Thursday, October 17, 2019 / by Jake Batac
What would be their strategy to get a lot of buyers for their home?
Price is a function of supply and demand. So, when you're listing your home, you want to work with an agent who's extremely knowledgeable in marketing. You want to have a pre-launching marketing for your home, so before it goes on the market, you want to create kind of like a build-up. Like a “coming soon”.
The coming soon marketing plan, and you want to create as much demand, as much of a build-up, almost like something very exclusive, something that buyers don't have access to, but they're just waiting for it, and when you do this, you create a build-up, you create an excitement around your property.
For example, when certain companies like Apple launch a new phone, they spend months and they spend a lot of money and time marketing this particular product, and when the day comes, I don't know if you guys have ever bought a new iPhone, but there is lineups and lineups at every single Apple phone, and a lot of times there's a waiting list, and you have to pre-order the phone and blah, blah, blah.
So, how would you like to have a waiting list of buyers, a pool of buyers waiting to buy your house before you ever put it on the MLS?
If that happened all the time, usually the results would be good, because price is a function of supply and demand, so the way you're going to sell your home, by creating a lot of demand for it.
Strong marketing, with the right strategy going forward, so you can bring in a lot of buyers.
So, when we do pre-marketing launch for our sellers, that we do the coming soon. For two weeks we test it from price points to our database. We have 30,000 buyers in our database, and let's just give you an example, let's just say our client's house is worth 800,000, and we're thinking somewhere between 780 to 820, where to price it. So, we would test 780, 790, 800, 810 and 820, in different variations of ads, and we send this to this 30,000 buyers in the pre-launch stage.
And based on those studies, the numbers, the traffic, the results we get, we determine what price would be the best price to put it on MLS. Now, of course, that's assuming the house is not sold to one of our buyers, which in a lot of cases, it usually happens. There's a high chance that the buyer for your home is right here in our database.
But if it doesn't happen, then we just basically have a lot of demand, a lot of buyers waiting in the sidelines, waiting for your home to open to the public, and when we put it on MLS on Thursday at 4:59, 5:00 p.m., we put it on MLS, it's strategically designed that way so when all the buyers open up their e-mails for new listings or open up realtor.ca and they check out the new listings so they can go see it on the weekend or go to the open houses, we want to make sure that we get the most eyeball in that time.
Now, with a lot of agents, that's all you're getting, right? Or if you do it yourself. Well, with our team, you have all these buyers that have already been waiting here in the pre-launch marketing, they have been waiting here. So, we're going to get these buyers competing with the MLS and other buyers in the open house and create more demand, and most of the time, bidding war. That's why our listing, on average, sell 5.6 percent more than the average agent.
Basically you're having buyers compete for your house with each other, rather than one buyer competing with you for the price of your home.
Why compete with the buyer when you can have them bump each other up, right? So, that strategy can only be done if you've done your homework, you've done your research, and you've done properly things in the right order, right time.
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Watch full video here: https://youtu.be/96ODn5n4Tfc