Your Marketing Plan Needs More Than an Offer Review Date
Is it just me, or is anyone else enjoying this shift in the market? Buyers can take a breath before writing an offer, and as listing agents it’s becoming clear to Sellers that not everything sells in 5 minutes with 15 offers. They are starting to realize that who you hire matters, not just in your sales price, but in whether you sell at all.
There are good things about every market, if you have the tools and systems to navigate them. Now is the time to dust off your marketing tools that have been languishing on the shelf. Or, if you are a newer agent, it’s time to lean in and develop some new skills to get you through.
The good thing about the last few years is that we have all seen and experienced the difference between a well presented property and one that isn’t. So chances are you have a solid system for prepping a listing with things such as an inspection, cleaning, staging, etc.
But for the last few years that has been the extent of it. We do a tremendous amount of pre marketing, but there wasn’t much in the way of a marketing plan once a property went on the market. There didn’t need to be. Inventory was low, buyers were plentiful and momentum took care of the rest.
Now that some properties are taking longer to sell, it’s time to build out your marketing plan. It should include:
- How often you update the sellers – I recommend weekly
- Reaching out to agents for feedback – the showing time email isn’t enough
- When do you decide if a price reduction makes sense
- How do you keep your sellers engaged and encouraged
- Tracking the market relative to your listing for input on pricing trends
- Knowing how to read the absorption rates to know which way the market is trending
Communication is always essential to a solid client relationship. Have a plan in place and communicate it to your clients so that they know what to expect. You can’t control the market and where it’s heading, but you can control your relationship with your client.
To your success!
Nicole
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