Where Buyers Come From

Where Buyers Come From

Posted on August 1st, 2006 Huis-Huis 1 comment

It is no secret where buyers come from. Marketing is the key to finding that one buyer waiting to buy a specific propery.

Marketing is not a sinonym for advertising, although advertising plays an important part in the successful marketing of a property.

Existing Buyers

Most estate agents will have a list of existing buyers that they have generated through their own continuous marketing efforts. Informing this existing list of buyers about a new prperty on the market may be all that is needed to find the buyer for that property.

Private sellers don’t have access to a similar resource. This puts private sellers at a disadvantage right from the start.

Advertising

Targeted advertising is a key element in the marketing strategy. By putting a targeted advert in front of the most probable potential buyers, the chances of finding that one true buyer gets so much better.

There are many different advertising mediums, and every one has an application in the right circumstances.

Newspapers

Newspapers adverisements are probably the best known medium for advertising real estate. The response to newspaper advertisements vary greatly, depending on various factors:

• The timing of the advert determines how many potential buyers are paying attention;
• The position of the advertisement in the newspaper also plays a part (Advertise where the competition advertises)
• The competition between similar adverts may dilute the response;
• Visual appeal (colour vs black and white, use of white space, etc.) can draw attention to an advert;
• A catching heading can make potential buyers read on;
• The price, or absense of price, influences the response
• A call to action can mean the difference between getting a huge response and getting none.

Newsletters

An advertisement in a targeted newsletter can give very effective exposure to the people that count: People who would be interested in the advert.

Pamphlets

Pamphlets can be a very effective advertising medium. Pamphlets distributed to the fifty homes closest to the marketed property can often reach a prospective buyer. People who enjoy their homes and neighbourhood will often recommend it to friends and family who are looking to buy.

It is important to let the neighbours know that your home is for sale.

For Sale Signs

The trusty old for sale sign is probably the most cost effective advertising medium for marketing a home. One R50 sign can generate many responses from potential buyers over a period of weeks.

If you are selling privately, seriously consider having a few for sale signs made.

Website

Property buyers in South Africa has started to embrace the Internet as a convenient way to browse the available properties in their target areas.

Many estate agents will automatically add new listings to their advertising web sites. There are also a number of web sites where a seller can list their properties for sale at no charge.

If you are not using the Internet to advertise your home, you may be limiting the possible exposure you may receive on the internet.

Property portfolios

Estate agents compile property portfolios, which they offer to new walk-in buyers to view. These portfolios are often the first exposure buyers have to the market.

Prperty portfolios can take the form of window displays, computerised presentations or printed portfolios.

Show houses

A well presented and publisised show house can be the most effective marketing tool in the seller’s arsenal.

Show houses allow potential buyers to view the property looking it’s best. It is a hands-on experience, allowing lots of time to properly view the property.

In the absense of the owner, buyers are often more willing to give an honest opinion regarding the property. A good estate agent will always scedule a meeting with the sellers after a show house, to inform them of viewer responses.

A visitors book helps the seller or the agent to follow up and keep in touch with people that seem interested. Private sellers have to make sure that people who attend the show house sign their visitors book.

Property Expo’s

Estate agents often exhibit at property expo’s and trade shows. Properties that have been listed for sale by these estate agencies often get valuable exposure through these displays.

This is obviously a medium not available to most private sellers.

Bulletin Boards

Public bullitin boards at shopping centres, public libraries, sports clubs and other public places is another valuable advertising medium for marketing residential real estate.

These bullitin boards are accessible to all sellers at low or no cost.

Radio Adverts

For owners who want their properties to reach the widest possible audience, radio advertising can be a very effective medium.

Radio advertising is rarely used to market a property for sale. This does not exclude radio from a seller’s options, but might actually improve the advertising impact.

Television Adverts

In South Africa, television advertising of property for sale is a very recent development.

Television advertising can be very effective in finding buyers for exclusive properties in the higher price ranges.

Where Buyers Come From

Sellers needn’t wonder where buyers come from. Buyers are everywhere.

We just need to make them sit up and take notice!