At first glance, there doesn’t seem to be much of a difference between advertising a home and marketing a home. Though both work towards one objective – to sell a home – the truth is that these two are distinct from each other, and both of them have their own separate processes and strategies.
Understanding the difference between advertising and marketing, as well as how they can work together will definitely help you towards achieving your goal.
One of the most important things to remember is advertising is just one component of marketing. In real estate, advertising is all about getting your property in front of a larger audience, whether online or through traditional media. Essentially, advertising means spreading the word about your property.
Marketing, on the other hand, is a larger process that involves mostly research, pricing, sales strategies, and other processes. Marketing serves as the backbone of your overall strategy, which means success in advertising your home largely hinges on your ability to market it.
Most sellers dream of making a quick and successful sale – in order to accomplish this, you need to make sure that both your advertising strategy and marketing strategy work hand in hand.
Here are a few helpful tips we’ve compiled which can help you craft solid marketing and advertising strategies:
- Identify your target market. One of the key aspects in marketing a home is knowing how to market it accordingly to the correct target market. For example, if your neighborhood is popular for professionals, make sure to highlight its close proximity to the business district.
- Price it right. A property’s listing price can make or break a sale. Don’t be tempted to overprice your home just to see if you can get an offer. Overpricing a home and then lowering the price several times will lead to a much lower selling price than the one you originally had.
- Imagine yourself as a buyer. Put yourselves in the shoes of a buyer, and think about the things you value in a property. Do you look for homes with spacious rooms, large updated kitchens, and master bedrooms with beautiful panoramic views? Most buyers probably want the same things. Consult your agent about current buyer trends so you know what most buyers are looking for.
- Put your home on the multiple listing service, or MLS. The MLS is an extensive database of properties used by all real estate agents throughout the country. If you’re working with a realtor who belongs to the National Association of Realtors, you can automatically list your home on the MLS, or you can choose to pay a small fee to have it listed online.
- Take clear, attractive photos. We’re all familiar with the saying “a picture is worth a thousand words” – this is especially true in real estate. Buyers will want to see more of your home, so be sure to take plenty of photos that highlight its best features.
- Create a virtual tour for your home. You can find many sites that offer to create a virtual tour of your property for a small fee. Having a virtual tour automatically gives you an advantage – it’s the best possible way to showcase your home online, as buyers who see something that interests them in your virtual tour often want to visit the home to take a closer look.