Real Estate Talk: Assessing
the Marketing Campaign
Measuring the progress of your broker’s campaign
By Joseph Marovitch
Updated March 4, 2021
We hire a broker to sell our residential property but how do we measure the progress of their campaign? Do we just trust that they are properly marketing and pricing our property? Do we think that because there are a few visits, we see progress? My broker tells me I had 12 telephone inquiries this week. How do I know this to be accurate?
The most effective way to know if a property is properly priced and marketed is to review the month-to-month results of the responses.
The marketing campaign should consist of advertisements in local papers, emails to potential clients, telephone calls to potential clients, flyers to the area where the property is, arranged visits, and exposure on multiple websites including Centris, with a virtual tour attached.
I am about to tell you a secret that most clients do not know. Many brokers also do not know this…
The most effective way to know if a property is properly priced and marketed is to review the month-to-month results of the responses in a summarized report. The report should include how many ads were placed and where, how many emails were sent out and to whom, and whether social media was used.
The assessment of results would be indicated in the following part of the monthly report:
- The number of views on Centris
- The number of calls and email inquiries the broker receives
- The number of visits to the property
- The number of written offers received (verbal do not count)
All brokers can print out from Centris how many views took place in any given period of time. When this information is combined with the broker’s record of calls and visits, you have a clear indication of where the market campaign is going.
- Price is too high:
Many Centris views, plus few calls and few visits indicates that the interest is high but so is the price.
- Marketing is insufficient or market is weak:
Few views, plus few calls and few visits indicates the market is slow or the marketing effort is insufficient.
- Price is very good:
Many Centris views, plus many calls, many visits and multiple offers indicates the purchase price is good.
It should be noted that:
- An overpriced property assists in selling the competing properties.
- An overpriced home, if not revised, can lose waves of serious buyers.
- As time passes, an overpriced property costs money and loses value.
Should you have questions or comments, please refer to the comments section at the bottom of the page. As well, to view past articles, click here.
Next article: Promise to purchase before due diligence always!
STATE OF THE MARKET
We are in a seller’s market for a little while longer. Once the vaccines show a significant effect and reduce the spread of the pandemic, we will see more property on the market, prices become more competitive and interest rates rise. In the short term, it is a good time to sell. The longer-term may be a little less optimistic. There is still a significant amount of unemployment and high household debt.
‘We are in a seller’s market for a little while longer. Once the vaccines show a significant effect and reduce the spread of the pandemic, we will see more property on the market, prices become more competitive and interest rates rise.’
With rarely seen low-interest rates, many investors have been flocking to acquire loans and mortgages. For the more affluent, borrowing at low-interest rates is a good thing. For the average person who has borrowed to invest in real estate, the risk is higher if they intend to sell short-term or hang on long-term.
Borrowers will have a low-interest rate loan, but all other expenses will rise. If the investor was planning to sell in the short term, it better be very short. If the vaccines do what they are supposed to do, there will be more competition in the real estate market and less money to spend. This means a seller may not receive the return they hoped for.
In this realtor’s opinion, it is best to sell now and buy later and obtain a low-interest pre-approval mortgage for the longest term possible.
Have a great week and stay safe!
Let’s not forget that people with cancer are vulnerable too!
You are invited to keep giving to the following organizations since it’s now more important than ever to support cancer research! Click on the logos below to find out how:
Joseph Marovitch has worked in the service industry for over 30 years. His first career was working with families from Westmount and surrounding areas, hosting children between the ages of 6 to 16 as the owner and director of Camp Maromac, a sports and arts sleep away summer camp established in 1968. Using the same strengths caring for the families, such as reliability, integrity, honesty and a deep sense of protecting the interests of those he is responsible for, Joseph applies this to his present real estate broker career. Should you have questions please feel free to contact Joseph Marovitch at 514 825-8771, or email@example.com