It goes without saying that top-end residences require excellent marketing strategies. The visuals must be stunning, while the video should showcase both the grandeur of the property and the advantages of residing in its location - whether it's near golf courses, forests, or in a bustling city setting.
As stated by David McHugh from LIV Sotheby’s International Realty in Vail and Beaver Creek, Colorado:
“Affluent consumers today are focused not just on a great property, but on the lifestyle that the property will provide their family How do they see their family using the property? Will this property be a draw for their immediate and extended family to use for family gatherings?”
Including a floor plan can be useful, especially for larger or uniquely designed homes. Additionally, a creative marketing strategy such as hosting a party during the open house could add a unique touch to attract potential buyers.
That's all fantastic, and any real estate agent would feel completely at ease using that strategy when selling a multimillion-dollar property.
Shouldn't an average home also be given the best opportunity for a top sale price?
While the commission may not be as high and the marketing budget may not be as large for the selling agent, a savvy New York real estate agent can still create a top-notch marketing campaign for an average home within that budget.
What is the recommended budget for a real estate agent's photography and marketing expenses?
According to real estate marketing specialist, Laura Ure:
“If the home being sold is for $2,000,000 could easily have $20,000 go into marketing it.”
In other words, her recommendation is to allocate approximately 1% of the sale price towards marketing for the home. This amount may seem reasonable for high-priced listings, but it becomes more challenging for agents handling lower-priced properties.
According to Jerry Rossi, who wrote Dog Eat Dog & Vice Versa: 9 Secrets to Put the Bite Into Your Marketing, it is recommended that...
“A good rule of thumb for real estate practitioners is that marketing budgets should equal about 10 percent of their commission income …”
Assuming a 3% commission for an agent, the corresponding marketing budget would be 0.3% of the sale price. Unlike that earlier figure of 1%, this seems feasible even for lower-priced homes. Let's explore a few scenarios to illustrate this further.
An advertising strategy for a home in Westchester County valued at $700,000.
Assuming a marketing budget of 0.3% of the sale price, which equals $2100.
Having a substantial marketing budget is essential for any successful agent, as it allows them to offer a wide range of services.
- High-quality photos in bulk
- A virtual tour of the residence and its neighboring vicinity.
- A floorplan
- Promotional material
... and still have remaining funds to invest in an online ad campaign and other expenses.
An advertising strategy for a home in Westchester County valued at $200,000.
With a marketing budget equivalent to 0.3% of the sale price, that would be $600.
Despite the limited marketing budget, an agent should still be able to provide:
- High-quality images.
- A short video tour.
Despite the limitations of a smaller property, an agent should still be capable of executing a standout marketing campaign within that price range.
A promotional strategy for a Westchester County property priced at $85,000:
This is a remarkably low price, especially for a place such as Westchester. Upon researching homes currently on the market in the same price range nationwide, it was evident that there were not many pristine homes available at this price point.
So, how can an agent make the most of a low budget?
Given a marketing budget of 0.3% of the sale price, this would be $255.
Despite the limited space, an agent should still be able to offer:
- A set of 6-10 high-resolution images.
While many agents may not see the value in investing such a significant amount, a top-notch marketing campaign in the lower end of the market will undoubtedly make a property stand out among all other listings at that price point. This is mainly because no one else is willing to allocate funds towards advertising in that price range. As buyers and investors browse through their search results for homes under $100K, they are more likely to take notice of a property with only a handful of exceptional photos.
Conclusion
Regardless of the price point, it is important not to overlook the visual marketing of a home, especially in the desirable county of Westchester.
While it may be tempting to invest large sums of money into promoting a million-dollar property, it should also be justifiable to spend a few hundred dollars on any listing. Quality photos are crucial in attracting buyers, influencing sale prices, and shaping how both buyers and sellers view the agent. Therefore, every home should be presented in its best possible light.
Don't sell yourself or your homes short of their full potential - bring in a professional real estate photographer for every listing. You'll see positive results from doing so.