Expensive advertising campaigns unnecessary
You will have discussed with your agent their recommendations about the possible marketing and sales strategies available to you. Take heed however, if they try to entice you into spending thousands on a marketing campaign. You are the one who has to pay for this and at the same time, the agency will be having their own name promoted so it is in their interests to spend as much of your marketing money as possible. While an expensive advertising programme may get you an advertisement in a newspaper which claims to be read by tens or hundreds of thousands (or more) consider whether the readers are buyers looking to for a property in your area. Most serious home buyers decide on the area before they begin inspecting properties so there is little need for the home buyer to spend big on advertising.
Market smart not big
Your agent should be more concerned with selling your property than increasing their own profile when it comes to spending your money. They should concentrate on a smart, simple, local marketing plan that will attract the right customers rather than aiming for the masses. Even the large companies carefully structure their marketing to reach their target audiences – how can you afford not to do the same? After all, there can only be one buyer for your property, so it doesn’t matter if you don’t have throngs of people viewing it, you just need the right person to see your home to make the sale.
Let the agent sell, not the advertising
The keys to successfully marketing your home lie with a good agent. He or she should be approachable and available – after hours contact details are important to buyers who are busy during normal office hours. The agent should have the skills to establish enough of a relationship with buyers to determine their needs and the price they are willing to pay. This way, they can concentrate their efforts in matching up buyers with homes for sale. When they do put advertising in place, it will be carefully selected for maximum effectiveness. For Sale signs, local window displays and any other forms of advertising should entice buyers to find out more. If buyers are given too much information they can make assumptions without the agent having the opportunity to point out advantages they may not have considered. (The exception to this is not to leave out the price – it gives the impression that the property is too expensive.) The advertising only needs to prompt the buyer to make an enquiry so that the agent can do what you are paying him or her for – to negotiate the sale of your property.
Word of Advice: To avoid the pitfalls of over spending on your advertising, check your agency agreement closely before you sign it. Do not agree to pay advertising costs up front and find out whether your agent will be entitled to a rebate on advertisements placed on your behalf. The practice of agents keeping the commission for spending your advertising dollars is unethical.
Open Inspections put your security at risk
Open inspections have become a standard practice within the real estate industry but it does not mean it is in your best interests to have one. By opening your home to the public, anyone is allowed to come in and peruse your home and items of value which if not readily accessible can always be taken later in a planned robbery. As unfortunate as this situation is, there are cases when thieves have used open inspections to ‘case a joint’ and days or weeks later have come back – to steal valuables or even assault residents. If your agent insists this is the only way to sell your property, consider whether compromising your security is worth making your agent’s life easier. If you do decide to go forward with an open inspection, find out how your agent proposes to identify visitors (names and address without identification are often made up) and how many agents will be present while people are going through your house. Check the security features of your house afterwards to ensure no windows have been unlatched or alarms tampered with. Neighbourhood Watch actually recommends having a friend present in every room of your home – but is this going to enhance your chances of selling?
Inspection by appointment more convenient for buyers
Good agents should respect your privacy and security. Inspection by appointment may not be as convenient for them but for this reason they will screen buyers more closely and give time to those people genuinely interested in buying your home. From the seller’s viewpoint, if buyers openly criticise your house during an open inspection other buyers overhearing can be put off from making an offer. There are also many advantages afforded to buyers who inspect by appointment. Viewing by appointment makes it easier to buy. When the genuine home-buyer can visit at a time convenient to them a favorable relationship is immediately established. They are not rushed through as they would be if they have only managed to get there in the last five minutes of an open inspection and they have the full attention of the agent to discuss any concerns or ask questions.
