Real Estate Talk: Assessing
the marketing campaign

Measuring the progress of your broker’s campaign

By Joseph Marovitch

Updated November 15, 2023

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 and 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, whether social media was used, how many hits the listing received, how many inquiries received, how many visits, and how many offers.

The assessment of results would indicate the following in the monthly report:

1. The number of views on Centris
2. The number of calls and email inquiries the broker received
3. The number of visits to the property
4. 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.

Results

1. The price is too high:
   Many Centris views, plus few calls and few visits indicate that the interest is high but so is the price.
   .
2. The marketing is insufficient or the market is weak:
   Few views, plus few calls and few visits indicate the market is slow or the marketing effort is insufficient.
   .
3. The price is very good:
   Many Centris views, plus many calls, many visits, and multiple offers indicate 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 topic: Promise to purchase before due diligence always!

STATE OF THE MARKET

Canada Prime Rate today: 7.2%
Canada Inflation today: 3.8%

According to a recent article in the Financial Post on Nov 15, by the Canadian Real Estate Association (CREA), home sales declined by 5.6% from September 2023 to October 2023. According to CREA Chairperson Larry Cerqua, sellers are holding on to their properties at least until next spring. It is assumed potential sellers are waiting for world events to improve and, therefore, for interest rates to decline with inflation.

‘… there are advantageous opportunities to sell and purchase in this complicated market and there are ways to navigate the market if you are experienced or have a professional who knows what to do.’

However, according to the Federal Bank, Canadians better get used to permanent higher interest rates since the Fed does not think it wise to reduce rates at any time in light of world events. This may also be due to the Government being able to make a lot of money with higher rates to pay the national debt and a little more.

All this being stated, four issues have occurred:

• Home sales have declinedProperty prices have risen
• There are still buyers in need of a home with serious intentions and laser-focused on whatever is for sale.
• There are homeowners being hit with high-interest rate hikes as their mortgage term approaches, who could not afford these homes in the first place and must sell.

As I have mentioned before, there are advantageous opportunities to sell and purchase in this complicated market and there are ways to navigate the market if you are experienced or have a professional who knows what to do.

Have a great week!

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Other articles by Joseph Marovitch