If you’re in the real estate market to sell your home, you might notice that other properties are getting offers while yours continues to sit on the market. Potential homebuyers may brush past your social media ads without even leaving a like.
These scenarios will mostly happen if your property marketing is poor. You might be making marketing mistakes, that make finding potential home buyers or tenants difficult.
Here, we tell you what property marketing means and the most common mistakes that property sellers repeat over and over. Read on to understand the errors and ensure they don’t happen to you.
What Is Property Marketing?
This is creating content and using advertising channels to generate leads for selling or renting your property. The main aim is to reach a larger audience that might be interested in your property so that you can achieve a quick sale or rental.
If you’re interested in more professional marketing, you can work with a marketing company. It will help you identify your target audience, craft the right message, and use various marketing strategies and channels to reach your target audience.
Which Property Marketing Mistakes Should You Avoid?
If you’re a novice in the real estate market, you can make some mistakes when marketing your property. You’ll perfect your marketing if you understand the mistakes to avoid. They include:
Not Staging your Property
Any property marketing guide will tell you to stage your property if you want to sell it quickly. Property staging involves making your home look its best so that potential buyers can see themselves living there.
You need to declutter and depersonalize your property to make it appealing to as many people as possible. You should also consider hiring a professional home stager to help you prepare your home for sale.
Not Taking Professional Property Photos
Poor quality photos are one of the most common property marketing mistakes. You will be making the same mistake if you decide to DIY your home’s photos. Chances are, your photos will be blurry and will not show off your home’s best features.
Low-quality images will cost you more than hiring a professional photographer to do the job for you. If you want to increase the occupancy rate of your rental property, you need to take high-quality photos that show off its best features.
Hire a professional photographer to take pictures of your property, inside and out. This way, potential buyers or tenants can see what your property looks like without scheduling a viewing.
Not Promoting your Property Online
In today’s digital world, one of the best property marketing tips is to promote your property online if you want to reach a larger audience. You can create a website or blog and write articles about your property.
Social media users are increasing day by day, and they spend an average of 144 minutes on different platforms. So, it would help if you leveraged the increasing social media popularity to market your property.
You can use Facebook, Twitter, LinkedIn, Instagram, and other social media platforms. Use hashtags, post pictures, and run ads to reach as many people as possible.
Not Pricing Your Property Competitively
If you want to sell your property quickly, you need to price it competitively. Research the prices of similar properties in your area and price yours accordingly. You can also get an appraiser to evaluate your home and determine its value.
Your goal should be to get the most accurate price estimate for your home. If you overprice your home, it will sit on the market for a long time without getting any offers.
On the other hand, if you underprice it, you might not make enough profit. Hire a real estate agent to help you determine the right price for your property.
Not Creating a Property Video
One piece of property marketing advice you’ll hear today is to incorporate video content into your marketing strategy. Videos are a great way to show off your property and its best features. You can hire a property management company to help you create a video tour of your property and post it on your website or social media platforms.
Videos will give potential buyers or tenants a virtual tour of their potential home. A video is also more engaging than photos and text, so it’s more likely to capture the attention of potential buyers or tenants.
Not Offering Incentives
If you want to sell your property quickly, you need to offer incentives to potential buyers. You can discount the purchase price or rent to buyers or tenants who sign contracts quickly. Other incentives include a home protection plan, a weekend getaway, or a prepaid homeowner’s association fee for the first year.
You can offer a commission to real estate agents who bring in buyers or tenants. But first, you need to entice these agents to come and see your property.
You can attract them with catered lunches or gift certificates. The idea is to get them to come and preview your home so that they can prioritize selling it.
Providing Incorrect or Insufficient Information
A common property marketing mistake is withholding crucial information. Don’t make the mistake of including scanty details such as providing only the address and the number of bedrooms. This information is insufficient to convince a prospect to buy your home or view it.
When marketing your property, you need to provide detailed, accurate, and up-to-date information. Provide a concise description of your property, its best features, and nearby amenities. Ensure that there are no misspellings or grammar mistakes in this information.
Failure to do so will disappoint prospects who might not come back. This is especially true if they had their heart set on a particular feature that your property doesn’t have.
Avoid the Common Property Marketing Mistakes
Now you understand the property marketing mistakes that can stand between you and a successful sale or rental. By being aware of these pitfalls, you can avoid them and have a much better chance of achieving your goals.
If you’re still stuck on how to market your property, our team at Reedy & Company will be happy to help. We have a skilled property management team that understands the best marketing tactics to help you reach potential buyers in the entire Memphis area.
Contact us today to find out more about how we can help you.