Saturday, October 27, 2007
Local Marketing is Best
Dear Sue
I think my real estate agent should advertise my house in the Bay Area. Our market here may be down but the people from the Bay Area come here with a lot of money, and in comparison to their market, our prices look great.
My agent said that she is reluctant to advertise anywhere out of our local area but she will advertise anywhere I want as long as I pay for it. She said that she would pay me back at the close of escrow.
Why is she so set against advertising in other areas? Isn’t getting more exposure the idea?
I would like your opinion on this matter.
Advertising Annie
Dear Annie,
You are right. Exposure is key. In order to get the highest possible price in the most reasonable amount of time a property must be exposed to as many ready, willing and able buyers at any given time as possible.
However, the exposure must be targeted, and the target should be where you will find most buyers. This is known as “target marketing” and where one gets “the biggest bang for their buck.”
If your target is “the buyer” who is shopping for a home in your area, one would be wise to advertise locally. Placing advertisements in newspapers outside your market area in hopes of snagging a homebuyer is like trying to catch Marlin in a trout stream. I am not saying it won’t happen but the odds are really low.
Real estate advertising needs to be in the local newspapers in the community where your home is located. For example; if I wanted to move to Grass Valley I wouldn’t pick up the San Francisco Chronicle, just as I wouldn’t pick up the Grass Valley Union to find a home in San Francisco.
To advertise in the Chronicle is very expensive for very little response, if any at all. One would be better off placing several ads in the local paper instead of just placing one expensive ad in the Chronicle.
Another target is the group of people who sell homes. As I said earlier, nine out of ten home sales occur with a broker. The most important exposure that a Realtor can offer his or her client is exposure to other brokers in the Multiple Listing Service. This data bank is the way that brokers know what properties are available.
A wise broker spends a great deal of time and money marketing to other brokers. If most sales originate with brokers, I know that brokers need to know what inventory I have for sale. This greatly increases the chances of selling that property.
Let your agent continue her efforts to market your home locally. It’s a Matter of Good Home $$s and Sense.
I think my real estate agent should advertise my house in the Bay Area. Our market here may be down but the people from the Bay Area come here with a lot of money, and in comparison to their market, our prices look great.
My agent said that she is reluctant to advertise anywhere out of our local area but she will advertise anywhere I want as long as I pay for it. She said that she would pay me back at the close of escrow.
Why is she so set against advertising in other areas? Isn’t getting more exposure the idea?
I would like your opinion on this matter.
Advertising Annie
Dear Annie,
You are right. Exposure is key. In order to get the highest possible price in the most reasonable amount of time a property must be exposed to as many ready, willing and able buyers at any given time as possible.
However, the exposure must be targeted, and the target should be where you will find most buyers. This is known as “target marketing” and where one gets “the biggest bang for their buck.”
If your target is “the buyer” who is shopping for a home in your area, one would be wise to advertise locally. Placing advertisements in newspapers outside your market area in hopes of snagging a homebuyer is like trying to catch Marlin in a trout stream. I am not saying it won’t happen but the odds are really low.
Real estate advertising needs to be in the local newspapers in the community where your home is located. For example; if I wanted to move to Grass Valley I wouldn’t pick up the San Francisco Chronicle, just as I wouldn’t pick up the Grass Valley Union to find a home in San Francisco.
To advertise in the Chronicle is very expensive for very little response, if any at all. One would be better off placing several ads in the local paper instead of just placing one expensive ad in the Chronicle.
Another target is the group of people who sell homes. As I said earlier, nine out of ten home sales occur with a broker. The most important exposure that a Realtor can offer his or her client is exposure to other brokers in the Multiple Listing Service. This data bank is the way that brokers know what properties are available.
A wise broker spends a great deal of time and money marketing to other brokers. If most sales originate with brokers, I know that brokers need to know what inventory I have for sale. This greatly increases the chances of selling that property.
Let your agent continue her efforts to market your home locally. It’s a Matter of Good Home $$s and Sense.
Subscribe to Posts [Atom]
