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6 Factors Of Marketing To Apply On Selling Your Apartment
Although selling and marketing are different terms with different meanings, a lot of professionals use them interchangeably. It can be said that selling consist of marketing, but marketing does not necessarily consist of selling. However you view selling and marketing, there are some key factors of marketing that applies to selling your apartment.
1) Know your customer. Who is going to buy what you have? As opposed to mass marketing where everyone is bombed with your advertising message, strategic marketing requires you to clearly define who your customer is so that you can customize a message that will speak directly to your customers’ desires. Brainstorm the demographic profile of your customer and maybe even create an avatar of him or her. When you bring that avatar to life, you will be able to find out what types of words work best and how you should communicate with them.
You are not a stalker. But you are a serious strategic marketer. Know what your customers like, where they hangout, what they buy, how they speak, etc. For example, if who you target is likely to be an IT professional, tailoring your marketing messages that include words like “timeout”, “sitemap”, “laggy”, can quickly grab their attention and build a quick connection.
2) Unique selling point. There are so many similar properties in your neighbourhood and beyond. Is the only thing unique about dealing with you is that it is more expensive? You must be joking if you think a buyer will buy from you at a higher price if your apartment is no better than the one across the road. What is the one critical factor that distinguishes your house from others in the vicinity? An example of such a factor is an unblocked view.
If you are unable to identify a unique selling point, you have to make the effort to create one. Even if it is out of thin air. You can leave this part to your agent if he is indeed a capable one. If you can create good value, you don’t have to worry about being unable to sell. The important aspect is that you have to have a good reason to justify your price when a buyer probes. When you sell at a low price, buyers will be even more curious to probe.
3) Give incentives. It can appear to be the strangest thing when consumers suddenly become willing to purchase big priced items just so as to take advantage of a free supermarket voucher. There is a lot of sales psychology involved in giving incentives and freebies. We do not have to understand the mental mechanics involved. Just know that these things work and you will be a fool to ignore it.
It will look weird if you offer a free supermarket voucher for your buyers. So other incentives you can offer include a new television set, a new pain job, a gym membership, or even offer to continue paying for the housekeeping services for 6 months. It is a small price to pay when you are selling $10,000 above other listings in the area location.
4) Create value. The concept of value was briefly mentioned in point number 2. No sane person will be willing to buy something if they know that they are paying more than what the product is worth. Would you pay $10 to get your hands on a penny that is available everywhere? The only way someone would pay $10 for a penny is that it is worth more than $10 in their eyes. Value is a funny thing. Something being priceless to someone can be viewed as being worthless to another.
This is why it is key to identify who your buyers are so that you will know what are the things they value. After which you can craft your value building to target things that matters the most to them.
5) Follow up advertising. This does not mean that you have to consistently put up advertisements in the classifieds. A prospect seeing your marketing message for the first time may not contact you immediately. But if he sees it a few times, it is more likely for him to reach for the phone. Research has shown that it can take up to 7 contacts before a prospect takes action to purchase a product over the internet. So when you have clearly identified your marketing channel, it is not time to scale back the advertising.
The best marketing practice is to work with the objective of getting leads instead of sales. The more leads you have, the better your chances of building rapport for a later sale. Because let’s admit it. Big ticket items like apartments don’t have buyers that will buy just from seeing an advertisement in the papers or a billboard on the highway.
6) Testimonials sell. One of the most powerful strategies of marketing is by using testimonials. For some reason, we are mentally wired to respond positively to reviews given by others even though we know there is a big chance these reviews are not what we think they are. You will of course, only use testimonials that are truthful. When a buyer sees your advertisement with testimonials, they will presume that you are someone credible with a good track record. This make it more likely that they will contact you.
You can use testimonials from your existing tenants, partners, or even friends. Just make sure they are not misleading or fake or salesy outrageous claims. It doesn’t matter whether you think testimonials from friends are irrelevant. They work, and you should make use them.