Why MARKETING is VITAL to sell your home or Real Estate Property.
To let you know a little about myself, before I stated in the Real Estate World I had been a professional commercial photographer for 15+ years. I have worked on photography and marketing campaigns to sell to Costco, Target, Sam’s Club, Amazon, Countless Online Websites, Aerospace, Different Wine & Spirits, Clothing, Supplement/Vitamin, Magazines, Models, Weddings, Tons of Furniture, Cutouts, Room Shots, and the list goes on. As far as creating something aesthetically pleasing to sell to consumers I have been involved in all aspects of how the process is done. Many principles of selling a small product can be applied to other sales in every other industry. It doesn’t matter if you are selling widgets; marketing is KEY in every aspect of anything you sell.
There are many agents out there today that really don’t spend a whole lot of time MARKETING their client’s home. This is a common problem with agents today, especially in an upwards market. Currently in Riverside County we are in a Seller’s Market that is acting like a Buyer’s Market. It’s truly a unique time we are in. Please allow me to briefly explain some of the market trends of today in Riverside County so I can clarify Why MARKETING is VITAL to sell your home or Real Estate Property.
The problem with agents and a Seller’s Market is that when you have properties in the lower price ranges, agents tend to get lazy because they are sold so quickly. A majority of homes sold over the past year in our community have been to Short Sales. Traditionally these short sales are selling properties at great prices below market value. The Banks have also facilitated this Seller’s Market by holding onto properties longer than what they would normally in a standard market. What I mean by that is: Banks are postponing sale dates longer and longer without allowing them to be sold by either short sale or trustee sale. This creates a shortage of inventory in the market and artificially inflates the prices of homes. This hasn’t increased the home prices a ridiculous amount, however just enough for the banks to increase their profit from the normal short sale prices. The upside of the banks holding onto properties longer is that the market won’t be inundated with properties and thus lowering all home prices in a specific area. Of sorts, it’s a Catch 22. Without the shortage we would be flooded, although the shortage is what keeps home prices stable.
The reason I mentioned the trend of our current market was to bring up the importance of a Selling Agent to MARKET! Basically agents go in and just take a few pictures with a camera phone or a small point and shoot camera and list the property. With a short sale, this can work many times for the simple fact the property being sold is priced below market value. There are still investors out there that are willing to buy properties in our area without seeing them at all because they know they are being sold at a great value. But what happens if this property is a harder sell or a STANDARD SALE for that matter? There can be a number of factors like being in older neighborhood, deferred maintenance, economic obsolescence, functional obsolescence, or a seller trying to sell their home for a profit/ breakeven point. In those instances where properties are harder to sell, simply having a camera phone and an MLS listing just won’t do the job.
Marketing, for real estate or any product for that matter, is being able to get the property you are listing in front of as many people as possible and having them remember it. One of the greatest ways to do this is through PROFESSIONAL production. In that, I mean professional photography and professional videography. A good agent will get the largest amount of money for their client’s property to the best of their ability. The owner of the property has a duty as well. When production of the pictures and videos are about to begin, the owners should have a cleaning crew or they themselves should clean up the home prior to the appointment. Think of it as if you are having a party with some important people coming to your home. Would you like to see socks or undergarments thrown all over the place when you go to another person’s home? Neither does anybody else. The home should be presentable. The production crew can then take their time to set up lighting or use natural lighting within the home. Typically on homes 3000 sqft or below this can be done within 2-8 hrs. Larger homes or homes with a lot of detail can require a longer amount of time. You must remember most men are visual beings and on the same note women are more emotional beings (in general). A good photographer and videographer will appeal to both of them by bringing out the elegance of the home through picture and emotion. People are sold through their minds eye and their imagination. They want to picture themselves in a home, they want to see how they would look in it, they want to visualize their future. A camera phone and amateur photographer won’t do the job.
The second part of the marketing is then to actually MARKET! As I said, you must bring those images/videos to as many people as you can. In a market where short sales and low prices are the norm, people need to showcase their properties in an amazing way to rise above the rest of the homes that are being sold as price point only. A good selling agent will bring knowledge of different techniques to the table and use all of them to market the property a seller is trying to get the best price for. This is different from agent to agent and everyone has their own method. I personally love to sit down with my clients and explain to them what I will do to sell their home/investment property. But the KEY is to get good visuals first and foremost. That is the basis of every good marketing campaign.
If you are a property seller whether it be for your home or investment property, please contact me if you have any questions: 909-322-5363. If you are a selling agent please contact me as well. I do offer programs that will help sell your listing with minimal work from you to photograph, video and market.
Written by: Erick Kuvshinikov – Realtor & Professional Photographer – 15+ years