If it seems that your home is languishing on the market while others around it are selling, it’s time to change the marketing approach.
The longer your home is on the market, the more likely it is to sell at a lower price than originally anticipated. And worse yet, it costs you money every day that your home sits idly by in the market.
Simply put, if the marketing strategy for your home is not working, it’s time to change it. That could come in the form of a price reduction, a different tack on marketing, or both.
If you have given your specific plan enough time to work, and it hasn’t, an adjustment is certainly in order. Have you ever heard the definition of insanity? It’s doing the same thing over and over again and expecting different results.
First things first- It is time to conduct another market analysis, if it has not already been suggested to you, or presented to you. If the analysis shows that the price needs an adjustment, don’t hesitate. Just do it.
The next thing that can be done is to change the advertising slant, or focus. If what you (or your agent) is doing right now isn’t working, well. … then it doesn’t work. Period. Don’t become “married” to any one idea if it is not producing results. Make sure and give that change in marketing strategy enough time to kick in, but if nothing is happening, it’s time to change your direction again.
Experienced marketers identify their most probable consumer(s) and target that audience in a strong way. If the product doesn’t sell, they change the ad, or the strategy in its entirety.
This translates a bit differently for real estate- the agents that recognize that they will actually have to “market” your home don’t have a real clue as to how to do it, or where to start, for that matter. They try, they might write a halfway decent ad, but it stops there.
Here lies the most common problem- most agents have an expressive personality. They write an ad that sounds good to THEM. It may sound good to you, too. That’s all well and good, but the pure expressive personality type represents only 25% of the buying population. The other 75% of the buying population dismisses that same online ad, either consciously or subconsciously.
Let me put it to you another way that might be easier to identify with, concerning varying appeal to different personality types. Have you ever heard someone acknowledge in conversation that they can ” see what you mean”, or “I hear what you’re saying”. Different people would respond very differently to the same conversation, just as they would to one type of ad. One is visually stimulated, while the other responds to audio.
Take that a few steps further into the psychology of sales. It is a very interesting subject, and completely fascinating once you learn about it. Research has uncovered many intricacies and subtleties that may seem trivial to some, but the bottom line is that strategic marketing is of the UTMOST importance to reach as many qualified buyers in their own “language” that appeals to their dominant personality type.
In order to be most effective, the advertising of your home must appeal in some way to the four different personality types, and have something of interest and value for each one in order to produce a sale. This is the essence of true marketing. It’s complex but incredibly effective.