Global Marketing and Perfect Pricing is key to getting your luxury property sold.Unless your agent can offer a strong internet and global marketing program, and is up to date with latest market trends, your property is at a disadvantage. An overpriced listing really may be more of an opportunity for an agent to recruit a realistic seller, and in the end, result in the property not selling or selling at even lower price. In today’s ultra competitive market you want every advantage you can get!
Earlier this week I was selected by a new client to market their luxury residence. The property had been previously on the market for almost 2 years and was always priced a little higher than market value. In the end, I declined to take the listing as I felt the price, not the agent, was the main problem. But the agent’s website and global marketing was minimal and not very user friendly. The seller had not even looked at the agent’s website but had relied solely on the fact that the agent had another listing in the neighborhood (which also had not sold). So I began to complicate the important facts that a real estate owner should ask before hiring an exclusive agent.
1) Go immediately to the agent’s website. In today’s market, it’s a well known fact that over 80% of potential Buyers begin their search on the internet, and for international Buyers, the number jumps to over 95%. Is the site easy to navigate? Does each Exclusive it have multiple professional photos and detailed description? Does the site demonstrate that the agent is up-to-date with our daily fluctuating market? Are recent market reports posted? Does the site provide information that will invite both local and global Buyers?
2) You should ask how many unique visits does the site receive on a monthly basis? How do they drive traffic to the site? Do they also offer an exclusive, customized website for the property itself? You should ask the same questions for this site as well, user friendly? how traffic is driven? tracking number of visitors, etc…
3) While almost every agency today claims to be “international”, in most cases this just means that they have website or affiliate offices with little personal interaction. You should ask; Does your agent have “in-person” relationships with foreign agents? Is your agent CIPS certified (Certified International Property Specialist)? Does your agent have a direct association with any international consortiums?
4) In general, print advertising is fairly outdated. I mean really, how many of you would wait until the weekend paper to see the limited properties advertised if your are serious Buyer? So why is it still used? It’s primarily for agent branding and for Seller’s to see their own property in the paper. You’ll also notice that the agent with the most properties advertised, is often the one with the most overpriced listings that will never sell, but this “large inventory” presence is often a tactic to recruit a new potential Seller that may be more realistic.
Unless your agent can offer a strong internet and global marketing program, and is up to date with latest market trends, your property is at a disadvantage. An overpriced listing really may be more of an opportunity for an agent to recruit a realistic seller, and in the end, result in the property not selling or selling at even lower price. In today’s ultra competitive market you want every advantage you can get!