Your home is only worth what a Buyer is willing to pay, but the right pricing strategy can make the difference between how much money is left in your pocket and how much is left on the negotiating table.
Should you price your home for a bidding war? Price high and plan to negotiate? How do you factor in the time of year you decide to sell into your asking price? Should your listing price be a whole number (700,000) or end in 9’s (699,900) and does that even matter? What should you include in the price? When is it time to lower the price?
Your asking price is equivalent to naming the first number in a negotiation, so it’s important to select the right asking price. Price too high and you risk being on the market for a long time and getting less than you might have (had you priced at market value); price too low and you’re leaving money on the table.
When it comes to determining how much your home is worth, it’s important to look at:
- recent sales in your neighbourhood
- properties currently on the market
- current market conditions
- the pluses and minuses of your home
It’s also important to remember that the price of your home is a moving target, and will depend on the time of year you sell and who you’re competing with.
How The Redream Project can help you price your home:
- We know the market and comparable sales. We live and breathe Utah real estate, and when we’re not out looking at properties with clients, we’re doing it ourselves.
- We physically see all your competition before and during the listing, so we know how to price ourselves accordingly.
- We know what sells, what doesn’t, and why.
Contrary to what some agents will have you believe, there’s a lot more to marketing your home than just putting it on the MLS – at least there is if you want to get top dollar. When it comes to reaching Buyers, an ideal marketing plan should involve:
1. Identifying Your Ideal Buyer
If there’s one thing we’ve learned from the big retail brands, it’s that effective marketing needs to target a specific audience, and the more you know about your Ideal Buyer, the better. Who is the most likely person to buy your home? Are they single or do they have kids? How old are they? How will they live in the home? Where are they living now? What features and benefits are important to them?
2. Marketing Materials that Resonate with your Ideal Buyer
Different Buyers will respond to different types of marketing, and it’s important that the marketing for your home is written and designed to appeal to your Ideal Buyer. Does your target Buyer read the postcards he gets in the mail or is he most likely to respond to a video or social media post? Is your Buyer already working with an agent or going-it-alone on Craigslist? What words and language will your Buyer be most likely to respond to?
3. Looking Good and Being Found Online.
96% of Buyers look for a home online, so if they aren’t finding yours, you’re in trouble. Outstanding photos are crucial to capturing the interest of today’s Buyer, and no matter how many pixels the iPhone camera has these days, it’s just not enough. In our opinion, professional photography is non-negotiable. A comprehensive digital and social marketing plan allows Buyers to find you online, in the places where they’re already spending their online time.
4. Exposing Your Home to Buyers Who Don’t Even Know They’re Buyers Yet.
Sure, your Ideal Buyer might already be looking for a home right now…but what if they’re not? What if they aren’t working with an agent and not trolling realtor.ca? Effective listing marketing reaches people who are already in the market for a home AND people who are not.
How The Redream Project can Help You Market Your Home:
- We admit, we don’t market properties like everybody else. We take the best of traditional advertising and couple it with proven digital and social marketing to give the homes we list maximum exposure. We’re known for our leading-edge listing marketing (heck we often speak at conferences and teach OTHER realtors how to do it!)
- We work with Buyers too, so we know how Buyers think. We’re pros at profiling your Ideal Buyer and figuring out where they are (so we can be there too).
- We don’t take photos with our phones or fool ourselves into thinking that we can create our own advertising. We work with professional photographers, designers, writers and web geeks to make your home look so good online that people can’t wait to see it in person.
- Our marketing strategies aren’t just custom to your Ideal Buyer, we use custom advertising campaigns targeting three specific audiences: Buyers who already in the market; real estate agents working with Buyers; and people who don’t even know they want to buy a house yet (let alone in your neighbourhood).
- It’s no surprise that you’re here reading this: we get over 7000 visitors to our website a month. That’s a LOT of potential Buyers for your home.
- We don’t just market your home, we market your neighbourhood: from neighbourhood infographics to neighbourhood Pinterest boards.
There’s nothing more effective than helping a potential Buyer experience your home, and we use video and virtual tours to do just that.
- We know how to make your home stand out in a crowd and get the attention it deserves.