How To Sell Property Quickly ? 7 Marketing Tips For Sellers
How to sell property quickly is one of the key concerns for
most of the sellers. I keep receiving this query from my clients. It?s a known
fact that property is a high-value illiquid asset. On an average, it takes
around 3-6 months to sell property in high demand pockets. In low demand
pockets, it may take up to 12 months. Some of the recent queries on my blog
forced me to write this post. The readers mentioned that their real estate
investment is dead and they are not able to sell property from last 2-3 years.
Secondly, readers complain that i don?t share too many posts for sellers :).
It?s a no-brainer that you can offer a discount to sell
property quickly. But this post is not on discount or distress sale. To share
an example, a property worth 1.10 Cr was sold for 87L within 15 days. The
seller was in a dire need of money. The property investor, in this case, was on
a look out for distress sale or discounted property. Don?t worry i am not going
to suggest this in my post. We will discuss 7 marketing tips to sell property
quickly at market price.
1. Target Buyer who is shifting/shifted recently to the city
or stay in some other city:
Based on my experience, i can say that a seller can quickly
sell property if the potential buyer is not from the same city or shifted
recently. There is a set of people who don?t prefer to stay on rent. In case
they change city then normally they will buy a property and then shift base.
Alternatively, they stay on rent for initial few months and meanwhile finalize
the property. There can be multiple reasons for the same.
A buyer who is a localite will take long to close the deal.
Mostly, he will check more than 50 properties before closing the deal. Needless
to say that each property has it?s own merits and demerits. It?s a human nature
that local buyer will focus more on demerits. On the contrary buyer from
outside will focus on merits. Thus it is easy to sell property to the buyer who
is an outsider.
This marketing tip works 8 out of 10 times. This is based on
the experience of my clients i.e. to whom i gave this tip :). Now you must be
wondering how to target the buyer who is shifting/shifted recently to the city.
I will share it in one of my future posts.
2. Visual Impact / Video Ad:
From a marketing perspective, Videos are more effective
marketing tool compared to pictures & pictures are better compared to text
ads. I do understand that it is not feasible for everyone to record the video
to sell property. In my opinion, you can always take help of someone who knows
basics of video recording. Even on smartphones, it?s a cakewalk.
Basically, the whole idea is to shoot max 3-4 mins video of
the property. You can shoot the same on your mobile. While shooting you can
explain/market the details like furnishing, benefits, facing, attributes etc.
Some of the do?s and don?ts for video ad are as follows
(a) The introduction should summarize the key advantages of
project and locality. For example, the society is near school, malls, market,
amenities etc.
(b) Record the Video Ad during day time
(c) There should not be any background noise
(d) Your voice should be audible and clear
(e) Don?t exaggerate the facts
(f) Don?t forget to share your contact details at the end
You can circulate the video ad through Whatsapp and request
friends to forward the same to other groups. You can also post on your social
media profiles. I have a lot to share on Video Marketing but i will definitely
share my thoughts in a detailed post on the same subject.
3. Personal/Emotional Touch:
Normally, every seller has some good memories associated
with the property. The whole idea is to market these good memories through
personal and emotional touch/appeal depending on the profile of the buyer. This
is bit tricky and i am not telling the sellers to tell a lie to sell property.
For example, one of my client?s potential property buyer was
IT professional. Coincidentally the seller was also IT professional. The seller
was on offshore assignment for 3 years. Therefore, i suggested my client to
make a sales pitch that property is lucky for her :). After the purchase of
this property, she got an opportunity of offshore assignment. The sales pitch
clicked with the potential buyer and believe me he immediately handed over the
token money to the seller.
4. Buyer Profiling:
Before you make a sale pitch to a potential buyer, it is
critical to find out more about him like family, profession etc. In other
words, the buyer?s profiling is very crucial. You can take help of social media
or brokers. The objective is to strike the right chord with the potential buyer
to sell property.
In one of the cases, the buyer?s mother aged 70 years was
planning to stay with him. Secondly, the buyer told the broker that his mother
will be co-owner as she would like to invest some X amount in a new property to
save capital gain tax. I suggested my client that he should highlight that
their society has senior citizens club and how they organize programs and
engage with the senior citizens. Therefore, in this case, the mother of a buyer
was convinced to buy.
In another example, while doing buyer profiling, my client
found out that wife of a buyer is a fitness freak. Therefore, we designed sales
pitch accordingly and highlighted how the society is well equipped for fitness
freak buyers. We also shared the benefit of staying in society because of Zumba
class in vicinity, gyms nearby etc. Again by striking the right chord my client
was able to sell property in just 25 days time.
5. De-sell other choices:
It is okay to de-sell other projects until the seller is not
telling a lie or misleading the buyer. This is a famous marketing technique to
de-sell other products. For example, if you draw a line A then there is NO
reference point for comparison. Therefore, it is similar to marketing your
flat/apartment i.e. line A is your flat. Now, if you draw line B smaller than
line A then line A will start appearing long and line B will look short. In
other words, the comparison is always relative in nature.
How to use this marketing technique lets check out. Mr. Y
was planning to sell his flat. He was in an urgent need of money for the higher
education of his daughter. I told him to check with the potential buyer which
all apartments/projects he is evaluating. After that, i suggested him to make a
list of negatives of each of these projects. For example, Project A had an
issue of STP smell, the parking of Project B was small etc. In short, highlight
apartment specific factors responsible for the property devaluation.
During next meeting with the buyer, Mr. Y highlighted these
negatives to the buyer and cautioned buyer to check these negatives before
purchase. He never sounded negative but maintained a tone as if he is trying to
help the buyer and obviously marketing his flat. Finally, the buyer decided to
purchase a flat of Mr. Y.
6. Personalization:
It?s a human nature to think that what we like, the others
also like the same. Whenever you are selling the property, it is important to
remove any kind of personalization on the property and take a neutral approach.
Here i am not referring to any structural changes/wardrobe change etc. I mean
to say that undo any changes in the property that are personal in nature.
To share an example, i like dark blue color which is offbeat
and personal choice. As a thumb rule, the paint of the house should be neutral
say light cream. Many people don?t like the dark blue color and may not like
the house because of the color scheme. To market your property well, you should
take a neutral stand in all the aspects.
Another real life example is of one of the friends. He had 2
and a half BHK. He converted small room to a study room. Though small room
could have been used for the father of the buyer as a bedroom and the flat
should have been marketed as 3 BHK. The potential buyer did not like the
concept of the study room and it stuck in his mind that small room can be used
only as a study room. Therefore, the deal was called off.
7. Reason for sale:
Last but not the least, unknowingly the reason for sale is a
crucial marketing technique to sell the property. You must be wondering how?
Normally, some of the common reasons given by the sellers are we are shifting
out, we are in a need of money etc.
In my opinion, the best reason to quote is that we are
upgrading to bigger or premium property. It gives a lot of positive vibration
to the potential buyer. It is perceived that the property was a lucky mascot
for you as a seller. Now you must be wondering i am telling you to tell a lie.
Okay, i agree but you are not hiding any fact/cheating w.r.t property in
question. This is your personal reason and not necessary for the buyer to know.
If you tell i am in an urgent need of money then trust me you will get 87L for
1.10 Cr property as i shared earlier. Please understand that as a seller you
can?t share a reason that will snatch your negotiation power.
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