Everyone is familiar with the term “under market” in real estate, we use this term to describe a home that is priced or purchased for less than it’s fair market value. What man of us are not familiar with is “under-marketing”, under-marketing is what oftentimes leads to a home being purchased under market. A home is under-marketed if it fails to mention features the homes has, which buyers would have been attracted to, had they seen them in the home’s listing description, flyer or online marketing.
Here are a few of the biggest violations we see on The Reeves Team.
1. Proximity specifics.
This one is so important. Your agent needs to not only sell your home, he needs to sell your location as well. On The Reeves Team we make sure to always include pictures of nearby parks and other features that set your home apart from the rest. many buyers will not be aware that a hidden gem of a neighborhood also happens to be tucked within a half mile of the light rail, entrances to 3 freeways or 2 regional parks. Second, buyers’ proximity wishes might be different than the location requirements of their online search. They might be looking at all homes in town in their price range, but the fact that your listing is walking distance to a major employer or university could push it to the top of their “must view” list.
Finally, relocating buyers might not have the core knowledge of the area that would allow them to connect the dots about the property based on location basics most folks in the market for a home in your area do know. Don’t assume: if your listing is particularly well-located by a major employers, universities, recreational amenities or walk able shopping and dining districts, talk with your seller about showcasing this in the home’s marketing, even if it seems redundant or obvious.
When aiming to avoid under-marketing, keep this in mind: showcasing a home in its best light is not just about touting what you think buyers will absolutely love about it. Rather, the goal of good marketing is to highlight the things that will allow the home’s best features to be apparent in the eyes of target buyers and set it apart from the competition.
If you have a nondescript listing that you’re struggling to showcase, consider the angle of broadcasting the ways in which your listing offers a more comfortable lifestyle than the competition. First-time buyers, for example, are not simply comparing your listing to other homes, they are also comparing it to the lifestyle of being a renter and to every bad rental property that inspired them to move forward with becoming a homeowner. One very common beef of renters is that rental homes lack storage, which leads to belonging overflow and a cluttered life.
The vision of having a place for storing everything is a big motivator for many first-time home buyers. So, if your home has been tricked out with extra closets, pantries or other built-in storage amenities, boast about them in the home’s marketing materials.
3. Energy efficiencies.
If your listing runs entirely off-the-grid or on graywater, chances are good you’ll be marketing that. But even buyers who don’t identify as hunting for a “green” home can be attracted to the budget-friendliness of energy-efficient features of the less extreme sort. So, if the home is a pretty no-frills property but has a tankless water heater, dual-paned windows and new insulation, mention it! Also, if you have managed to get your energy bills down way below what’s normal in your area, this could be a selling point you don’t want to overlook.
4. Organizing systems.
In the same vein, if your sellers have made the investment in upgrading the home with customized or built-in closet, kitchen or garage organizer systems, desks or bookshelves, make sure buyers see and know this from the online listing. From the first-timer craving to have a clutter-free existence to buyers who are moving up into a family home and want each family member to have some shot at an orderly life, built-in organizers can represent value and appeal to a wide range of prospective buyers.
Built-in organizers are strong differentiators in competitive markets and price ranges. And most agents do mention them on a home’s flyer or property website, but not necessarily in the critically important listing description that shows up in buyer’s search results. Consider bubbling such systems closer to the top of the marketing messages you lead with.
5. Natural, chemical-free and hypoallergenic home maintenance.
In a similar vein, if your home has a hypoallergenic HVAC system or you have only used non-chemical cleaning products for the last few years, you might want to call these sorts of things out, as well. Today’s consumers are careful about not just what they put into their bodies, but also what they put on and around their bodies. Homes and the cleaning and maintenance products that have been used be enough to make a difference. So if you have taken care to create a home that works well for people with physical or philosophical sensitivities to common household chemicals, make sure your potential buyers know it!
Have you used any of these marketing techniques before? Let us know in the comment section below.