It’s a valid question and one that all sellers should ask their real estate agent. In today’s economy and real estate market, it’s 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 that no longer have the “market reach” necessary 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 sales methods include:
Placing the listing on the local MLS – While it is still a viable method of marketing a list, it is by no means the only one to employ. Today, most buyers search for new homes on the Internet by visiting websites that are returned as a result of a particular search engine search.
This means they start their home search by going to a search engine like Google, Yahoo or Bing and entering phrases like “Panama City Homes for Sale” or “Panama City Real Estate” as an example.
Once the list of websites based on these words is displayed, the potential buyer will click and visit the first few websites displayed on page 1. Very few web searchers will bother with the 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 that the only way potential buyers will see your listing is through the marketing efforts of one of the sites listed.
Is the agent listing your home listed on page 1? Why not do a search and find out?
Put an ad in the newspaper – The traditional method of listing a house for sale in the newspaper still reaches potential local buyers. However, the number of potential buyers is limited by the circulation count of that newspaper and by the number of buyers in the local market who are looking not only for a home for sale, but also for a home that matches their criteria.
Example – If the circulation count of a local newspaper is 75,000, how many readers of that newspaper are really in the market for a new home? The number is actually quite small and about 1% (Font: The NAR survey shows that first-time home buyers set a record in the last year), I think the real number is less than 1%.
That means less than 750 people will have a chance to see that your house is for sale. That is 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, such as relocating buyers (both military and civilian), second home buyers (tourists), investors (internationally ) etc.
Is your home listed with an agent who can reach all those potential buyers?
Offering open houses – Another honored tradition in real estate is to have an open house. Open houses can and sometimes do sell houses, but usually not your house.
Sellers want to open houses because they believe this is how to sell their house and agents are more than happy to have them. Why? Because it gives the agent the opportunity to “prospect” for more potential buyers.
But what does it really do for the home seller? Little bit. 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 uses internet marketing techniques as its primary means of marketing.
This means that an agent’s marketing will not only include placement of the listing on the MLS, but will also include:
- With the house on the agents website which can be found on page 1
- Post about the house on the agent’s blog.
- House listing on various “houses for sale” websites
- Include the home on your social media channels
- And many more.
Does your listing agent employ these techniques? More importantly, do they employ the techniques successfully?
Summary
As a home seller, it is vital to the success of your home sale that you research not only what the agent “says” they will do, but also how capable their marketing methods are of delivering on the promise of selling your home.
Gone are the days of placing a local MLS listing as the primary marketing technique. Open houses and newspaper advertising have limited marketing value.
If you want your home to sell in the shortest possible time at the highest possible price, you should list with an agent who uses marketing methods that reach the most potential buyers.
There are many more potential buyers looking for houses on the Internet, then driving around looking at “For Sale” signs.
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