Have you ever noticed that the best properties don’t necessarily get the best prices?
What I mean by that is, some of the best properties available sometimes don’t get a great price in the end. The crazy thing is, some of the more inferior or mediocre properties end up getting absolute brilliant prices.
What is the reason behind this?
Sometimes it’s not about the property, it all comes down to the marketing. This means that the best results come from the properties that are being the best marketed.
So how do you market the property the best?
First of all, you’ve got to get as much investment from the seller as possible. The money has to be spent very strategically, targeting the correct target markets and creating a competitive environment which will result in a situation where the buyers have FOMO (fear of missing out). This is when you’re able to create a wonderful competitive environment.
The great thing about marketing is, a lot of it is perception based. Meaning that the more people you can attract, the more perception there is that it’s a popular property. This creates an environment where you’ve got one, two, or three buyers who are attracted to the property start getting the feeling that they are going to miss out and therefore will pay to secure the property.
A good way to get great marketing campaigns is to use the Fisherman Theory. Essentially this theory can be explained to the seller that the bigger and further you cast the net, the more buyers you will attract. Marketing is like going fishing. If we fish with a rod we will certainly catch one or two fish. However, if we go fishing with a net, we will be able to catch many more fish. The bigger the net, the more fish! The bigger the marketing campaign, the more buyers we introduce to the property. This will result in more people falling in love with the property, creating a competitive environment, which will ultimately lead to a higher price being achieved.
Another great way is to have a Marketing Menu. The marketing menu goes through each marketing activity and task that’s available to the seller. You can also show them examples like a premium property on realestate.com.au, how using video will attract a wider audience, or perhaps showing them some examples of print advertising, which can also create a fantastic audience and potentially a competitive environment.
If you’d like to learn more about how to market a property, come along to my upcoming FREE half-day Real Estate Brilliance webinar where I will be covering the Fisherman Theory and handing out an example of a Marketing Menu. I’ll also be going over the Marketing Objections that you can expect to receive and how to overcome them.
