All About Real Estate Advertising… | ||||
When you place advertisements for your home in the newspaper week after week, many genuine buyers will see your property advertised. If it doesn’t sell after a period of time, these buyers will start to consider your property a “lemon”. Buyers will know that thousands of people have seen your home advertised, yet no one has bought it. Failed auctions attract the lemon tag through advertising. Newspapers publish failed auction results in the Sunday papers for everyone to see. They also print when a property has been passed in, when there have been no bids and also the highest price achieved on the day. This weakens the owners position to achieve the highest price.
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Real Estate Advertising | ||||
Extract from Neil Jenmans Book – DON’T SIGN ANYTHING.One of real estate's greatest traps It is the wisdom of the crocodiles that shed tears when they would devour. Francis Bacon Thousands of homesellers fall into the advertising trap. They do not realise that advertising does not sell their homes, or that one of the main reasons for advertising is to promote agents, not homes. They do not realise that agents can earn thousands of dollars from kickbacks, or that advertising is one of the agents’ best conditioning weapons to convince sellers to lower their prices. But worst of all, few sellers realise how advertising damages the value of their homes. As you will see, typical real estate advertising often leads to lower prices. | ||||
Advertising Bonanzas |
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 When Steve Massey worked for the Ray White Group, he was responsible for making sure the agency won the profile war. This was achieved with vendor-paid advertising. 'In those days, it came down to who had the most advertising,' Massey says.Ray White did a deal with the paper. If we have the most ads then we'll have the first page of the real estate section. You became a promoter of newspapers. You would say to vendors when there is only one offer and no immediate other buyers: 'X copies of the newspaper go out, millions of people see it, if there's a buyer out there, do you think they could possibly miss it? It's the front page of the real estate section, there couldn't possibly be another buyer out there.' So this very low offer we are telling them to accept has to make sense. It was also promoting the agency. You could go to your sellers with the advertising pages and say, 'See all these properties - sold, sold, sold. Show me another system that has a 100 per cent success rate. If you want to guarantee to sell your house, we can guarantee it.' The only thing we couldn't guarantee was the price. Massey says the objective was to extract as much up-front advertising money from the seller as it took to 'hurt'. 'I remember teaching: "How much money should you get from the seller? Whatever it takes that's going to hurt." Watch people listen to you once they have to pay upfront. They don't want to lose that money, so they are more likely to accept the offer you present or the auction process you put forward.' | ||||
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