Does Marketing Really Matter When Selling Your House?

“Unpredictable” is perhaps the best way to describe Toronto’s real estate market lately. Low inventory and rising prices are the norm as the demand for housing increases over time. Those conditions should lend themselves to a hot market where nearly every listing sells quickly.

However, real estate is also affected by other outside factors, such as interest rates, inflation, and world economic events. There’s nothing like a little uncertainty to cool even the hottest demand for Toronto homes. What can you do to give yourself the best chances of success when selling a home in any type of condition? In this post, we’ll discuss why marketing matters in real estate and how to come up with a winning approach.

The Importance of Having a Plan

Real estate can be a confusing topic, especially when you’re not dealing with fast-changing conditions on a daily basis. When you’ve been in your existing home for a long time, you really have no need to devote your attention to what is happening in the market.

That changes when you start thinking about putting your current house up for sale. At that point, we could be in one of three scenarios:

• It’s a seller’s market. Most houses sell quickly. You might wonder if there is any point in marketing your property at all. A sign on the lawn and a few photos on the MLS® might do the trick. That said, a comprehensive marketing strategy still matters if you want to get top dollar for your home.
• It’s a buyer’s market. More houses are for sale than there are buyers. Those who are in the market have most of the negotiating power. If they don’t like what they see, they can simply move on to the next of their many options. An effective marketing strategy could be the deciding factor in whether your house sells at all, nevermind for top dollar. 
• It’s a balanced market, where buyers and sellers have approximately equal advantage. Buyers have choices, but not as many as in a buyer’s market. In this case, having a thorough marketing plan will help you get the best results possible.

Regardless of when you decide to sell your house, one of those situations will be generally true. There could be some variations depending on the structure of your home and the neighbourhood you’re in.

For example, it could be a seller’s market for detached homes while condo sales are slower. In addition, certain pockets of the city are in high demand no matter what. 

Need more advice on how to sell your home when conditions aren’t on your side? The resources below can help:

• What Are The Fastest Ways To Add Value To Your Home When Selling?
• My House Didn’t Sell. Now What Should I Do?
• Can You Earn More Money By Staging Your Home?

Maximizing Exposure

There’s one principle you can count on in every market and every variation. The more exposure your property gets, the more potential buyers you will attract.

If buyers get into competition with each other, you could even start to receive offers above and beyond your asking price. However, multiple buyers are not likely to stumble across your listing by luck, which is why marketing is a critical component of every selling strategy.

The right kind of exposure is also essential. You don’t need to reach a slew of first-time buyers or downsizers when selling a four-bedroom detached home on a large lot.

Promoting to the wrong type of people will cost you in terms of both money and time. A good real estate agent will put together a targeted strategy to reach the highest number of prospective buyers who are the right fit for your listing. 

One of the tricks to getting outstanding results in a slower market isn’t just to focus on the buyer directly, but also to connect with the agents who are representing them. Each agent might have numerous clients who are eagerly searching for a new home, which expands your outreach to qualified buyers even more. 

A Solid Strategy Starts With Your Home

It can be easy to get ahead of yourself when it comes to deciding how to execute your marketing strategy, especially if you’re excited to move on to your next step. However, for best results, you want to start with the house itself.

Many potential buyers will decide what houses to visit in person primarily based on the photos, which means yours should be spectacular. This starts by cleaning and decluttering thoroughly, and staging in a way that appeals most to buyers. 

Depending on the condition of your home, your real estate agent may also recommend a few minor repairs and upgrades to increase its perceived value in the current market. Meticulously preparing your home offers two advantages when selling. 

1. It is ready for qualified buyers to walk through. Once the hard work of transforming your home is complete, keeping it show-worthy on a daily basis will be easier.
2. You are now ready to capture high-quality photos and videos that will set the foundation of your marketing plan.

Are you or someone you love planning on downsizing? The resources below can help lead to a smooth transition:

• Why Work with an SRES® Agent as a Senior?
• Is It Better To Buy Or Rent After Downsizing?
• A Practical Guide To Downsizing

A Comprehensive Online and Offline Strategy

Every buyer is a little different and may be at various stages of their search when your listing goes live. Your marketing strategy matters because you want to reach those who are ready to buy now, not eight months or a year from now.

Listing your home on the major real estate websites is a great first step. However, this gets your home in front of a wide audience, not just those who are serious about buying. An experienced real estate team will not stop here. Instead, they will have a plan in place to generate maximum interest and excitement about your home. These strategies may include: 

• Stunning photography and videos taken after your home has been updated, cleaned, and staged.
• A professional write-up on the agent’s individual, high-traffic website in addition to the MLS® and Realtor.com. 
• Targeted advertisements on the major social media platforms.
• Email blasts to other real estate agents’ and brokerages’ client lists.
• 3D floor plans and tours.

A thorough online strategy will also be complemented by timeless offline marketing, such as Just Listed photos and feature sheets. With a well-defined promotional system, superb presentation, and a compelling price point, you’re well on your way to a successful sale.

What will it take to sell your home in today’s market? Our Etobicoke real estate experts are here to help you get the best results. Reach out to contact@thompsonsells.com or call 416-450-5900 to learn more.