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Before You Sell Prepare Your Real Estate Marketing Plan
When you are about to list your home for sale having an appropriate marketing plan is not always the first thing on people's list of things to be done. The truth is that most real estate marketing stops at using the Multiple Listing Service or MLS. This is often a fatal error that can cost you both time and money since your home will usually be competing with many other listings.
Stage one of a good marketing plan is the research stage. Take a look at the selling, not asking, price of similar homes in your area over the past few months. Basing your home's price on asking prices in your area is a common mistake of many sellers. This could have the result of your home taking longer to sell and for a lower price because the asking price was too high to start with. Your agent can assist in presenting you with selling prices so you get the full picture.
Once you have a better understanding of real estate values in your area you need to find out what the housing market is doing. Prices will usually be on the rise or in a decline every month but by how much? But be mindful to keep your research on your particular area. Certain pockets of a larger city may be dealing with a modest rise is real estate prices even though the city, as a whole, is in a decline. For example Durham Region real estate may be dealing with an overall fall in housing prices, however inside the region of Durham, Pickering real estate may be rising slightly due to area specific economic conditions.
Once you have determined on your asking price you need take a step back and look at your home from the context of a purchaser. Look at all of the areas of your home that may turn off a potential purchaser and possibly cause them to offer you less or even nothing at all. This is quite possibly the most trying part. Finding out all of the things that need improvement in your own home is often hard to do. Being able to know where your purchaser is coming from will be invaluable in the offer process. In any successful negotiation, if you can identify with the other party's motives you have a better chance of reaching a deal that benefits both parties.
How and where you market your home is going to have a strong effect on the sale. Making sure every ad dollar counts is essential but it can be tough to find out which of the various types of marketing will have the best results. In other terms where are the buyers?
While buyers still do comb through real estate publications and the newspaper most buyers turn to the internet at some point to look for homes. Marketing your home on-line also gives the advantage of being able to provide potential buyers with much more information than a newspaper can. Websites gives you access to add detailed descriptions, interior and exterior photos, virtual tours and often videos. The more information you can post the more exposure your home will have and help it to stand out to potential buyers.
At the end of the day you need your home sold for the largest possible price and in the quickest period of time. You can stand to have the largest chance of success by doing a little research and implementing a proper marketing plan.
About the Author
Stefan Hyross writes on various real estate topics on behalf of Homes4Sale-Durham.com which provides professional real estate services. Visit the site for more details about the Durham region real estate market and to search for Pickering real estate as well as neighboring areas.