Like agent fees and commissions, the cost to market and advertise your property is one of the most disputed ones in property. There are the vendors who want a huge photographic signboard, the most prominent digital advertising, newspaper advertising, and colour brochures. Then there are those who’d rather spend as little as possible on marketing. Who is right? Read on if you’re wanting to sell your home on a budget!
There is no one-size-fits all approach and this is where your Agent can give the best advice.
The only certain thing is that, for the sale of your home to be successful, you’ll need to factor marketing and advertising into your budget. Make sure you are aware of the costs whether they be up-front costs or whether they are included in the overall agent’s fees and commission at the end of the sale.
For now, though, we’re just going to look at the typical marketing costs you can expect when preparing your house for sale.
Signboards
They really are an essential element of selling. Never underestimate the value of a signboard in front of your home.
Whether or not you need colour photography though, can depend on whether there is a special feature you think may draw the buyer through the front door. If you are on a tight budget, it may be an unnecessary expense as there will likely be photographs added to the common on-line listing sites.
Online advertising
There is no doubt that on-line listings have become one of the most valuable assets when selling real estate. Unlike newspaper advertising which is static and limited in nature, an internet listing can be edited and shaped at any point to draw more attention to it. It is convenient and at the fingertips of potential buyers at any time of day or night. Even those who have no plans to sell or buy, are drawn to this form of media, and in turn it can prompt them pass on information to friends and relatives, or even consider a purchase themselves.
Newspaper Display Ads
Print advertising, however, can also offer the benefit of reaching passive buyers who may not be actively looking to buy property immediately, but become interested when they see a well-presented property listing while browsing a magazine or newspaper. This is often the case when print advertising is targeted at regional and community publications. Also consider the “downsizer” demographic, as this is an audience who tend to spend less time online.
Finally, it’s important not to dismiss the impact of print flyers, which can be used for highly localised marketing campaigns such as letterbox drops, and to promote to buyers at inspection.
Marketing Costs
It is possible to spend 1 percent of your home’s market value on marketing and advertising. Property that is in high demand may get away with spending half that, You may be fortunate enough to have an ‘off-market’ sale, where your agent contacts buyers from their database, particularly if there has been a sale in your complex or area, as there could be potential buyers who missed out.
Have your agent fully explain what mix they will use and why they recommend a particular marketing strategy and ensure you are not spending more than is required.
Getting the House Ready to Sell
You will need to ask the question:
“Who are we selling to, who is likely to be our target market?”
Whether the house is a family home, a renovator or an inner city dwelling which would appeal to singles or couples, will likely determine what costs are required to stage the home. If the house is likely to be a knock-down, it will be unnecessary to waste money on renovations. Consult your trusted agent here for advice.
Other Costs
Of course you should be fully aware of the costs that your agent will charge, whether or not they sell your property, or if it going to auction – the legal fees, bank charges, borrowing costs for the purchase of a new property and statutory costs such as stamp duties and transfer fees.
