As part of the property sale process, agents pitching for your business will present you with a marketing proposal.
Having the right marketing is an essential part of a successful sale campaign and unavoidable. Like most things today, you will need to advertise to be seen, and in addition to marketing, there are other costs that the agency will need to recoup from you.
It’s a misconception that the agency will bear the cost of marketing to secure a sale commission – the expense is the vendor’s responsibility.
There are other legitimate costs too, but be aware that legislation covering the real estate industry only allows for recoupment of all marketing and sundry additional expenses. The agency cannot add a margin.
How do I know where to advertise?
Assuming you chose a local agent, they know what will work best given their locality expertise.
A typical marketing plan, all at your cost as the vendor will include:
- Internet advertising – by far the most effective and the internet cost will absorb most of the budget.
- Print media in some cases
- 360-degree virtual tour movie inside and outside
- An auction board, sometimes fitted with solar-powered lighting
- Handout brochures for Open for Inspections
- Copywriter fees
- Artwork and production
Your agency will select what has worked best in the past, but by market share, make sure it includes these first two in addition to your agency’s site:
- realestate.com.au and domain.com.au
- Your selected agency’s site. The agency will always include your property in their own branded web site.
- If the agency suggests other internet sites, ask the questions – what’s the reasoning behind the selection and the cost?
How much should I spend?
Typically, a well-constructed campaign will cost you as much as $8,000 for a property exceeding $1 million. As you would expect, the more expensive the property, the higher the marketing expense particularly when print media comes into play. Payment can be deferred until the property settlement for an additional small fee.
As vendor advocates, we advise you on agent selection the right campaign for your property, the cost and the method of sale. Call us at ela Property Advocates to discuss your options for selling or buying a property. Guy Angwin: email@example.com, 0412 022 998 or Geoff Briscoe: firstname.lastname@example.org, 0419 740 351.