Successful Marketing is Intentional Marketing
Identifying The Market
Marketing
At Big T Texas Realty Group, we recognize that the real estate market is constantly evolving. That's why we stay up-to-date on the latest trends and put our expert knowledge to work for you. We understand that every transaction is unique, and we work closely with our clients to make sure their needs are met. Our marketing strategy is tailored to each property, with customized marketing materials designed to target the right buyers. Read on to learn more about our approach to strategic marketing.
Buyers
One of the first steps in preparing a marketing campaign is to identify buyer demographics. Each demographic will hold differing opinions on the amenities or style a property has to offer. It is important for sellers to understand what the bulk of the market wants when purchasing a home in order to make potential changes to their property to gain a greater appeal or share of the market. If the home is outdated, it may only appeal to a smaller portion of a specific generation of buyers. Updated homes that meet the majority of market expectations will stand a higher chance of not just selling faster but also receiving multiple offers to drive up the sales price of the home.
Share of Buyers
According to the National Association of Realtors (NAR), older Gen Y and Millennials make up the largest buying pool followed closely by Younger Boomers.
Trends
Buyer Purchasing Trends
Research shows over half of homes purchased were a result of shopping online. This number has grown steadily over the years with the help of home sale websites and the use of new technologies in photography, videography, and digital twins that create immersive 3D virtual tours.
According to the National Association of Realtors (NAR), older Gen Y and Millennials make up the largest buying pool followed closely by Gen Xers. The graph shows all generations and respective percentages of home purchasing.
Details
It is not surprising to see photos and information weigh in heavily on the importance to the buyer. However, we can see newer trends emerging with the use of 3D virtual tours and agent led video tours. With some of the recent events in the World leading to more people working remotely, we have watched these progress steadily up the chart.
What Matters to Buyers
According to the National Association of Realtors (NAR), professional photos topped the list of what buyers most want followed by detailed information.
Addressing Market Expectations
Marketing Tools
Have you heard the saying, "Use the right tool for the job" ? Just like having a selection of tools, we use an array of media including photography, videography, 3D virtual tours, and floor plans to create marketing material designed to reach and appeal to buyers. There is no substitute for high quality photos taken by a professional photographer. They can make all the difference in how your home is captured. Adding in videography whether done from ground or air, it can compliment the photography and provide additional viewpoints. To create an immersive experience, we can combine 3D virtual modelling allowing buyers to walk through your home without being there!
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Information
Pictures are not always worth a thousand words! Clear, concise information is regarded to be critical to buyers looking for these details.
Floor Diagrams
Floor diagrams are useful to buyers and include area measurements and schematic of the overall layout.
Developing A Comprehensive Marketing Plan
Strategy
An effective marketing strategy consists of building upon a proven foundation with an emphasis on current market conditions. The focus of the strategy encompasses the needs of the buyer and the avenues to achieve the expectations can be many. The framework used below provides an insight into the ways we reach buyers and captivate their attention and as a result, generate solid leads. Leads in real estate are the lifeblood of driving and supporting property sales and producing a successful transaction for the client.
"An effective marketing strategy consists of building upon a proven foundation with an emphasis on current market conditions"
Establishing A Sales Price
Even with the best marketing strategy in place, if your home is priced over market value, you will struggle to secure the best offer. When you price at or slightly below market value, you increase the opportunity for multiple showings and in some cases, multiple offers which frequently drive up the offer over asking price. Statistics show, achieving market equilibrium price will in fact increase the overall sales price of the property. The illustrations on the right demonstrate the importance of pricing correctly from the beginning of the listing, the balance of potential buyers, and a correlation of time on market to sales price.
Bell Curve
Setting the right price goes hand in hand with the activity in which the property receives upon listing. The illustration shows the highest activity will occur in the first few weeks and then it diminishes rapidly. If you are priced high, you lose out on the activity at the beginning of the listing. Changing the price weeks later will have little to no effect on the surge of interest.
Pyramid
The pyramid illustration best represents the balance of the market based on the direct correlation between the asking price and percentage of buyers in the market. As you can see, when priced at market value, you achieve 60% of buyers. The higher you goin price, so does the decrease in buyer pool and subsequently, the lower the asking price, the higher the buyer pool.
Waterfall
The waterfall graph illustrates the average percentage difference between the selling and asking price by the length of time the home was on the market. AS you cn see, as the amount of time the property remains on the market, so does the reduction in overall sales price. If you are selling a $500k home, that could be a reduction by as much as $44,500 in just 6 months!
GO Market
Our Marketing Campaign is customized to give your real estate the best chance of success in the market. Our experienced realtors will work closely with you to understand your property and create a targeted marketing strategy. We use the latest technological advances to help identify potential buyers and give your property the exposure it deserves. When partnering with us, you can rest assured that our team will do whatever it takes to sell your property quickly and at the best possible price.
Metrics
As a team of top-tier realtors, we use the latest technology to provide you with detailed metrics, analysis, and insights into the performance of your property. Our results-based approach includes key performance indicators, which we'll share with you in easy-to-understand reports. With this data, we can adjust our marketing efforts and invest your advertising dollars to take advantage of emerging trends and maximize your ROI.
Experience the Difference
At Big T Texas Realty Group, we understand that buying or selling real estate is a significant financial transaction. Our team is dedicated to providing a client-focused experience that is tailored to your specific needs. We will work with you every step of the way to ensure that your journey is a smooth one. Contact us to learn more about our services and how we can help you achieve your real estate goals.
