How We Market Your Home
Understanding Today’s Market
Today’s market demands that your property receives the attention of an enthusiastic team that cares. These days, time is a limited and precious resource, especially quality family and leisure time. These increasing time pressures have been instrumental in changing the way real estate is bought and sold. Now with the Internet and the proliferation of newspaper supplements, property magazines, open homes and sign boards, it’s possible that a lot of buyers and sellers will do a lot of the initial work themselves, before contacting a real estate company.
Real estate is now primarily a marketing exercise.
Here at Woombye Real Estate we recognize this, and that the role of the property consultant has changed from being a salesperson, to being skilled marketers and negotiators. With our expertise and depth of knowledge we know that we can deliver premium results to our clients!
Our responsibilities are:
- To market your property as widely and as effectively as possible
- To attract as many potential buyers as possible
- To negotiate the best price for you
- And finally to assist your sale through to a successful settlement
Before this can happen, however, a number of factors need to be considered so that we can, as your property consultants, prepare a marketing strategy specifically tailored to your home.
These are:
- The current real estate climate and supply of buyers
- Recent sales statistics in your local area
- Your competition in the market
Marketing Attracts More Buyers
Buyer interest is highest during the first three weeks of a property being exposed to the market.This is why it is wise to invest in a marketing campaign that will reach as many potential buyers as possible over that key period. This involves Internet marketing, advertising in selected newspapers and publications, as well as using various multi-media tools that are available to us.
We are always endeavoring not to just to find one buyer, but several buyers that will be competing for your property
The size of the marketing campaign, its reach, and the investment made is extremely important. Factors such as size of advertisement, the strength and impact of the message, the inclusion of colour photographs, the circulation and readership figures of target publications, all affects the result.
Where will your buyers come from?
The wider you cast your marketing net, the more buyers you will attract to view your property. You will also have a better chance of finding premium price buyers.
Listing with Woombye Real Estate means your property will gain international exposure through our website.
Pricing?
The key to attracting as many potential buyers as possible is to avoid putting any barriers in the way of their appreciation of your property. Putting an advertised price on your property is often a major reason why potential buyers will not enquire further. Falling in love with a home is a very natural and emotional thing to do and is normal buyer behavior… a reaction which, initially, has very little to do with cost. In reality, price can often be surprisingly low on the list of priorities because there are so many other important attributes which go towards creating the desire for ownership.
Consider this:
A property marketed without a price will:
- Attract between 3 – 4 times the number of potential buyers
- Attract premium price opportunities
- Have a higher rate of success within a shorter time period
A property-base decision is infinitely preferable to a price-based one. It’s important to sell the dream before the reality.
The Best Time To Get The Best Price
The price of success.
The most difficult task for prospective sellers is determining the value of their home. It is important to recognize that uninformed opinion, the cost of improvements a seller hopes to recover, or the final amount needed to realize future plans do not factor into pricing.
The best method is to study the current real estate market facts and figures, those which have sold, those which have yet to sell, and those which will represent your competition. The current property market will strongly influence the value of your home. Realistically priced properties generate more enquiries. Increased buyer competition can raise your sale price, and your property is more likely to sell quickly.
Time is important.
After your property is presented to the market, buyer interest will be at its highest between week two and three. After this, buyer interest falls away quite significantly. To maximize this window of opportunity, we will design a marketing programme which reaches its peak and gives your property its highest profile during that prime period. If you have decided to market your property with a price, remember that it must be valued correctly right from the outset so that you will benefit from the initial surge of interest.
Principles Of Pricing
When considering marketing your property with a set price, it is important to use market facts when determining your asking price.
Over-priced properties do take longer to sell and do not attract the optimum number of potential buyers, particularly during the prime selling period. Also, “the longer properties sit on the market, generally the lower the price they achieve”.!!
Dangers of setting your price too high
Having a property 20% over market value, even 10% reduces buyer interest level and results in a lower price for your property.
The closer your initial asking price is to market value, the more chance you have of achieving a favorable price for your home.
For Sale By Tender
With this method of marketing, you can create both a high profile for your property as well as a competitive environment without having to list a price. As with an auction, you set a deadline when all sealed written offers must be received. Prospective buyers submit their most competitive tender. You have the opportunity to accept, decline or continue negotiations with any interested party. It’s your choice. You are in control.
Here is how:
- A high profile marketing programme will take place
- A tender close-off deadline creates competitiveness and urgency
- Buyers become emotionally involved before they consider price
- All tender details remain undisclosed and absolutely confidential
Price By Negotiation
By not placing a fixed price on your property you can maximize buyer interest and also the sale price of your property. Buyer focus is more on the property and less on the price
It is also a great way to gain feedback from the market before finally settling on a price you are happy with.
That will:
- Increase buyer interest
- All buyers are eligible to submit an offer at any time
- Allows negotiation to begin
- Removes any risk of over or under pricing
Exclusive Agency
The appointment of an exclusive agency establishes responsibility for your agent to work on behalf of you, the vendor. In the right hands an “Exclusive Agency” will effectively eliminate many of the drawbacks that accompany an “Open Listing”.
With an “Exclusive Agency” there is no dealing with several agents, therefore the urgency is for buyers to complete their pre-purchase investigations by a certain date, your agent is in complete control and will guide the buyers to contract without outside influences that often impede the sale.
The council of Auctioneers and agents surveys, along with our own proven results shows that the “Exclusive Agency” method of sale is far more successful than any “ open listing” giving faster and more positive results. The proven completion of sale within the allocated timeline through our office is 92%.
The auction advantage
Our experience from marketing individual properties, is that it is important that an effective marketing strategy be implemented to position your property in the market place. Our objective will be to ensure we get the maximum exposure across the widest possible target audience. This will ensure the maximum possible number of enquiries during those first few weeks when it is at its freshest on the market, and the most likely to sell.
“An auction campaign is our preferred non-price marketing strategy, as this has proved to be the most successful, with the highest sales rates”. Auction marketing motivates and gives genuine buyers the incentive to act quickly. A high profile auction marketing program begins, allowing prospective buyers the opportunity to inspect at open house days, the feedback from these inspections will allow you to place your property in its correct market range.
Auction marketing motivates and gives genuine buyers the incentive to act.
- Auctions on average achieve higher prices
- Auction properties are on the market for the shortest time – an average of 30 days
- You set the conditions, and you are in complete control
- An auction date creates urgency and the reason to act quickly.
- Cash sale – no subject-to-sale/finance uncertainty
- 10% deposit payable on the day of sale
- Buyer competing against buyer…not buyer negotiating against seller
Always be assured that you will set the reserve price that we are aiming to achieve. This of course is confidential, known only by your agent, you, and the auctioneer.
The Marketing Campaign
Advertising is just a small part of the marketing strategy, there’s a whole lot more to the big picture than merely placing an advertisement in the newspaper. Our objective for your property is simple… to gain the highest possible profile and exposure across the widest possible target audience. This will ensure we get the maximum possible number of enquiries during those first few weeks when it is freshest on the market – and is most likely to sell. Your fully detailed personalized marketing plan and calendar will identify all the activities and when they will occur.
- Newspapers and property features
- Woombye Real Estate website
- Existing client database contacts
- Open homes and property previews
- Sign Boards
- Woombye Real Estate office property window cards
- Property consultant client databases
- Direct mail and letterbox delivery
- Virtual tours
- Professional photography
This graph shows you which marketing activities generate the proportion of prospective buyer responses. As you can see, advertising is just one part of the mix…but still a very important one.
Choosing An Agent
When appointing a real estate agent, look for someone you can trust and feel comfortable with. A good property consultant should have extensive knowledge of local market conditions and be able to apply this information to your own property. When making a decision on who to appoint, look for a professional who will take responsibility and work hard for you. A professional real estate agent will:
- Provide a comparative market analysis
- Which will outline what properties have sold and that are on the market similar to yours
- Help you determine an anticipated selling price for your property
- Advise you how to present your home to attract buyers
- Develop a strategy to sell your home, including a marketing plan
- Review the marketing progress at regular intervals
- Post your property on the internet
- Advise you of any changes in the market as soon as they happen
- Present contract offers to you
- Monitor the progress of your contract until settlement
Free Property Appraisal
Yes, please contact me to arrange a free, no obligation appraisal of my property.
Free Appraisal Of Properties In Your Street
Yes, please contact me regarding appraisal of properties in my street.
