Real Estate Talk: Assessing
the Marketing Campaign
Measuring the progress of your broker’s campaign
By Joseph Marovitch
UPDATED JANUARY 24, 2019
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 inquires this week. How do I know this to be accurate?
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, open houses, exposure on multiple websites and on the Multiple Listing Service.
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, including:
- The number of views on the Multiple Listing Service
- The number of calls and email inquiries the broker receives
- The number of visits to the property
- The number of written offers received (Verbal are of little value)
All brokers are able to print out from the MLS 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.
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…
- Price is too high:
Many MLS views + few calls + few visits = indicate the interest is high but so is the price
- Marketing is insufficient or market is weak:
Few views + few calls + few visits = indicate the market is low or the marketing is insufficient
- Price is very good:
Many MLS views + many calls + many visits + multiple offers = high purchase price
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.
Have a great week!
Next article: Criteria for purchasing a condo
STATE OF THE MARKET
Sales continue to slow down while prices continue to rise in Montreal. Those who buy are paying top dollar for their property. While the market continues to favour the seller, less people are selling.
This is a problem for those who must sell. Most sellers want top dollar for their property. Those sellers tend to price their properties high. The higher price usually means a longer time before an offer comes. In the end the seller sells at market or less.
The quickest way to sell a property in this market is to sell below the average market price for comparable property. The lower price will produce more interest and more offers, possibly setting off a bidding war. The result is selling for more than expected, usually close to what the buyer wanted.
If there is no rush to sell, price at market, meaning price slightly above comparable sold prices over the past twelve months.
The word now is interest rates will rise. If you intend to buy a property, lock in a pre-approved interest rate for the next ninety days and go shopping. If you are selling, make sure your broker informs buyers that they can save money by purchasing before the interest rates rise.
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 to, 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