Navigating the competitive real estate landscape of today is no easy task. Simply listing your property for sale is no longer enough in this digital age teeming with options at every click. It’s in such a bustling scenario that the age-old business wisdom – “You have to spend money to make money” – makes its grand entrance. When it comes to investing in marketing, however, some sellers understandably hesitate.
Understanding the Marketing Investment Dilemma
The typical instinct of sellers is to minimize costs wherever possible, especially in areas perceived as ‘non-essential’. Marketing is often one such area, where sellers question the need for significant expenditure. The logic seems undeniably straightforward: why pour additional resources into marketing when it isn’t an absolute necessity?
But take a moment to consider this: would you prefer a basic, ‘bare bones’ marketing strategy, a mere presence in the vast sea of listings? Or would you opt for a robust, comprehensive campaign that maximizes your property’s exposure to a wide array of potential buyers, making it a beacon that stands out?
A rudimentary marketing package might include an assortment of property photographs, a signboard, some online advertising, and a smattering of print advertisements. Depending on the quality and range, such a package could set you back by a few thousand dollars. This might seem like a significant outlay, but it’s essential to delve deeper and consider whether this basic, no-frills package truly serves your best interests.
The Compelling Reasons to Invest More in Marketing
The case for investing more in marketing is underscored by the benefits that a more expansive campaign brings. Theoretically, the more you invest in marketing, the broader your reach becomes, and the more potential buyers your property is exposed to.
The properties that embrace a higher marketing budget often attract significantly more attention than their lower-budget counterparts. This isn’t an absolute rule, but it does suggest a correlation between investment in marketing and the attention a property garners. Increased attention on your property can lead to a heightened interest among buyers, potentially culminating in a bidding war among the most interested parties. Ultimately, this could lead to a higher sales price for your property, which is often your most valuable asset.
Quality vs. Quantity: A Balance
While expanding the reach of a marketing campaign is crucial, it’s not the only factor that matters. The quality of the marketing material also plays a pivotal role in the selling process. High-quality marketing can potentially make a significant difference to the final selling price of your property.
The most adept real estate agents will readily demonstrate the correlation between the quality of marketing and the selling price. They’ll present clear evidence and data to illustrate this relationship, effectively conveying the notion that spending more to sell a most valuable asset can indeed be a worthwhile investment.
Extending the Reach: Going Beyond Local
A rudimentary marketing campaign typically caters to a local audience, reaching perhaps a few out-of-state buyers who happen to find your agent’s website. However, if your goal is to fetch the best possible price for your home, it becomes evident that you need to cast a wider net.
Online advertising on popular real estate websites may come with a higher price tag, but they also ensure your property is showcased to a much larger audience. Extending your reach in this manner brings two primary benefits: it places your property before a more significant pool of potential buyers, thereby increasing the likelihood of achieving a higher selling price for your home.
Leveraging the Power of Social Media in Real Estate Marketing
In the modern, connected world, the scope of marketing extends far beyond traditional mediums. Social media platforms, with their vast user base and targeted advertising capabilities, present an untapped potential for sellers.
Channels such as Facebook, Instagram, and LinkedIn have emerged as potent tools for spreading the word about your property. You can create visually appealing posts or ads, target them to the right demographic, and even engage directly with interested parties.
For instance, a beautifully shot video tour of your property can be shared on Facebook, instantly reaching hundreds, if not thousands, of potential buyers. On Instagram a well-curated photo gallery can provide a visually engaging overview of your property. LinkedIn’s professional network can also be tapped into, especially for properties that might appeal to investors.
Of course, managing a social media campaign requires an understanding of the platforms and their algorithms. However, the investment in either learning these skills or hiring an expert to manage your social media presence can be immensely rewarding. In essence, social media adds another dimension to your marketing strategy, reaching audiences you might not have accessed otherwise.
The Payoff: A Strategic Investment
Despite the upfront costs, marketing should never be an area where sellers attempt to cut corners when selling their home. Even when budgets are tight, it’s vital to view marketing as an investment rather than an expense. An additional $2,500 spent on marketing might seem steep, but if it translates to a $10,000 (or more) increase in your home’s selling price, it’s undeniably a wise investment.
While online marketing often offers the highest Return On Investment (ROI), it’s crucial not to overlook other marketing strategies. Combining various approaches and strategies can cast a wider net, reaching a more diverse audience and increasing the likelihood of selling your property quickly and at a higher price.
So, when you find yourself weighing the costs and benefits of investing in marketing your property, remember this: to realize a larger gain, sometimes you must be willing to invest a little more. In the grand scheme of things, spending more on marketing could translate into making more from the sale of your property, proving that sometimes, you really do have to spend money to make money.
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National Sales Manager
Property FinTech Sales Manager ||
Empowering our real estate partners to maximise their selling potential.
Ensuring access to quality marketing to all property vendors and solving cash flow issues within real estate businesses.
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