In a resale housing market where buyers and sellers have an almost equal advantage, why do some houses sell faster than others?
There are a few reasons for this: Two houses on a street that have identical architecture and were built by one developer can dramatically become different over the passage of time. Similar houses in various parts of the city differ because of location. A certain size or type of house may be more in demand at a certain time. It also counts how much direct competition a house has when it comes on the market.
Many of the above factors cannot be easily controlled or compensated for by any Realtor. However, there are a few tasks the sellers and the Realtor may undertake to sell the house faster and for a better price. Preparing the house for sale, staging the rooms, keeping the house ready and available for showings and pricing the property according to the market all help selling the house. A competent Realtor is essential to helping with these important parts of the sale, but what really sets a Realtor apart is how they market the house.
A house is mostly marketed through the internet. This is where buyers start looking for their next house. The first step for a Realtor is to upload the listing to the local MLS. This allows other agents to view the house and its details online, and to share them with buyers. This also makes the house visible on Realtor.ca and numerous other websites that are fed by the MLS systems across the country. This happens whenever a Realtor lists a house.
However, the difference in marketing starts at this step. The quality of pictures and virtual tours affects how buyers visualize a house on a screen and whether they are compelled to visit the property. How the Realtor enters the details and descriptions of the house changes how easily it is searchable by other agents. Mistakes in the MLS listing can affect the number of showings for a house.
The purpose of marketing is to attract the greatest number of qualified offers in the shortest period. It is a race against time. Marketing of the house must fully start right at the beginning. Efficient Realtors use many ways to market a property. Such as:
Promoting the listing skillfully on social media through paid and unpaid advertising
Knocking on doors in the neighbourhood around the listing
Conducting open houses for the public and agents
Proactively contacting buyer agents
Staying in contact with agents and buyers who have shown interest
Every agent has a personal way of marketing a distinct type of property. Not every method works for every house. It is necessary, however, that the agent have a clear plan about how to market this specific house. Sellers must understand the plan because they are a part of the marketing team. The success of the sale is a direct result of the planning and execution of the marketing plan.
Sellers need to ask any agent who wants to list their house how they plan to market it. This is more important than agreeing on a listing price or asking about their commission. Marketing will affect the sellers’ bottom line more than anything else, so it is something worth a detailed discussion.