Real estate is and will always be a numbers game. The object of the game is to expose the property to the largest amount of people, net the highest price, in the shortest amount of time for the best terms. Therefore, it is important to ensure you have mastered exposure and price from the very beginning for a chance to be a winner at the numbers game.
Exposure and Pricing are two of the most important functions of the game. Without property exposure and accurate pricing your game could be fouled up from the very beginning – leaving you a sore loser from the start.
As more buyers trend towards real estate and social media sites to begin their home search, it is imperative your home has key placement on Facebook, Twitter, YouTube, Google, Realtor.com and the many other various real estate search and social media sites. In today’s savvy technology society, modern buyers often refrain from driving around house to house over the weekend. Many of your prospective buyers will have seen dozens of homes online before they even meet with a realtor. These buyers generally know exactly what they want before they have a conversation with realtor. They have viewed the virtual tour, especially if it keeps their attention. Since their first shopping stop is online, are you sure your home is primed for the maximum amount of exposure?
With price being one of the most important pieces of the real estate game, it takes a creative approach to accurately price to ensure the maximum exposure. A proven theory on setting yourself up to be a master at the game is understanding how majority of real estate website searches function. A handful of real estate websites give the buyer free range on their price search parameters. However, the majority do not. They provide the buyer preset options requiring the buyer to choose from a preset drop down menu in order to perform a search. Will your determined price generate the most buyer searches?
Here is an example: After the market analysis is completed, the average and best price is determined to be $503,000. The price is set at $503,000. The property is entered into MLS, virtual tours are created and the property is fed to real estate websites and social media sites. Two buyers complete a home search and two buyer home searches are set up within MLS by their Realtors: two buyers are hunting are for homes between $450,000 and $500,000 and the other two are looking for homes between $500,000 and $550,000. Due to the determined price, your property is missed by two of the four potential buyers. After contemplating this, wouldn’t it be more effective to price the home at $500,000 in order to capture the attention of both buyer pools? In this scenario, proceeding with the average and best price diminished the traffic potential by 50%.
Creative and accurate pricing for online marketing can lead to the largest amount of exposure. After all, the real estate game is mastered by exposing your property to the most people, netting the highest price as a result, and obtaining an offer in the shortest amount of time with the best terms possible.
Are your efforts creative enough to leverage the largest group of potential buyers?