With so much recent media attention having been focussed on the level of competition between home buyers and the number of sale results exceeding expectations, it is not surprising that some vendors have made the mistake of thinking that a strong sale will happen automatically. Indeed, some sellers have unfortunately assumed that once they put their property on the market, the buyers will automatically find it without any property marketing.
Great results rarely happen by accident
The strongest property sales have never been something that happen by accident, and this is still the case in the strong property market we are currently experiencing. Here at Ian Reid’s Vendor Advocacy Australia, we often remind our clients that one of the key ingredients in selling for the highest possible price is creating competition. This means that the more buyers you can make aware of your property, the more competition you are likely to generate.
Marketing your property broadens your buyer pool
A few years back, an independent firm of auctioneers in Sydney undertook a survey to try to measure the impact of the property marketing budget. Their study of over 180 property sales across Sydney found that properties with a budget below $5,000 attracted an average of less than one third of the number of buyers that properties with a marketing budget above that figure achieved.
Different marketing strategies for different areas
We all know that the Sydney market is different to the market we have in Melbourne. Indeed, as Vendor Advocates we tend to find that there are real differences between the most effective marketing strategies in various parts of Victoria as well. This is another reason that having the advice an independent Advocate to assist in your sale can be so valuable. However, the general principal is clear. If you want to maximise the competition between buyers for your property, a carefully thought out and strategically targeted marketing campaign is essential.
Independent advice on property marketing
If you are considering making a move in 2017, one way to be sure that you select the most appropriate marketing program for your property and your area is to ensure that your Vendor Advocate is there to examine every agent’s proposal before you make any final decisions. Of course, another way to avoid some of the other traps that often prove costly to vendors is reading our booklet, “Fatal Real Estate Traps Exposed”. This free booklet has proven to be a valuable source of information for countless property sellers, so why not get your copy while you’re here?