Market slow…now what?
During the holidays the condo market becomes pretty slow in terms of units sold. So, with that said, I want to talk about the most important thing to be doing when the market is slow… and that is marketing! You will always hear people say that location, location,location are the 3 most important words in real estate. Well location is important, it is not the most important! Sometimes you may own a property that does not have a great Location. When this is the case, marketing quickly becomes the most import aspect in getting top dollar in the sale of your condo!
When you interview agents to sell your condo, all of them will say they will market your condo! What does this mean? After 15 years in the business I have seen everything! I have seen agents take a million dollar listing and not use professional photos. I have seen agents use a blown up photo of Mt. Hood making it look like it’s literally in your back yard. I have also seen agents that do very little marketing. These are the same agents that during the interview said they will do great marketing for your listing.
How do you identify an agent that truly does good marketing? I think a great place to start is with how they market themselves! To do a good job of marketing, an agent has to spend money! Many agents send out the same “Just Sold” postcards that look the same as everyone else. Why is this? Many agents use standard templates that may be partially paid for by their lender. Look at the quality of what an agent mails to you because that will be a good indication of the quality they will use in marketing your place. If they send out low grade, template postcards on themselves, why would you believe they will spend more when it comes to marketing your home?
Good photos! This is important because good photos are the foundation of any good marketing program. You want good print material? You must have good photos! You want good exposure online? You must start with good photos to put on the various websites used. As the quality of I-Phone and Android cameras have gotten better, many agents think it is ok to use these for photographing your condo…it is NOT! You must have professional photos!
Great Video! Video is truly the best way to show off your listing, and high quality videos are a must in the marketing of higher end properties! Many of you have heard me say this before…but I will say it again. A video should not be used to show every inch of your property ( this is why you have heard me say that I do not like the 360 photos that some agents use). A video to me is more of a way to tease a buyer, to get them excited to see a property! I have always believed that good marketing is about perception. Sometimes, as I mentioned above, you may have a property that does not have the best location. In a good video, you can still feature all of the real positives of that property to get buyers through the door and get them excited to make an offer, making the location secondary!
I strongly believe that when a buyer sees that a lot of money has been spent on marketing and everything is done with high quality, they are less likely to try and put in a lowball offer. On the flip side, when a buyer sees a property with low quality marketing… or very little marketing, they are more comfortable in going in with a much lower offer. There is a certain psychology to this way of thinking that has been used in marketing for years. This is why you are willing to pay a premium for a pair of NIKE’s or why you are willing to pay more for a Pepsi than you would pay for RC Cola! When buyer’s see high quality marketing associated with a property, they are much more inclined to be thinking in a much more positive way about the property from the very beginning.
One last thing I wanted to touch on was having an international/domestic presence is very important. This is the one thing I was missing when I worked for both a large regional company and a small local company. If you want to seriously discuss marketing for luxury real estate, the Christie’s brand is so powerful across the globe and directly associated with great, high quality marketing. People automatically associate a Christie’s listing as a property of quality.
Brad Golik is a condominium specialist with Christie’s International Real Estate and can be reached at 503-896-8856 or a by email at firstname.lastname@example.org. Visit his website at http://www.LuxuryCondosofPortland.com and http://www.PortlandPenthouse.com If you are in search of your dream Portland condo or loft, Brad is the one to call!