Multiple offers lead to better sale prices with better conditions for the home owners. To increase your chances of getting multiple offers, consider the following. First, make sure your home is in the best condition possible by making any necessary repairs and staging it to appeal to potential buyers. Next, hire a reputable real estate agent who can complete a Comprehensive Market Analysis to finalize the best price to list your home at. Lastly, make sure whoever you choose also has experience selling homes in your area and can create a comprehensive marketing plan. This should include professional photography, virtual tours, and listing your home on multiple real estate websites. There are several elements crucial in determining your marketing plan and explain how to market your home for the best possible price.
FINDING THE TARGET AUDIENCE
An important first step in marketing your home for the best possible price is to identify who is the most likely buyer for this home. In any business, it’s important to target marketing efforts toward this target audience. This saves everyone time, money, and effort. By costuming a marketing plan to suit your home, you’re working smart, not hard. Target audiences in real estate are generally determined by 3 main categories: (1) geographic location, (2) behavioral and lifestyle choices, and (3) demographic buyer type.
Geographic location refers to where your buyers are coming from. In the case of home buyers, there are sources that help you identify where buyers for a particular city/area are coming from. Oftentimes, buyers are coming from different locations, possibly even different states. Being able to reach this target audience through social media, online target marketing, or through the agents who represent these buyers is critical.
It’s also important to identify the behavioral and lifestyle choices of your target audience. If you’re selling a condo in Arlington, Virginia that won’t allow pets, then marketing through pet stores would not be beneficial. Vice versa, if the home you’re selling is adjacent to a popular and newly renovated golf club, then marketing to golf enthusiasts would be ideal for your strategy.
It’s also good to consider the demographics of your potential home buyers. For example, some communities are more appealing to investor buyers while farm properties are more appealing to those looking for sprawling acreage. Keeping these distinctions in mind will affect how you identify and market each property.
Possibly the most important part of marketing your home for the best price is to provide a professional impression. Expert photography and video are used on almost all marketing platforms to highlight your home and create the “best first impression”. Professionals know the ideal lighting and angles to use to make your home look it’s very best. And this is exactly what you want. Buyers get a positive emotional glimpse that allows them to imagine living in the space before ever setting foot inside the door. Just like home staging (refer to our article on Staging Your Home for Multiple Offers), and you really want that first impression to be “WOW”.
TELLING THE STORY
Once your target audience has been identified and photographs and video are created highlighting the interest of your home buyers, then it’s time to put together a verbal presentation of your property. This will catch the eye of a potential buyer by summarizing a home’s features and amenities. This vital form of communication sets the tone of your marketing strategy. Whether online, in print, or in person, it tells the story of the home. It allows a potential buyer to envision themselves living there and motivates them to schedule a showing.
You can now use photographs, videos, and the home’s story to reach your target audience in many different ways. This includes direct marketing, print media, social media; and personal networking, to name a few.
In summary, obtaining the best price for your home includes preparation, pricing, and marketing. Marketing is a vital component for being able to communicate the uniqueness and value of your home to potential buyers. Choosing the correct marketing plan that best suits your property is not an easy task. Choosing an experienced and talented agent can make the home selling process stress-free.