Ask any real estate agent and they will tell you that one of the hardest parts of their job is explaining to a seller why they should fund the marketing campaign for their home. Sellers have been led to believe that the property marketing simply boosts an agents profile or that they are profiting from the marketing items and therefore object to the expense, genuinely expecting an agent to cover the costs. Quite often sellers opt for a free or low cost agent over an agent that is asking for a serious marketing budget. While this seems like a good way to save money, it could be the biggest mistake a seller could make and could end up costing thousands!
The cost of not marketing a property effectively well outweighs the initial investment. Research done by Corelogic RP Data demonstrated that campaigns utilising both online and print marketing achieved up to $50,000 more and resulted in fewer days on market than properties without advertising. This research examined sales data from across the nation and has essentially proven how important quality marketing is in relation to getting the best return from selling such an important asset.
To achieve optimal results, an integrated marketing strategy, custom developed for that property should be implemented. The target market should be identified and the marketing campaign should be about reaching the most likely prospective buyers. It is all about effectively using contemporary and traditional marketing mediums to achieve a result. There is no ‘one-size-fits-all’ marketing campaign, but rather they should be tactical and individualised to each property and the agent should be knowledgeable about every marketing product they are recommending for the marketing campaign.
While marketing fees can equate to a considerable upfront cost it should be viewed as an investment and a way to secure a better price with less stress. The lowest fee marketing option might just jeopardise the sale price significantly and overall cost a seller thousands.