August 5th, 2016
The objective of any advertising campaign is to get the most people exposed to your message, and your property sale is no different. The more interested buyers, the more likely you are to realise or exceed your sale price.
So how much should you expect your agent to spend on marketing to get the most bang for your buck, and which channels offer the best ROI? Let’s first look at how your property can be marketed by your agent.
There are a number of ways your agent will get the word out. Most will use all, or combination of these channels, to maximise the exposure of your listing. These include:
Once upon a time newspaper listings were the place to advertise a property sale. Thanks to the internet and real estate sites this is no longer the case. Internet listings are the most effective form of advertising, followed by print media and referrals. Agent’s are likely to use a combination of marketing channels to maximise the exposure to your listing.
Expect to pay anywhere from 0.5% to 1% of the total value of your property toward marketing it. On a $750,000 property this works out to $3,750 and $7,500 respectively. These costs are negotiable and vary depending on the local market, the property location, the type of property and the specific agent.
Sound a lot? Bear in mind that real estate agents will have access to more marketing channels than you, and at a lower cost. Successful agents will also know what types of media will be most effective in your local market. Generally speaking the more you pay the more exposure your listing will get.
Domain currently charges $660 for an 8 week listing and $770 for 12 weeks, though an agent is likely to get a discounted rate – and should pass this saving on to you. Newspaper classified are generally more expensive than online listings.
Your initial meeting with an agent is the perfect time to get answers about their marketing strategy for your property. Questions to ask include:
Take the time to consider if you are getting value for money. Will the marketing strategy the agent presents help get the price you want in the timeframe you have?
Ready to chat to a local agent? Then get in touch with OpenAgent today and we’ll help compare, select and contact top agents where you live. Or read our other property marketing tips, like using a professional photographer or how to effectively stage your property for sale.
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