Tuesday, June 17, 2008

Do You Spend Money Advertising Your Listing? Attraction Vs Satisfaction

Why are you doing it? Sounds like an obvious question, but if you don't understand your true purpose you are likely to spend money foolishly. Spending money to cause a property to sell has a very small chance of success. As a rule, you should never spend money to cause a property to sell! You can't compel a market response. There are however value reasons to advertise a property. The two most effective are attraction and satisfaction. Are you advertising to attract potential buyers and new listings to your business? Are you advertising to satisfy your seller's expectations? If the purpose is lead generation, it should be pre-planned, tracked and the response measured over time. Know your return on investment on every 'attraction' dollar you spend. Satisfying your seller's expectations should also produce leads for your business, if it doesn't it is money poorly spent. Your advertising budget should be set in advance.When a seller calls to ask "what are you doing to get my property sold?" running another ad is not a proper response because it will not compel a market response. Always stick to your marketing plan, it worked for all your other clients right? A seller's motivation may change and their patience with the process will often become short, explore the changes in motivation and take the appropriate professional response to create a successful result for your client and your business. Take charge of the situation! Take charge of your career.