Marketing Playbook: Market a Home and Sell Like a Winner!
Wondering why your home has not sold? Considering selling your home as fall approaches? Correctly marketing your listing can be the difference between it being stale and forced to negotiate below market value, or selling quickly at top dollar. Compiled below is a list of some of the most popular marketing techniques in real estate and the statistics that support these methods so you can be the savviest seller on the block.
According to the National Association of Realtors (NAR,) over 90% of all buyers searched online and 51% of buyers located the home they purchased by searching online. With so many buyers searching for listings online, the importance of great photos cannot be overstated. So what makes great real estate shots? The work begins before the photographer arrives, you will want to de-clutter. No one wants to see photos of a dirty, junky home during the home buying process. Instead, buyers want to see clean, clean spaces that make it easy to envision themselves in. If you’re taking pictures yourself, a cell-phone camera won’t cut it. Investing in a DSLR camera will help to capture the “good side” of your home. When it comes to lighting, let in the natural light. This lets the buyers feel a warm welcome with bright, natural looking photographs. If possible try to have the photographs done well in advance to officially listing your home so that on day one, you’ll be able to jump out into the market in a big way. In the world of real estate photography, a picture can be worth thousands of dollars.
We have all seen virtual tours online that could better be described as a simple slideshow. That’s okay though, even virtual tours of still photos increase viewership and increased viewers translate to increased showings. Prospective buyers want to envision themselves in the home before they ever step foot inside. Whether video or still shots, you control this tour. Tell a story that focuses on all the key highlights of your home and you will have prospective buyers falling in love with the property in the same way you did.
The percentage of sales resulting from open houses has dwindled down from 15% in 2001 to 8% in 2017 according to home buyer statistics provided by the National Association of Realtors. Do not fall for the increasingly popular opinion that open houses are simply a tactic for agents to meet potential clients. Marketing an open house online can reinvigorate interest significantly in a home. Do not be led astray by the 8% statistic touted by open house naysayers. It is indeed rare for a prospective buyer to come into your home unrepresented and purchase a home originating solely from visiting an open house. Still, the 8% becomes skewed when you consider the amount of previously represented buyers that come to an open house and later purchase through their agent or prospective buyers that may have originally found the property online but had no real intention of visiting with their agent. Personally, I would accredit nearly 20% of my annual sold listings to open houses whether directly or complimenting another form of buyer origination.
Print Newspaper Advertisement
While at one time this was a staple of a strong marketing plan, the times have undoubtedly changed. According to the National Association of Realtors, only 1% of all real estate transactions originated from newspaper advertisements. While no longer the keystone of a strong marketing plan, know who is purchasing in your neighborhood. If your home will likely attract a buyer later in years, it just may be the type of marketing required to get the job done.
The National Association of Realtors released ‘Real Estate In A Digital Age Report for 2017,’ and the report proves that we truly do live in a digital world and shopping for homes does not escape that reality. Mobile devices simplify the process even further and put an entire inventory at the buyer’s fingertips.
According to the study mentioned, millennials make up the largest group of home buyers at 34%. Millennials also make up the largest group of first-time home buyers at 66%. Considering 99% of millennials searched online during their home searching process compared to 89% of older boomers and 77% of the silent generation, having a full marketing presence online will only become more vital to the success of selling your home in the future.
The Future Is Now
Marketing in real estate is at an exciting point. The statistics on aerial photography are starting to come in. The luxury market receiving the greatest market impact of aerial photography. More local photographers continue to add drone videos and photography to their resume and the availability of aerial photography is nearly mainstream. 360 Degree photography is becoming more accessible, and the combination of 360-degree photography and virtual reality are fast approaching. Soon buyers will be visiting prospective homes from their couch.
Originally the popularity of digital marketing exposed a flaw, gone are the days of a singular marketing strategy. To market a home effectively it requires layering many of the market techniques above for success. the strategies listed ensure you are not selling near the bottom of your local market. Whether you are reading this to prepare for interviewing real estate professionals or you are planning to attempt to sell your home yourself, this is your playbook to market your home above the competition.