have ended up buying a property after seeing the signboard on a dog walk! A signboard will also let buyers know that you are a serious seller and are not just testing the market. Make sure your signboard is done professionally, has your best photo showcased, a QR code, a brief outline about the property, and your agents contact details. Place the signboard in the most visible position possible.

Brochures:

Brochures are critical documents that buyers take away with them after an inspection. Brochures keep buyers excited and emotional. They show them to their partners, family and friends and use them as a reference point when they are deciding which property to purchase. They’re a very powerful tool in your marketing campaign if they’re done well. Ensure they are professionally printed colour brochures with a floor plan on the back.

If you have a larger budget, it’s definitely worth considering spending a bit more. The broader your marketing campaign, the more buyers you will attract. Stronger buyer competition means stronger sale prices but it all stems from the marketing. If you have a multi-million dollar property I would strongly suggest investing more dollars into the campaign as the higher your property value, generally the less buyers there are in the market – so you will need to stretch a little further to make sure you capture all potential buyers.

Now, you may be seeing nothing but dollar signs as I talk about all this. But as with most investments, you need to spend money to make money. Good quality marketing can make thousands of dollars difference to the price. It’s an investment in your property and it’s definitely worth it.

 

Thinking of selling your property? Let us do the hard work for you. We implement a full marketing and advertising campaign to get your property SOLD!

Tim Cullen on   0424 006 855

Bernadette Cullen on   0414 618 908

About Tim Cullen

Since joining McGrath Estate Agents 15 years ago, Tim Cullen has defined himself as a first class industry leader with an outstanding track record and rapidly growing and loyal client base. He ranked 1st on the Northern Beaches in this year’s Real Estate Business’ Top 100 Agents List and ranked 21st nationwide.