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Is your home being marketed to sell?
It's a valid question and one all sellers should be asking of their real estate agent. In today's economy and real estate market, it is more important than ever to market properties correctly and reach the largest audience of potential buyers.
Many agents rely on traditional methods of marketing their listings which no longer have the " marketing reach" needed to reach buyers who are seriously looking for a new home or condo.
Let's take a look at some of the traditional marketing methods and discuss the flaws of each...
Traditional selling methods include:
Placing the listing in the local MLS - While still a viable method of marketing a listing, it is by no means the only one that should be employed. Today, most buyers search for new homes on the internet by visiting websites that are displayed as a result of a particular search from a search engine.
This means they start their home search by going to a search engine such as google, yahoo or bing and entering phrases such as "Panama City homes for sale" or "Panama City Real Estate" as an example.
Once the list of websites is displayed based on these words, the potential buyer will click on and visit the first few websites displayed on page 1. Very few web searchers will bother with results after page 1. This is important!
If the website of the agent listing your home is not on page 1, then it is very likely the only way your listing will be seen by potential buyers is through the marketing efforts of one of the sites listed.
Is the agent who is listing your house found on Page 1? Why not do a search and find out?
Placing an add in the newspaper - The time honored method of listing a home for sale in the newspaper does still reach local potential buyers. However, the number of potential buyers is limited to the circulation count for that newspaper and by the number of buyers in the local market searching for not only a home for sale, but also a home whose criteria matches theirs.
Example - If a local newspapers circulation count is 75,000, how many readers of that newspaper are actually in the market for a new home? The number is actually quite small and around 1% (Source: NAR Survey: First time home buyers), I believe the actual number to be less than 1%.
That means that less than 750 people will have the chance of seeing that your home is for sale. That's not a very high number.
In contrast, the number of potential buyers on the internet far exceeds that number because it includes not only local searchers but also international searchers as well such as relocating buyers (both military and civilian), second home buyers (vacationers), investors (internationally) etc.
Is your home listed with an agent that can reach all those potential buyers?
Offering open houses - Another honored tradition in real estate is having an open house. Open houses can and do sometimes sell homes, but usually not your home.
The sellers want open houses because they believe this is how to sell their home and agents are more than happy to have them. Why? Because, it gives theagent an opportunity to “prospect” for more buyer leads.
But what does it actually do for the seller of the home? Not much. In fact most people who come to an open house do not buy that house.
The "real" method of marketing homes
The most successful method of marketing homes in today's real estate market and economy may or may not employ these methods. However, it does utilize internet marketing techniques as the primary means for marketing.
This means that not only will an agents marketing include placing the listing in the MLS, but will also include:
- Featuring the home on the agents website which can be found on page 1
- Posting about the home on the agents blog
- Listing the home on various "Home sales" websites
- Including the home in their social networking channels
- And many more.
Does your listing agent employ these techniques? More importantly, do they employ the techniques successfully?
As a home seller, it is vital to the success of selling your home that research not only what the agent "says" they will do, but also how capable their marketing methods are to delivering on the promise to sell your home.
The days of placing a listing in the local MLS as the primary marketing technique is a thing of the past. Open houses and newspaper advertising are of limited marketing value.
If you want your home sold in the shortest amount of time at the highest price possible, you should list with an agent who utilizes the marketing methods which reach the most potential buyers. There are far more potential buyerssearching for homes on the internet, then there are driving around looking at "For Sale" signs.
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