LAST month I auctioned two properties of pretty similar presentation in fairly comparable locations in the boutique Brisbane suburb of Spring Hill.
While there was price differential between the two, one in the $700,000s and one in the $800,000s, their proximity and reasonably close price band would normally mean roughly the same response from the market.
Both owners had property experience. One close to agency and the other close to a company who marketed property.
When it came time to sell the owner with a little bit of agency experience chose to only market through a single method of advertising. Due to its high traction with buyers he chose a digital only campaign and marketed in the highest possible position on the front page.
The cost was about $3000. This, in combination with the office’s database, generated 16 groups through the four week campaign and a sale price just after the auction in the early $700,000s.
The owner with the marketing experience also understood the benefits of digital advertising on realestate.com.au and its enormous following from buyers. But they also used a combination of print marketing, again the highest listing on the online portals, high gloss brochures and again the agent’s database. Costing close to $15,000. The result was 50 groups through the campaign and a sale in the high $800,000s.
In fairness the $870,000 property is a better home in a better location. But you can’t tell all of that just from the ads.
To receive three times the number of inspections in such a small little suburb certainly adds weight to the benefit of a full marketing campaign.
So why did the gentleman with a little bit of agency knowledge not go the whole hog? The truth is the vast majority of agents don’t. They haven’t seen the benefits of a full campaign or if they have they only remember the campaigns they ran that had underwhelming results. They definitely remember the disappointment of the owners who didn’t get strong numbers from their big advertising campaigns, so they became gun shy on recommending it.
The reality is a strong campaign will likely generate more buyers.
It’s not one versus the other. Real estate is a contact sport, the more buyers your agent is in contact with the more competition your property will likely receive.
To read the entire article, please follow the link below