What’s the secret sauce to create the “buzz” and exposure needed to position your property in front of the right buyers, in targeted demographic areas? It’s strategic, or smart marketing. Please allow me to explain.
Traditionally, real estate selling falls into 3 P’s:
- Place on the MLS (or generic posts on social media)
- Put up a sign
- Pray for an offer
In a hot sellers market, this minimalist approach might work. And unfortunately, that reinforces the mindset that it is effective. I understand the thinking of For Sale by Owners, because if this is all that’s done, in effect the house seems to be selling itself.
When the market starts shifting into more of a buyers market, the truth comes to light that this strategy simply doesn’t work. Even in a hot sellers market, it doesn’t yield the highest net from market activity.
For my seller clients I create a personalized strategy to position the property in its best possible light, tell the unique “story” of the lifestyle of the home, and create a specific marketing plan to position the property in various ways to targeted buyer demographics. That’s in addition to extensive marketing to both consumers and realtors in local market segments as well as networking with realtors nationally.
For instance, I had an opportunity to help the seller of a new construction condo in Queen Village that hadn’t sold after being on the market for more than 10 months. The objections were the size. Analyzing the market, I felt the asking price was competitive but we needed to present the lifestyle and target specific types of buyers where the layout wouldn’t be an objection.
I created a multi-faceted marketing plan and re-listed it at the same price. The marketing included:
- Staging the two decks emphasizing the outdoor areas
- New video under 1 minute for use on social media
- Multiple Instagram and Facebook ads targeting working professionals, technology, medical and education industries and showcasing “work from home”
- Telling the story of living in Queen Village
- Geographic areas targeted outside of Philly included New York – where the buyers ended up coming from!
We had competing offers and got it under contract within the first 3 weeks on the market without lowering the price!
Other examples of smart marketing success; click on the links for the full story:
- 23 S 23rd luxury condo in Rittenhouse Square
- 182 Gay Street in Manayunk – buyers bought sight unseen relocating from the Midwest for PhD program
For a detailed analysis and marketing proposal targeted to meet your goals, please contact me today.