People often talk about how to market a house, but many overlook the essential step for realtors: marketing a listing for maximum ROI. After all, if you spend money on marketing without a return on your investment, what’s the point? So this article will look at how to get the biggest return from your efforts for any listing worthy of being marketed.
What is ROI?
ROI stands for return on investment, and the goal is to figure out the most effective way of marketing your house. For example, Your listing agent recommends doing a full-page spread in your local newspaper for $1500. Do you get that number back? What about a half-page spread? A whole page? These are questions you need to ask yourself.
The most important thing to remember is that a full-page spread in a big national newspaper brings you much more exposure than any other method, but only if it is the most effective. It might make sense to take the $1500 and get some local coverage in your newspaper, then make up the difference by spending less money on a half-page spread. As you increase your budget to make up for this deficiency, suddenly, half-page spreads aren’t very cost-effective anymore.
There are many different forms of real estate marketing.
– Full-page ads in local newspapers: Newspaper advertising is effective, but only if it’s the most effective way to get your listing seen by buyers. For example, in some markets, half-page ads cost less than full-page ads. Some of this is due to more competition for these spots and less demand; however, it is also because there are different levels of effectiveness with these types of advertising.
– Full-page ads in realtors’ “trade” publications: These magazines give all agents a chance to advertise their listings, often for relatively low rates, usually in monthly or quarterly publications. While they may be very effective advertising in some markets, they are often the least-effective advertising objective due to the fact that people generally only read these copies if they are interested in that specific category of real estate.
– Classified ads in local newspapers: Classifieds can be very effective if they are properly placed, such as in the real estate section of your local paper. The only problem with classifieds is that you need to spend a lot of time being selective about where you place them; otherwise, you could wind up spending more money for the same amount of exposure.
– Online listings on national sites: These are great for getting national exposure and doing little else. At the entry-level, it is possible to get your listing on one of the major sites for little or no money (usually free). However, as you increase your budget and start using full-page ads with additional information, these sites will get less effective. At this point, you’ll want to move over to a local site.
– Local newspaper runs: This is another cost-effective marketing technique that requires a lot of work. It is generally easier to run a full-page ad in the newspaper, but this requires the most work on your part to get listed and promoted.
Share Your Listing with your Sphere of Influence
Because of the Expansive Networks created by Social Media, it is possible to share your listing to a huge number of people without doing any additional work, and in many cases at no cost. The more work you put into getting the word out through your personal contacts, the more likely you will be able to hear from people with both local and national resources who are interested in your property.
Post the Listing on Social Media
Using social media sites such as Facebook and Twitter, you can post your listing at no cost or with only minimal cost. Many sites are offering their own special promotions and incentives in order to entice customers to come to their site and generate traffic for their sponsors.
Running targeted ads-Running targeted ads on Facebook means you can reach a targeted group of people who are looking for properties like yours. It is also possible to post your listing on Twitter and other social networking sites; however, oftentimes, it is necessary to promote this post for a fee. The most important thing with social networking sites is that you need to maintain the presence of your listing there so that people can find it again later if necessary.
Sending Listed Postcards
Postcards are a great way to promote your listing. They are inexpensive to produce, and they help you reach more people that could potentially have an interest in your property than if you were simply posting your listing online. You can create postcards for anything from real estate for sale, local businesses for sale, or even other properties you might be interested in selling.
You can be creative with these postcards and get your message out to as many people as possible. You can get your listing information on the postcards professionally printed and mailed using the local mail service. This can be an inexpensive way to get your property promoted in the area.
Send Just Sold Postcards
Real estate just sold postcards are postcards that offer congratulations to those who have recently purchased a home in the area. These postcards are sent to neighbors and anyone else who may have received a welcome packet about the new homeowner recently.
The idea is that you will be able to tell people about your listing, even if they aren’t looking for a home at the moment. Real estate just sold postcards are a great way to spread the word and help you generate more interest in your property.
Marketing a real estate listing for maximum ROI can be a challenge. Even if you are willing to make some changes in your marketing strategy, it might be difficult to determine what is the most effective and profitable way of reaching your target audience. Take the time necessary to find out how other people have gained success and learn how they got started. Use their methods as a guideline and apply these strategies to your situation.