Every real estate agent has a marketing plan, some have a ten points marketing plan, other have a 99 points marketing strategy. Some agents make calls to possible buyers, other use social media and the internet. No matter what a realtor does, there are two reason a home would not sell.
The first reason is price and the second one is promotion.
No matter who’s your agent and what the home looks like, you have to come up with the right price. Unless your home is truly one of a kind, you will have to understand that buyers can find or build a similar home. Therefore it is replaceable. So if you price your home higher than the competition your home will not sale. You will most likely be in this situation where you have a lot of showings but no offer. This means that the promotion is great, however the price is high and buyers are not willing to pay that much for the home. Or, you can have a great promotion, but the price is so high that no one is previewing your home. In that case you will have to reduce your price drastically.
On the positive note, if your home is truly special, for example, a celebrity lived there before, has a view no other home has, it is built in such a way that no other home can be built again, then you can ask a premium for it. People will want to have something no one else has, and will pay a premium for it.
As I mentioned, the second reason most homes don’t sell is due to promotion (aka exposure). The more people see and know about your property, the higher the chance that you will find a buyer willing to write an offer. This is accomplished through the marketing plan presented by your realtor. Your home should be on every possible website out there, not just Metrolist, Realtor and Zillow. There are a ton of other websites. It should also be advertised constantly on social media, the realtor’s social media accounts and your own social media accounts. If you realtor has not asked you to post it on your account, he is missing out on exposure. If the home is considered a luxury home, it should be on particular high end websites and publications, both domestic and international.
It is said that every person knows about 250 people, if that is the case, your agent should have a database of several thousand people. There is where he or she can reach the possible investors, developers and buyers for your home. This is where the calls, the emails and the networking comes in.
There are a lot of other marketing techniques to create the greatest exposure, as mass mailing, magazine advertising, open houses for brokers and general, Search Engine Optimization and so forth.
If your home has not sold, and has expired, look back and find out if it was the promotion or the price of the home. If you need help to figure out the problem and find the solution to selling your home, contact us and will get your home sold.
Search Luxury Homes here: SEARCH HOMES
Find your home value here: HOME VALUE