How Marketing Your Home Can Get You a Better Price
Selling a home is different than selling a pint of milk or a designer handbag, but that doesn't mean it won't benefit from thoughtful marketing. No matter what kind of market the seller may be facing, the right marketing can be the key to making the home stand out among its direct competition, which can ultimately push the price up beyond a seller's expectations. The best strategies for selling a home today includes a bit of melding between the old tactics and the new. For a better idea of how to get started, consider the following tips.
Set the Right Price
The first stop for any type of marketing is going to be officially listing the home on the MLS. Some sellers assume they can aim for the moon because they can always drop the price down later, but this is a dangerous trap to fall into. Setting the price too low or too high creates an anchor in people's minds that can be difficult to remove. In certain markets, it makes more sense to set the price a little lower to inspire a bidding war. In other markets, it makes more sense to set the price higher than a seller wants so they can eventually lower the price to meet their original goal.
Once a potential buyer knows that the home is within their price range, the next thing they're going to do is check out its amenities. When everyone has a smartphone with professional capabilities, it's easy for sellers to assume they can do the work themselves. But professional photographers know how to capture the essence of a home from its best angles, which can be enough to inspire a lackluster buyer to put the home on their official Open House list. Photos can also be the first way to distinguish the home's defining characteristic, which set up the home's 'brand'. For example, if the home is decked out in modern appliance or has more of a rustic vibe.
Photos are great to get people interested in the home, but a virtual tour can really take it over the top. Home buyers typically see a lot of houses before deciding on one—even in the tightest of markets. It's all too easy for generic homes to be swept aside in their minds for those that have a little more drama and personality, but a virtual tour can cement the worthiness in a buyer's mind. In the past, this strategy may have been recommended only for luxury homes, but technology has made this marketing feature far more accessible. With the right music and some sharp editing techniques, a moving camera can really spark the viewer's interest as they travel from one room of the home to the next.
Social media has become far more sophisticated than just updating a seller's status that their home has been listed on the market. Now there are groups and community interest pages that can help sellers reach the right people. Once a seller understands the general vibe of each social media page or group, they can start tailoring their marketing to that particular population. For example, if it appears the neighborhood is primarily attracting retirees, then the seller can promote their third bedroom as the perfect home office. If it's mainly young families, then they can post on social media showing the bedroom as a nursery.
Hire a Real Estate Agent
The truth is that most sellers won't be able to find the best ways to market their home without the help of an experienced professional. The agents are the ones who really know the market, which can help them determine the best possible strategies to take. When looking for a real estate agent, sellers should keep an eye out for the extras they do for their clients. Do they create web pages for homes? Do they have interesting and accurate social media postings? The ideal person can utilize social media and their own experience to help current sellers set their prices. They also know the professional photographers and videographers who can help showcase the home in the best possible light.
Marketing may change as the years go by, but the basic principles remain the same. Seven hills home sellers are looking to create demand for potential buyers to drive the price of the home up. These tactics are undoubtedly more effort than simply listing the home on the MLS, but the returns of the extra work can be enough to justify the time and money spent on your marketing strategy.
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