There is a distinct difference between merely advertising a property, and actually pro-actively marketing a property. Advertising is just one part of the marketing effort and an important part of it.
MARKETING IS NOT SITTING WAITING FOR THE PHONE TO RING:
Marketing is a pro-active effort where existing clients and contacts that are built up (in my case over 28 years), are harnessed, money gets spent, and in fact the property has to sell within a reasonable time, otherwise I physically lose money & have no income source. This is why I need to ensure that my 100% track record of properties I market and actually sell, is upheld.
PREPARATION & BUILDING RELATIONSHIPS IS KEY TO LAUNCHING AN EFFECTIVE MARKETING STRATEGY:
For me to do this effectively, I need to set up an official relationship and access agreement with tenant (impossible where there are 2 or more agents), I need to know that my advertising online is unique and does not contradict other ads online (impossible with more than 1 agent). I also need to determine the best possible price by way of marketing and feedback via offers received. (This is the actual market value). The only way I can do this is by suggesting parameters of price (Which I cannot do with someone else advertising entirely different price for different reasons). For example: "Offers between R499000 & R549000 will be presented for consideration."
HOMEWORK DONE ADVERTISING CAMPAIGN IN PLACE:
All in all, once I am actually committed to start marketing a property, I would have a 99% certainty of a successful sale. It would just take a while to ascertain the ideal price, line up buyers, viewings and finance for those interested and tie all these things together. (Impossible with someone else cutting in between).
THE CONTROL & BENEFITS A SELLER HAS IF PROPERTY IS PROPERLY MARKETED:
Imagine the following scenario: I start prearranging viewings for the coming week. The reason being that it ensures I have the time to slot various viewings to suite me, the tenant and various buyers into a convenient time suiting all. In the meantime I can do what is necessary to ensure that these buyers are pre qualified, (if I have not yet done so as with existing buyers), liaise with bond brokers, and know who I am dealing with prior to jumping in the car with each and every time waster, or unqualified buyer. By the time a handful of viewings are done, there is a good chance of an offer, or maybe even more, coming to the table. If I anticipate more than one, I would advise the seller to wait before committing to a specific offer, to see what the other delivers. In that way, we are also creating competition between the buyers. This is the way I work, the most effective way to work for my seller, who ultimately pays me for the job we would both be committed to.
THE DANGERS OF MERELY LISTING & ADVERTISING A PROPERTY:
In contrast to a comprehensive marketing campaign, when a seller creates competition between agents instead of buyers, it basically means that the buyer gets to both agents. The one who jumps in the car fastest, gets the viewing. The fastest buyer & agent gets their foot in the door 1st, often aggravating a good tenant. The tenant becomes reluctant to accept this type of aggravation and viewings become more difficult to obtain. An impulsive buyer who is not pre-qualyfied often puts pen to paper. Of course the agent rushes to get that offer accepted by seller as soon as possible to cut out the other agent. After a few weeks it becomes obvious that the sale will not go through & the competing agent has lost real, pre qualyfied and genuine buyers in the meantime. The property starts looking overexposed as there are various agents advertising the same property. This means that buyers start getting the impression that this is a “problem property” or an “overpriced turkey” and it becomes more difficult to generate interest as the waning interest starts generating ridiculous offers. In this scenario, it’s all about the buyer, not the seller & all about who gets there 1st, not who gets the best deal for the seller.
THERE IS MUCH MORE TO IT:
This may sound like a long winded explanation but this is just because I am passionate in throwing my weight 100% behind my sellers & know how to achieve the goal & of course then ultimately my salary ensuring that everyone is happy. The above scenarios are but a few of the complexities a professional estate agent needs to deal with on a daily basis.
See my short video clip relating to this topic at the following link: https://www.youtube.com/watch?v=TGVNHgrRfYs
By: Flat & Townhouse Specialist, Menno (C)0824651057 menno@webafrica.org.za