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Marketing must-knows for selling your home
Category Property News
The importance of a comprehensive marketing strategy when selling a home should never be underestimated, especially in a tougher market, as it can significantly impact the final sale price realised, as well as the length of time it spends on the market.
Barbara Manning, Area Specialist for Lew Geffen Sotheby’s International Realty in Bishopscourt, Upper Claremont and Upper Kenilworth, says not very long ago there were only two ways to search for your dream home - by poring over the property sections of the weekend newspapers or perusing window displays of the local estate agencies.
“But in the past decade a technological evolution avalanche has completely changed how consumers acquire just about everything in their lives, and these days at least 80% of home buyers do extensive online research before making their final purchase.”
She adds that the reality is that the majority of consumers who have the means to be in the market for property access relevant information via their phones or iPads far more than they do through print media.
“There’s absolutely no point in getting excited about high-end valuations if your agency does not have the local, national and international reach on the correct platforms to communicate with a targeted audience of serious buyers - or is not permitted to do so by the sellers,” says Manning.
“There is a buyer for every property, and we all recognise that sellers only need one buyer, but in order to find them in an immensely competitive and subdued market one needs to pull out all the stops. It’s not enough to think that properties advertised at a similar price will attract buyers for another property - it simply doesn’t work that way.”
According to Claude McKirby, Southern Suburbs Co-Principal for Lew Geffen Sotheby’s International Realty, an optimum marketing strategy should now include social media, database advertising, property search portal and app placements and digital media showcasing, as well as show days and outdoor boarding.
“Strategic digital marketing can help agents reach a broad demographic of potential buyers at a pace never imagined during the reign of print advertising, and studies of consumer brand interaction reinforce why it’s vital for sellers to select a real estate agency that has a strong online presence,” says McKirby.
“And at the upper end of the market, which has borne the brunt of the market decline, international marketing reach is imperative.”
Manning says the significance of the current political/economic environment cannot be ignored as it is unlikely to change significantly leading up to the election. “In other words, we should not expect any major positive market shifts in the foreseeable future.”
“It must also be remembered that the Cape Town market is going through a price adjustment after rising too far and too fast post the last recession,” she adds.
She says, therefore, the key factors in moving property during the next two years will remain realistic pricing, experienced agents with good databases and extensive marketing to the right demographic.
“While your agent will do the lion’s share of the work from start to finish, selling a home quickly and achieving the best price does require a joint effort, and the key to their effectiveness is your commitment.”
Author: Lew Geffen Sotheby's International Realty