MARKETING YOUR CONDO
When you're selling your condo it’s CRITICAL to market.
If you market it right you'll stand out in a sea of near-identical condos.
Here are a few things you need to know about marketing.
Marketing Isn't Advertising.
You can't expect to throw some ads up on Facebook and bag a winner. It won't happen.
Unfortunately, this is exactly what most people think they should do when they sell a condo. Attention is the new currency and when you cast a wide net without considering where to fish you're missing the point.
Marketing is a much more involved process that requires you to do a lot of research. It's also not a robotic process handled by some computer software.
Marketing is about learning who the exact persona is that will buy your condo. Once you've learned who it is you can craft a message that resonates with them. The message and advertising should speak to their wants, needs, emotions, and ultimately provide them with a positive experience that fulfills their needs.
Marketing is about connecting people with a solution that benefits them. In return, marketing will provide you with the best return on your condo.
I shake my head at a lot of Real Estate services that offer agents an automatic way to create a Facebook Ad. These services are NOT marketing. They do not consider the human behind the screen.
Marketing Means Money.
When you attract the people that will benefit from your condo the most you'll tap into motivation. When you tap into motivation, you'll tap into multiple offers.
You see where I'm going with this.
Without marketing, you will throw half-assed images of a condo into a sea of people and HOPEFULLY, you'll find one that is interested.
Doesn't it make more sense to offer your condo to the people that would love to purchase it?
Marketing Doesn't Mean List Above Market Value.
Marketing isn't a magical solution that means you can list $100k over the other units and get bids.
Marketing is there to attract the RIGHT buyers to your property. If enough right buyers show up you can be certain you will get fair market value for your condo. With the right amount of buyers, you could get into a multiple offers situation and that's where you'll see the best price.
When you list above the fair market value you are placing a deterrent on your listing. People have access to a lot of information online today and they know where the price should land.
Pricing requires strategy.
Marketing is a time intense ongoing task that agents (good ones) are serious about. Marketing is a living process that is fluid with the market.
I've known the importance of it long before I was an agent and it remains as important as ever.
If you're considering selling your condo you need to make sure your agent understands marketing.