Welcome to Buyer's Market 2019, where competition is fierce for the precious few serious buyers willing to buy now rather than wait for the market to soften like the Spring thaw. One can always lower the price until some bargain hunting bottom feeder finally bites. Alternatively, attract buyers willing to pay top dollar with a quality product and a strong demonstration of value. Killer marketing is the difference between languishing on the market and selling quickly at the right price. Here are some tips for becoming a Marketing Maven.
Rock the pre-game
You wouldn't try to sell a car without first detailing it, repairing the nicks and cleaning the interior. Same with a home. Repair the leaky faucet and make sure windows and doors open properly. Consider a fresh coat of paint, neutralizing, decluttering and replacing stained carpeting. Wash it so it sparkles. Closets that are too cramped scream, "Inadequate storage!". Be sure it smells like a rose or fresh baked cookies, not days old kitty litter. Make it pretty.
There is only one chance to make a good first impression. Don't blow it. A small investment in staging, including quality art and properly placed and scaled furniture and furnishings, go a long way. Compass Concierge can help here. PLEASE - permit us to explain this program which has been rocking our industry.
Stand out from the crowd
What are the home's competitive advantages? How is it different and better, and who will it appeal to? Is it the layout, the view or the finishes? Photograph it in its glory and have the web copy be unique and memorable.
Every property has a story. Tell it using pictures, words and video to create an emotional bond between a shopper and a property.
Rudolph the Red Nosed Reindeer was a master marketer. He stood out in a sea of reindeer. Rudolph's red nose was distinctive, and his catchy jingle makes everyone smile and is memorable.
You get what you pay for
The most critical element of marketing is pricing. Buyers can smell an overpriced stinker from miles away.
Pricing is a strategy. It sends the following messages:
1. A seller's level of motivation.
2. Whether a property will sell or sit.
Where should pricing be? That depends on needs and motivation. A seller testing the market because it would be nice to net a huge profit will think differently about pricing than a couple pregnant with triplets in a studio apartment.
Pricing to sell should reflect a home's realistic value. It should be low enough so the target audience is excited about the home's benefits, and not so low that they presume there must be a problem. Pricing in a shifting market is an art that requires strategic and deliberate consideration and analysis.
How will it FEEL to live here? Encourage buyers to imagine themselves owning the home. When visiting, invite them to take off their shoes and relax in the room they're likely to hang out in. Offer them a drink while they enjoy the view, listen to the home's sounds, and take in its scents.
Marketing Mavens recognize that buyers view hundreds of homes on line before choosing which to visit. They typically see half a dozen in a day, and 20 - 30 before making a decision. Why will they choose yours to visit and yours to purchase? Because it stands out, is memorable, offers value and they can imagine themselves there, as the protagonist in the next chapter of the home's story. Marketing is the key to attracting the right buyers and setting yourself up for a winning sales campaign.