My 3 golden marketing rules and wow, what a massive spike!
I’ve always known how important it is to set the correct price on a property right from the start and to ensure the photography and description is correct and relevant – every good estate agent should know this! I’m also very conscious that the initial marketing period is the most valuable time and the time when you can achieve the highest price for a property.
However, I was preparing a Rightmove client report recently at the request of a Vendor to show how much interest their property was getting online. It immediately jumped out at me what a massive level of interest a property gets when it is first listed – the spike was huge! Indeed, the amount if interest it gets at in the first few days is so much higher than the rest of the time it’s on the market – far more than I’d at first realised.
Therefore, it’s so important to follow my 3 golden marketing rules;
Set the correct price from the start
If you’re being told by an agent to ‘test the market’ at a higher price then they either do not have confidence in their valuing skills or they are over-valuing to win the instruction. Either way it’s foolish. The market is what it is – in the vast majority of properties it can’t be ‘tested!’ If you set the correct price, you should receive interest within the first few days of marketing and be able to achieve close to the asking price. If possible, it is also wise to market the property on a Rightmove pricing bracket. e.g. £170,000 as opposed to £169,950. The 950/995 is an old-fashioned way of doing things from when people use to search in shop windows! Doing this will ensure it is seen by people who are searching £170,000 and down and £170,000 and up – and more viewers usually means a quicker sale. If you set too high a price, the property will stagnate on the market and you’ll end up with a lower sale price in the long run. The longer something has been on the market, the more of a discount people think they can get – it’s human nature!
Use excellent quality photographs and floorplans
At iMove we use a professional photographer for all our sales and lettings properties at no extra charge. With most properties now being seen online before anywhere else, it’s extremely important to use really good photos. It’s also important to consider the order of these photos as on most devices, Rightmove display two photos before you click into the listing. Therefore, don’t use a photo of a tatty porch with your wellies on show and maybe use an internal photograph of that lovely dining kitchen as the main image instead of a front photo. You need to give people a reason to click through to your property to find out more!
People lead busy lives these days and they need to know if the layout works for them or could be adapted to do so before they book a viewing. Therefore, always use a floorplan when marketing your property. At iMove we use 3D floorplans for all our sales and letting properties at no extra charge. Doing this can also lead to better viewings and less wasted viewings as people already know the layout could work for them before they view.
Create a relevant and eye catching description
“iMove are delighted to present to the market this lovely house” is exactly how we do not start our descriptions! Let’s face it, nobody is bothered about how delighted the agent is to sell a property, it’s stuffy and old fashioned and leads to lower levels of interest online. What they care about are things such as ‘DETACHED’ ‘CHAIN FREE’ ‘NEAR SEAFRONT’ ‘4 DOUBLE BEDROOMS’ ‘DOUBLE GARAGE’ etc. which is why we word our descriptions in the way that we do. Relevant and eye catching descriptions lead to more clicks, which lead to more viewings, which should lead to a quicker sale. And don’t forget, the initial marketing period is the best time to achieve the highest price!