As I read other real estate blogs I realize why people are skeptical of REALTORS. Only the good information is presentend and the only interpretation is a positive spin. We try to present a balanced picture on this blog, but by nature we’re positive. No matter who you read, one thing for sure is the Edmonton real estate market is tough right now in comparison to previous years, especially if you're trying to sell your home.
So in this tough market, we're spending more on marketing our listings than ever. Our philosophy is that when the going gets tough, the tough get better, do more, dig deeper and spend more. While many advocate cutting back on spending in this environment we’ve been increasing the number of places we’re putting our properties, the quality of the marketing and the quality of our ads.
Why? Its simple, really. You’ve got to get noticed in order to sell. If you are one of the thousands of home owners trying to sell right now you have to ask yourself: what details am I taking care of to give me the best opportunity to showcase my property to potential buyers?
In certain markets better marketing can result in a higher net to the seller. In this market it can be the difference between a sale, or no sale. That can mean the difference between getting something or nothing. You have to decide what’s important to you.
A few things to consider are:
- When you see your ads, are they advertising your property or are they more geared to advertising the agent who has your listing? Are the pictures good quality and does it represent your property positively?
- When people find your listing on the MLS and want more information, are they going directly to your listing when they click for more pictures and information or are they going to your agents site?
- When you Google your area does your property come up on the first page? Does your property come up on broader searches?
- Have you been updated regularly on what is happening in the market specific to your home? Have you viewed and analyzed the sales of other homes in your area?
- What is your picture quality online like? Really crappy, crappy, just o.k., good, great or phenomenal?
If you’re selling on your own the answers to the above questions are not good. So then you have to ask yourself are you really saving the commission or just losing equity?
Homeowner solutions:
- Hire someone who knows how to properly advertise when they do advertise and make sure its geared to marketing your home
- Direct links on your listing are a must. Don’t hire an agent who links your listing back to their home page. It's preferrable to hire someone who will use a custom domain for your property like, www.edmonton-condo.com , www.StAlbert-Home.com or www.edmontontownhome.com. What is your address online?
- Ask for examples of everything – ads, photos, web sites, updates. Find out before you list what information would be included in your updates and how often you’ll receive them.
- Check out www.sellmyedmontonhome.com for more suggestions.
I must admit I was very impressed with your recent listing in Strathern, the photos were excellent and the price was realistic (In fact I wouldn’t be surprised if it had multiple bids).
One in St. Albert looks great too, move it to the South end and I’ll make an offer.
I’d think beyond marketing price expectations would be a huge challenge in working with homeowners. I live in the University area where prices seem a bit more stable then the suburbs (assuming list price is a reasonable guide), and find whenever a house lists around 400K it sells in days-often before the listing even hits the mls website, and the ones closer to 500K sit on the market for months.
Isn’t that part of the whole marketing strategy? To list the price below market value to entice interest and multiple offers thereby driving the selling price over list price?
Essentially it’s not necessarily a “reasonable price” because the intention from the onset is to get more than list price.
Am I correct?
Interesting that you would mention Marketing, Sheldon.
Just today, I tried to find a listing on-line – just to satisfy my curiosity; not to actually view the house, since it’s not what I am looking for. But it’s in my in-law’s neighborhood, and I am interested in the price….
Well, no luck. The house does not show up on MLS where I would have expected it, and it’s also not listed on the agent’s website… No wonder it has been on the market for quite some time now.
However, this strategy of not listing on MLS or on the agent’s website seems to have worked for a house in my neighborhood. Without any web presence, MLS or otherwise (as far as I could tell), the agent managed to post a Sold sign, after several months of having his For Sale sign on the property.
About 10% of homes listed on MLS don’t actually show up as dots in the right places, on the map. Is that sloppiness, ie agents forgetting to provide the postal code? Or do certain vendors see an advantage in not providing that information?
Sheldon, under your business model do your clients (sellers) pay for the marketing or do you offer it as part of your service. I was curious that you said “While many advocate cutting back on spending in this environment we’ve been increasing the number of places we’re putting our properties, the quality of the marketing and the quality of our ads.” are you sepnding the extra money or are you upselling your clients? If the former then good on you. That is truely gutsy and entrepeneurial. If the latter then don’t be so quick to pat yourself on the back.
I have to say kudos – the marketing you guys do is top notch.
Just a suggestion for your linking to satellite images. I find the Google images to be too grainy. I hate to say it (because I’m not a fan of Microsoft), but you might actually want to consider linking to maps.live.com .
They have a great “bird’s eye” view that gives incredible overhead visuals of both the home and neighbourhood – much better than Google in my opinion.
We have several different marketing plans most of which we pay for the marketing. However there are options for sellers to pay for the marketing they want and just pay for our services. However on almost every plan where we incur the costs we have been spending more to increase the number times and places advertised. I will pat ourselves on the back because I know the industry and I know what a lot of our competition are doing.
Another great tool to use in your marketing campaign is video .Thanks to video ads Your potential customers are able to see the neighborhood,the backyard and really walk through the house.A 2-3 minute video is perfect to show your property.This will drive qualified customers to you.Why?It’s very simple.Just ask an agent how many times they spent a great amount of time with a customer and never close a sale.They don’t like the street,the way doors are opening,the room or the bathroom are much smaller than the ones They’ve seen in the pictures,e.t.c.
Many of those objections will disappear after a video is shown.There are no surprises.If a customer has seen 10 videos of your properties for sale and is asking you to show him the 2nd and the 4th home you have,this is a very qualified customer.
It is also the best tool for sale by owner You don’t need to stay home all the time hoping that someone will come to your door or on a sunday at the open house.You have to remember that many people are shy and don’t feel comfortable knocking on someone’s else door. How about a sign indicating the video classifieds # where they could see the
video presentation?
Is like an open house 24/7.
Thanks to technology those things are possible today.People are much more informed than before.