Determining how much to spend on advertising when you are selling a property comes down to some basic philosophies – having a solid strategy, creating a solid reach and capitalising on the audience.
It is difficult to put a number on how much you should spend on advertising for your home, because every area is different to the next. Supply and demand plays a big part in how much you need to spend as well. You need to know where your target market is and know how to reach them. If there is high demand in your area, then your real estate agent will be able to point you to their big list of leads, and advertising will cost very little. If the market is flooded where you are the opposite might happen.
It’s really going to come down to the area in which you are selling, and how quickly you want to sell. The more you spend, obviously gets you a larger audience, but it must be done right to achieve that result. Greater advertising exposure means more eyes on your property, which in turn can create competition amongst buyers, driving the sale price up and the sale to a quick close.
Sellers need to deliberately target buyers through online campaigns, and when it comes to online advertising, the options are plentiful. From your standards like realestate.com.au and domain.com.au; to other players likesellable.com.au and buymyplace.com.au there are literally hundreds of ways you can spend your advertising dollars. You can even pay to advertise your home on Facebook, Twitter and Instagram
Should I pay for advertising or will my real estate agent pay for me?
No matter whether it is in your contract that your real estate agent will handle the advertising for your home, you should still educate yourself on different ways to advertise, and work with your agent to ensure all avenues are taken.