By John McGrath, Property Expert
John’s expert advice on receiving the highest price for your property
If you want to achieve the maximum price for your property, you need to invest in marketing, whether you’re selling by auction or by private treaty. At a minimum, you need professional photography, a signboard and internet advertising. These are the no-brainers of real estate marketing and will cost you anything from $800 to $2,000, depending on the photography and internet package that you use.
If you have a greater budget, it’s definitely worth considering spending a bit more. The broader your marketing campaign, the more buyers you are likely to attract. Stronger buyer competition means stronger sale prices, but it all starts with the marketing.
Spend your marketing dollars early
In my experience, properties receive the most attention in the first 14 to 21 days of a campaign, so spend your marketing dollars early to make a big initial impact and create competitiveness amongst buyers.
Don’t skimp on quality:
Generally, an investment of around 1% of the value of your home should do the trick. Everyone has a budget, but whatever you do, don’t skimp on quality. Your marketing materials are designed not only to alert buyers that your property is for sale, but to also prompt them to take action. The presentation of your home, the layout of the advertising and the quality of the photography and copywriting are all vitally important.
Today, the internet rules:
Active buyers will find your home on the major real estate portals (realestate.com.au or domain.com.au) or your agency’s website. But it’s important to remember that not all potential buyers are online. It’s very common to hear stories of buyers who were “in no rush to move” and were “waiting for the right property to come along”. These buyers are not scouring the internet – they only act when inspired by well-presented ads in local or metropolitan newspapers and real estate magazines, letterbox cards and signboards.
Casting a wider net:
In my experience, around 60% of the buyers for your property will come from the local area – within 10km. A signboard, local newspaper ads, the internet and letterbox cards will reach them. But what about the 40% of buyers currently living outside the local area?
Consider the impact on your sale price if you ignore 40% of buyers. This is where ads in metropolitan newspapers, such as The Sydney Morning Herald, The West Australian, The Age and The Courier-Mail, can help because they have a broader distribution.
It’s also important to factor in specific social trends relating to your area. For example, in Sydney, many young couples living in the Inner West move to the North Shore when they need more space. This has prompted many North Shore agents to begin advertising their listings in the Inner West local papers to reach this important pool of buyers.
Today’s buyers are looking for a lifestyle and they’re far more flexible about where they’ll buy than ever before. I’ve heard of so many sales where the buyers had never even heard of the suburb before seeing the ad for the property. Often, these buyers spot their new homes in a real estate magazine while sipping a latte at their local café.
And what about a brochure?
Brochures are critical documents that buyers take away with them after an inspection. Brochures keep buyers excited. They show them to their partners, family and friends. They’re a highly effective tool in your marketing campaign if they’re done well – professionally printed colour brochures with a floor plan are best.
John’s final word
Now, you may be seeing nothing but dollar signs as I talk about all this. But as with most investments, you need to spend money to make money. Good quality marketing can make thousands of dollars difference to the price. It’s an investment in your property and it’s definitely worth it.
For more information and advice, please visit www.mcgrath.com.au
