Perceptions

The advertising executive who said "Perception is everything, reality is nothing" touched on a very important aspect of marketing.

Here are some perceptions with respect to residential real estate:

"Deal with me because I'm #1"

Perception: More is better.

Reality: Sales volume bears no relationship to the quality of each individual transaction. Would you think of a high volume fast food restaurant as the place for the best meal in town?

Besides - what does #1 mean - number of sales, dollar volume of sales, volume of commissions earned, Medallion statistics, area statistics, company statistics?

You should choose a REALTOR® on the basis of market knowledge, expertise, negotiating ability plus the ability to recognize and help you achieve your goals. Most people only buy or sell one property at a time - your goal should be to have it done properly.

"Advertising - Open houses - Signs sell real estate"

Perception: The most visible marketing methods are the most effective.

Reality: The Fraser Valley RE Board independent survey of 1000 buyers in 1996 showed that Open Houses, signs and newspaper advertising attracted less than 10% of buyers to the property they bought. With the exponential growth of the Internet that figure is substantially less today. Studies now show that most buyers check out properties and communities on the Internet first. Over 75% of Canadians have Internet access and most are using high speed.

Realtors use hard copy advertising, signs and Opens to "sell" themselves - these are very effective personal marketing vehicles and great opportunities to meet clients who want to buy or sell.

"Paying less commission puts more dollars in your jeans"

Perception: Low price equates to high value.

Reality: While selling fees vary, in this area the total real estate fee to sell your property will likely be less that 4% of selling price. A marketing strategy that focuses on a discounted commission approach ignores the more important aspect of your transaction - maximizing the other 96% - the selling prices and terms of the deal.

The bottom line is that maximum exposure of your property's features and benefits to qualified buyers will find the one who perceives it as perfect for their needs. This is the buyer who will pay you top dollar and net you the most!

In a hot market you can get a good price in 3 to 4 days, imagine what a great price you would get with 30-45 days of maximum market exposure!