The Power of Marketing
When it comes to selling your property the first big decision
you have to make - one that has now become critical - is who you
choose to market your property. If selling agents are being
honest then they would concede that before the slump in 2008
selling property was not a particularly onerous task. The Edinburgh
residential property market was flying, supply was outstripping
demand and for selling agents, in most cases, it was simply a case
of preparing a set of Sales Particulars, registering the property
in the ESPC and then sitting back and waiting for the offers to
arrive through the fax machine. As long as you advertised in the
correct places buyers would find you and, more often than not, in
sufficient numbers to allow you to set a Closing Date for
offers.
In those heady days when sale prices achieved were frequently 20
or more percent above the asking price the choice of agent was
frequently made simply by comparing the fees that they would be
charging. Sellers, with some justification, took the view that as
their property was likely to sell within 2 weeks and generate a
huge amount of interest; there was no reason to choose Agent A
ahead of Agent B if the former was going to be charging £1,000
more.
How things have changed! We are being reminded on a regular
basis that supply is now outstripping demand, that there are fewer
buyers out there and that those who are looking to buy are either
struggling to find the mortgage product they require or simply
can't begin to think about making an offer until they have sold
their existing property.
That is why I say that in a slower market such as we have at the
moment your choice of selling agent becomes critical. The level of
fees being charged by your agent is, of course, still relevant;
however, I would suggest that it should no longer be the driving
force in reaching your decision. Far more important is what your
agent is going to do to help you sell your property. The days of
just sticking it in the ESPC and sitting back and waiting are long
gone and you should always engage an agent who is going to be
proactive and will attract buyers to your property.
Unless you are using the "family solicitor" you will need to
conduct your own search. Returning to an agent that you have used
before and were happy with is fine as long as you are satisfied
that the service they provided then is still appropriate in today's
market. So what things should you be looking for when making your
choice?
Ask your agent what they will do to attract potential buyers to
your property. Check out their web-site to make sure that it
is easy to use and interactive. Can potential buyers register their
interest on the web-site and ask to be updated immediately if a
property that might be of interest to them is about to come to the
market? Sales Brochures are generally of a high standard these
days, but ask to see samples of existing brochures. You only get
one chance to create a first impression and it is vital that your
brochure is well presented and attractive.
What does your agent do that differentiates them from the
competition? Can they provide a video or podcast of the property
that can be viewed by anyone who visits the web-site or the ESPC
web-site? Do they use QR Codes - a simple device that will allow
anyone passing a "For Sale" board, or looking in the agent's shop
window outside office hours, to use their mobile phone to instantly
view the Sale Brochure or view the video?
Do they provide you with viewing feedback? Feedback, whether
positive or negative, is vital in shaping your marketing
strategy. Are they open more than five days a week so that
they can capture the weekend market? Will the negotiator who
handles your sale be prepared to personally visit the property so
that he or she can speak to potential buyers with the benefit of
first hand knowledge of your property?
Search their web-site or ask for testimonials - and ignore those
of an anonymous, undated variety. If these reveal a consistent
message of satisfaction and professional service then that is
certainly a good start. There are many other questions that you
could ask but the message is simple - don't just plump for the
cheapest option unless you are satisfied that they can deliver a
professional service. What would you rather pay - a bit more, but
feel confident in your agent's ability to sell your property pretty
quickly, or have the cheapest agent but still be on the
market in 12 months' time?
If you would like to specifically discuss any of the above
marketing strategies or if you would just like to have a general
chat about selling your property please feel free to give me a ring
on 0131-446-2346.
