Marketing Your Home for All Its Worth
Marketing Your Home for All Its Worth
Why Market Exposure?
Achieving rapid market exposure is key to selling your home quickly, on terms favorable to you, and at the best possible price. The more people who know about your home, the greater the chance of finding that one buyer willing to make the best offer. Effective market exposure means reaching the maximum number of buyers in your market. If you are selling a home in Fredericksburg, you will want to reach buyers who live in the greater Fredericksburg area. And, those thinking of moving to the Fredericksburg area need to know that your home is available. Ideally, everyone that could conceivably want to buy your home will know your home is on the market.
Why Rapid Exposure?
While real estate is not a perfect market where all potential buyers are informed immediately, the marketing objective should be to rapidly inform all potential buyers. Why the emphasis on "rapidly"? Suppose there are six buyers across the United States who, once they learned of its availability, are motivated to make offers on your home. Now, suppose you receive an offer from one buyer before the other five find out. The buyer may not be willing to wait long; the buyer may have already selected alternative homes to purchase if the first offer is turned down. Once you receive the first offer you will feel pressure to act, because if your response is delayed, the buyer may move on. But if you act on the first offer you risk not seeing a better offer from one of the other five buyers. The chances of being faced with this dilemma are lessened when all potential buyers are rapidly informed.
Rapid market exposure increases the chances of buyers competing for, and thereby driving up the price of your home. Buyers generally offer more when expecting competition from other buyers. Knowing that they are competing against others is a powerful motivator for buyers to make their best offers-often thousands of dollars higher than they would offer without competition. And, competing buyers are also more likely to write a "clean" contract offer, and make concessions favorable to you.
Emphasize Professional Marketing
Discuss with your agent the need to professionally market your home. Note the emphasis on marketing, not selling. Why? While many buyers initially start looking online, they are informed and guided by agents as they start to visit homes. There are more than a thousand agents in the Fredericksburg area and many more in Northern Virginia who can represent buyers in making an offers your home. If selling is emphasized, your agent could under-market your home and limit the participation of other agents trying to find a home for their clients. This doesn't mean your agent shouldn't try to find buyers. But the more your agent markets your home, the more other agents will be showing it and the less likely your agent will be the selling agent.
How to Achieve Rapid Market Exposure
Ideally, your home’s initial internet exposure contains complete information and professional photos. Motivated buyers and dedicated agents are viewing properties as soon as they come on the market. A slow rollout of information and photos will hurt your property's initial exposure and some buyers won’t take a second look. Market exposure is maximized by quickly using multiple advertising techniques. These techniques include yard signs, the multiple listing service (MLS) and both Company and national Internet sites, social media, and print media such as just listed postcards.
By quickly employing a wide range of marketing tools, your agent can rapidly expose other agents and the buying public to the strong points and features of your property. All things being equal, rapid market exposure will result in your home selling quicker, on terms more favorable to you, and at the best possible price.