Back To Basics
Some agents & their agencies long for the old days when life was simpler.
A number still do this…
When you see properties still being advertised for 6 months, 12 months or even longer you have to question, Why?
Maybe, it’s because they are using the ABC’s of the old days rather than modern, updated marketing methods.
BANG in a Signboard
CREATE an Advertisement
DOWNLOAD to the Internet
ENCOURAGE the Office to Show it
FIGURE They Might Try an Open
GET on Their Knees & Pray it Sells
Marketing MUST Put Your Property in The Spotlight so it Becomes The Star Attraction… This is What We Do!
There’s no secret to getting a home sold quickly – the more people that view it, the better your chances of a quick sale.
Pricing includes the Logical Price as well as the Emotional Price.
Marketing, in a nutshell, is the megaphone for your listing – it screams to the world that your property is for sale, that it’s worth taking a look at and why it’s better than the competition.
Whether they are Local or Out of Area buyers. They may be Actively looking or just Passively researching.
You need all these buyers to see it.
Great Marketing leads to more views, higher interest & engagements, more enquiries from competing buyers leading to more inspections, therefore, stronger negotiations which means a greater perceived value.
This results in an optimal price!
Without Marketing, you just have a ‘Billboard in the Forest’
No-one notices it and any potential price-fever is lost.
Your investment in marketing is an investment in profit.
What is more valuable to you? “The risk over-marketing or the risk of under-selling and losing tens of thousands of dollars?”
So, if you are serious about selling, invest in the best marketing plan available to ensure your property gets seen by as many qualified buyers as possible.
You Really Need Your Sales & Marketing Plan to Take-Off!
Why is This Important?
Because the internet allows buyers to eliminate as many homes as possible before they…
- actually, get into their car
- to look around the community
- drive through the neighbourhood
- before they examine your street
- then consider the outside, before
- they step inside to inspect your house
As any of these can be a show stopper!
It’s imperative that Online & Offline Marketing, especially the Photographs & Your Property Presentation meets their expectations.
We Need to Make Sure, They Turn Up!
Here’s how Real Marketing for the 21st Century works.
Different Methods of Sale
The most common method of sale is by private treaty which accounts for around 70-90% of real estate transactions. Others are auction, set date sale, tender, expressions of interest, price on application and a low-key sale.
A sale by private treaty means you offer the property to the market at a listed price or a price range and invite offers from interested purchasers. This way you have the ability to vary the price whilst it is on the market and you will also have the opportunity to consider each individual offer from potential purchasers.
In South Australia, you can offer a single fixed asking price, a price range of up to 10% or no price given. Other variables or different wording such as Offers from $, Offers Over $, are not allowed.
You can accept cash unconditional offers, subject to finance and/ or sale conditions or additional acceptable contingencies.
You set a reserve price with your agent (the minimum price you will sell your property for) and the agent prepares for the auction on the specified date and time. There are laws for conducting an auction, so it is best left to an experienced auctioneer on the day. If bids don’t reach your reserve price, your agent may negotiate with the highest bidder on your behalf.
Auctions can induce a sense of urgency and strong competition amongst buyers, however, the stress of an auction can also put some buyers off.
Only buyers who have unconditional offers as cash or pre-arranged finance can register and bid. Those who need to sell and/ or require subject-to-finance or other conditions cannot bid.
Those who need to sell their property to buy yours and/ or require subject-to-finance or other conditions cannot bid.
There is no cooling-off period.
Set Date Sale
Combines private treaty, price range selling with the intensity of an auction campaign and allows subject-to-conditions into the mix.
As the name suggests a date 25 days after the marketing begins is the targetted end point or deadline to have all offers and registrations of interest presented for the seller’s consideration.
If the vendor receives an acceptable offer at any time during the marketing campaign, all registered buyers are contacted. They have 24 hours to the close of business the following day to submit their best and final offer.
An additional advantage is that unlike auction, your price is never publicly disclosed. Any offers are not disclosed to other buyers.
Here are some more specific details on how the set date sale works.
A tender is a formal sale process often used for commercial & industrial properties. Though seldom used in residential sales. It requires potential buyers to submit a proposal in response to the request to the owner’s advertised tender. Various marketing methods are used with this approach.
There is usually a time limit imposed when the purchasers highest & best offer must be made. There is usually no further negotiation.
Expressions Of Interest
An expression of interest is similar to a private treaty sale, however, a formal written offer must be submitted for the property usually by a specific date. This process is also seldom used for residential marketing, though it does have a place.
A variation is where no price is given and buyers are encouraged to make offers. Unlike an auction, it is less stressful and allows for subject-to-conditions being made.
It can especially suit unusual property or where there a few comparable sales. It certainly has a place to be used for residential properties in these circumstances.
Price On Application – (POA) – A property listed with a sale price of “POA” means buyers will need to contact the agent to receive pricing details. This is not often recommended with a marketing strategy as it annoys purchasers and many simply won’t call. It reduces the number of interested buyers significantly.
Although a competitive marketing and sales process is normally the best way to achieve the highest price for your property. Sometimes, there are good reasons to sell your home without opening it up to the market.
You’ll find more detail how this works here.
As Your Agent, Because, We Are On Your Side – You Can Rely On Us To Be
- Your Trusted Consultants
- Your Skilled Negotiators and…
- The People Who Oversee ALL of Your Transaction Details
To find out more about a successful marketing campaign, you’re welcome to call 08 83961100 to arrange a chat with people that care.
Alternatively, Book a Free Consultation or Get Your Home Value Here. You’ll be in Safe Hands!
Feel free to browse the rest of our Blog for more tips tricks and helpful info you can use.
Not sure of some of the terms & meanings used? Check our comprehensive Glossary, Abbreviations and FAQ’s!
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Thanks for reading…
What else would YOU like to know about? What would make a great story?
Do you have any specific questions or advice on buying, selling, renting or investing? Real Estate trends? Local, interstate international? Info on the buying or selling process? How to sell or buy? What NOT to do?
What can you TELL us about?
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Know someone who needs help?
You can REFER them here.
Whatever Topic or Suggestion you have… email us at [email protected] or call 08 83961100. We’d love to hear about your ideas.
Like most things in life, these are recommendations only. It is not legal advice, it may or may not suit your own circumstances and you may need to make your own additional enquiries.
Regards Eriks & Team Plaza Real Estate