This is a common question among sellers in a market that's so strongly in favor of sellers. And the short answer is yes, you absolutely should still be concerned with marketing your home. I'm going to give you the long answer, which breaks down the various ways to market your home and why they matter.
Marketing your home online is THE most important form of marketing in today's market. 78% of buyers begin their search online, before they have even connected with an agent or a lender. As the process continues, they continue to search for homes online until they find the perfect one. So you want your home to be highly visible on multiple online platforms, so that your home is visible to the largest number of potential buyers.
So how do you go about doing that? Pick an agent who spends a significant amount on online marketing. In the Spokane area market, the average realtor spends $550 per month on marketing. Various agents spend varying amounts, and it is important to ask your agent who much they spend per month, how is the spending allocated, and what kind of return comes from the marketing. I encourage you to ask, so that you know how effective the marketing is and how much of a difference it makes in getting your home sold. Ideally, you want an agent (or a team of agents) who spends more than $550 per month, as it leverages your home being sold.
Social Media Marketing
While this is also online marketing, social media marketing is a different arena than marketing on platforms like Zillow and other national websites. Social media marketing provides another layer of marketing that targets buyers when they may not be actively looking at homes. But I promise you, searching for a home is always on their mind, it just may not be at the forefront at every moment.
Have you ever heard of the reticular activating system? It has many functions that impact our brain and alertness, but one of the main functions of this system is to pay attention to things that are important to you. Said another way, this system pays attention to what you focus on, creates a filter for this information, and only sends the filtered information to your brain. So when buyers are on the hunt for a home to buy, their reticular activating system will pay attention to anything related to home-buying, hence why it's so important to market on social media. It creates a comprehensive online presence of your home.
As a brokerage, we typically list homes for sale on Thursdays. The busiest time for homebuyers to go look at homes is Thursday afternoon through Sunday. Because of this, we list homes on Thursdays to maximize the exposure of your home when it's new on the market and when the largest number of buyers are out viewing homes. Now that brings me to the open house part - the open house is important for buyers to come see your home. I've been told by sellers that other agents have said that open houses are for "tire kickers" and people who aren't really serious. Sometimes, there are buyers who walk through your home in an open house who aren't serious. But many buyers come to an open house who are not yet working with an agent, and many times, those buyers may want to submit an offer on your home after going through your home. When an agent does an open house currently, it's crucial to making your home sale be successful.
Although this is not a commonly used form of marketing, there are times it's effective. If you have a unique home to sell or a high end home, postcards can be effective. Typically, a unique or high end home will have a much more limited buyer pool, so this can be a great way to target a specific set of buyers. Otherwise, it's not a very common or effective form of marketing.
Newspaper, Television, and Radio
These are three forms of marketing that were commonly used in the past, and they are not very effective in today's market. They have less than a 10% effectiveness rate, and this is for a couple of reasons. Many buyers don't read the newspaper, many don't listen to the radio (or will turn the station at the first sound of a commercial), and many do not watch commercials (or they pay to be able to skip them). Also, most buyers are looking for homes so they can see pictures of the interior and exterior of the home - they want a plethora of pictures before they'll even take the chance of seeing a home in person. In fact, I've worked with many buyers who will pass up seeing a home because there are no pictures of the interior available online. Because of this, newspaper and radio advertising are not highly effective forms of advertising. Also, the cost of a TV commercial, in order to advertise a specific home, is not a great use of funds and isn't quick or far-reaching enough to keep up with how fast today's market moves.
If you're curious about any other forms of marketing that may not have been covered, or if you have any real estate questions, don't hesitate to reach out! Call or text me at 509-844-5843 or email me at firstname.lastname@example.org
Associate Broker at Haven Real Estate Group
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