How Effective is Traditional Marketing?
Times have changed and traditional marketing is no longer affective plus it is very expensive. Print advertising (one of the most expensive modes of advertisements) has gone by the way side, open houses no longer attract the crowds that they once did, and agent caravans no longer attract other agents without some sort of gimmick.
Print advertising: is no longer an effective marketing technique. According to the The National Association of Realtors (NAR) a 2009 survey reports that a whopping 90% of homebuyers start their search with the Internet. That is an astounding number of buyers, and if that is where they are heading to start their home search, wouldn’t it make sense for your property to be there?
Open Houses: these use to bring in the crowds, this no longer holds true. For me, as an agent I consider it a waste of time. More often then not over the past two years I have sat at an open house and not had a single person come through. And, if you are fortunate enough to get someone it is usually just a nosey neighbor wanting to take a look at the house and find out how it compares to theirs.
Agent Caravans: In real estate a caravan refers to a showing method that some listing agents will use when selling a home. A caravan involves inviting real estate agents into a home listed for sale in hopes to achieve higher visibility and marketing. The assumption behind this method of marketing is that other agents will know what their buyers are looking for or may know of an interested buyer. Unfortunately, in some areas these too are becoming a thing of the past (mostly due to the high inventory levels), More often than not, in order to get agents to attend these caravans and visit your property it is going to require some sort of bribery. I have witnessed too many times, that the only houses getting looked at on the caravan list are those that offer food or a cash drawing. Enticing the agents to come for a peak. Which in turn makes me wonder exactly why it is that they are attending the the viewing of these homes in the first place, are they truly interested in the property or are there other ulterior motives at play here?
So my next question is, what does it require these days to promote and market your house or property? How do you get the very best exposure possible? One of the most important things I have come to rely on when it comes to marketing is the creation of an Internet presence. Today, in these economically stressful times it is important to place your advertising dollars in those venues that get your property the most exposure. The competition is fierce, so aggressive marketing is necessary.
In fact, my two top priorities when it comes to marketing is:
- price, which plays an integeral part in the selling your home, and…
- marketing and exposure
The key to affective marketing is of course, as mentioned above price and exposure. Even if the price is 10K above fair market value you will have a hard time selling. It is just as important to have your house priced right as it is to have great exposure for the property. Buyers are well educated these days. It’s a bit difficult to “get one over” on them. It is essential to combine both price and marketing skills when placing your house on the market. The right price will come into play immensely in the sale of your property, then comes exposure. The more avenues you go down to market a home or property the better. There are so many paths you can take when marketing to get the very best exposure possible.
Those days of simply placing a property in the mls and putting a sign in the yard and selling the next day are long past gone. Even though this is in fact your very basic marketing, you can get this from any agent with any company. You need an agent who will go above and beyond the basics. Not only should an agent strive to meet expectations but they should strive to exceed them in every way.