Modern Marketing Techniques in Real Estate when marketing a property

Barry Osborne


Selling_your_Home_needs_to_stand_out_from_the_rest


It is so strange that where most industries have changed their marketing strategies drastically, in the case of marketing a property, the techniques are much the same for most agents and is what they have been doing for years. Surely, someone has realised there are better and more modern marketing techniques in Real Estate than taking photos, designing an advert, putting it on the internet portals and in the newspapers, and job done. Every property looks the same, except some smart newspaper person has determined that to differentiate your property take a bigger advert.

I ask the question, “Who is paying for this Marketing?”




That person paying for marketing should ensure for themselves that they are in fact getting results from all that money spent. If someone can justify the enormous cost of such campaigns, I would be amazed and I am sure they are not the person paying for it. So it is important that the person paying should be the one that makes the decision as to where the money is to be spent. Because when marketing a property, there are other interests involved. This I found out when phoning a particular very successful Real Estate Agent about using Individual Property Websites which would be more proactive medium than an advertisement in the paper. The response after some discussion about “not another website to look after” was that the agent had to look after their IMAGE and promotion.


My mistake, I thought we were in the business of marketing a property not marketing an agent or Agency.


So what are the Modern Marketing Techniques in Real Estate that could be included to get the desired results?


#1 Information


No worthwhile marketing strategy will achieve its goal if you do not have the correct information to be the basis of your strategy. We live in a world where information is supreme and fortunately we now have the internet. Unfortunately, in the Real Estate Industry we have a hard time, often getting information we require. This information is as follows:



  • What price you would be happy with?

  • Is this realistic and can be supported by the market data at this time?

  • Who would be the Ideal buyer to buy your house at the expected price?

  • What is the profile of this buyer and how do they get their information? You need to be able to create a full Marketing Persona.

  • What was the state of the market at present or at the time you intend to sell?

  • Do a full SWOT analysis on your property, to determine Strengths and Weaknesses.

  • What needs to be done to correct these weaknesses and at what cost?

  • What other information or documentation do we need for the buyer to make a well informed decision?

 


#2 Create a full Marketing Strategy


A marketing strategy has to be more than:



  • Simply how much are you prepared to spend

And



  • Where will you place the advertisements?

This is just a great way to throw money away and remember this is coming out of the value of your house, which is the money to buy your next house.


In #1 you have determined the type of person that is most likely to buy your home and you should have determined some of the background on this type of person and as to where they are most likely to search for information. Most people today, will do research on the internet well before they are ready to purchase and may not show their hand until they see something they really want. The problem they often have is that Real Estate Agents often stand in their way by not giving the information that is required such as:



  • Address

  • For Sale, No Price Given

  • SOLD but no price

Guess what happens with many of those people searching late in the night, they simply jump to the next property and continue to search. In most industries, marketing people have learnt to their detriment that not giving all information on web sites simply loses good potential customers to your competitors who do give the information. Too many Agents think that forcing people to phone them allows them to capture their potential buyers on their data base. Again in other industries, that is best achieved by giving good advice and being extremely helpful not a barrier to the information.


So in your Marketing Strategy you need to cover the essentials of any Marketing Plan, the 5 P’s which are:



  1. Product- How can we make your property stand out from the crowd? The problem with the selling strategy of most agencies is that the advertisement in the press and on internet portals, all start to make the various properties look the same. Remember that most people will scan the item in view within 3 seconds before moving to the next. You need to capture them quick.

  2. Price – If you go to the auction, there is no price to attract the buyer. What happens if he/she does not like Auctions, you just cut out part of the market. If you go to private treaty and present a price like you should, is it value for money or in the price range of your intended buyer.

  3. Place – Where should you display your property? The best place is to have your own Individual Property Website which is constantly being updated and where you can send perspective buyers to and be away from the portals and all the other properties.

  4. Promotion – How do perspective buyers know about your sale and your Individual Property Website? Depending on your buyer, but with the majority it will be the internet where they first search. This is why you need your portals which is where buyers go to search what is available. Which sites will be more likely sites for your client to search?

  5. People – You are searching for a particular buyer, but there is also a whole other audience out there that may assist in finding them. This is where social media comes into the equation and this will be the way of the future that allows you to communicate with your customer base, remembering that future customers need to be nurtured.

#3 Set a Launch Date to go to Market


It is so critical that you prepare for going to market because you only get one good chance to achieve your desired goal and that is the FIRST go. Don’t be convinced by a good salesperson to simply put the house on the market next week and see how we go. This could cause much damage to your sale and you have too much to lose or to gain by making on-the-spur-of-the-moment selling decisions.


I hope you can see that there is much involved in Selling Your Home from a marketing perspective. So do your research and remember the world is changing and the old marketing techniques may not work as well as they should in this modern world and it could be simply wasting your money.