The impact of data in your home sale strategy
Wednesday Jul 19th, 2017
With the recent announcements made by the bank of Canada regarding the increase of interest rates, many home owners gearing up to put their home on the market are beginning to think that the future of their sale is looking bleak as buyers are no longer rushing to buy. The cause of the slowdown is that home buyer are using new tactics to bring home prices down. They think that if they all stop coming with money in hand, that the home owners will drop the prices.
In an effort to combat these home buying tactics, sellers must step up their game. The seller’s market that we just came out of had buyers flocking to homes and helping push the sale of homes at over asking prices, but now the need to make a for sale home stand out has never been more important than ever. So how do you make your home stand out in what the market is calling a “cool down period”.
Having strategic marketing tactics will not help push homes like never before. With so many other businesses moving making the move into data driven sale and marketing tactics, real estate representatives must do the same. Ensuring that your for-sale home is represented by someone that understands how to gain insight from valuable data can help to push the sale of your home quicker and more effectively.
Video marketing a home is nothing new but understanding things like who your target audience is and what demographic it is being produced for is important. With the help of new and easy to use tools anyone can go into a for sale home and make a quick video tour and post it online. But understanding where to post it, what time to post it, how to segment who to post it to and what other elements to put into the video will make the key difference. This is how data is impacting all aspects of the home listing.
Home renovations were no brainers to many home owners that were looking to flip their property. But taking the time to consider things like the data surrounding your neighbourhood, changing trends in the neighbourhood and event data around home decoration, colour trends and appliance sales will further boost the capital you make off of a small fix and upsell project. There is no sense in renovating a home to your liking or what you assume the buyer will like. You now have to roll up your sleeves and dig into the data to build a profile of your target buyer that makes sense for the neighbourhood you are living in.
Getting involved in the sale of your home also helps to make a difference. If you sit in the backseat while your agent does all the work, you are losing out on potential free advertising spaces such as company bulleting boards, your own social network on Facebook, Twitter, LinkedIn. All these forms of advertising, weather measurable or not, will create some sort of digital footprint if done effectively and get to an audience that is either looking for a home or knows someone who is
Using negative or bad data to your advantage can also help you get the edge on your home sale. For example, statistically open houses are more successful on weekends; which means that there are more open houses for you to compete with on weekends. If the data for hosting an open house looks bad, use it to your advantage by realizing that despite low volumes of visitors, you are almost without any competition for the attention of anybody that is looking to browse homes in person between Monday and Friday.
This new era of data driven real estate agents is nothing new but yet so many have failed to capitalize on how a data driven home sale campaign greatly increases the price of the home and speed of the transaction. My data driven techniques have helped me become successful at helping so many home owners maximize the sale of their home in a timely and effective manner. If your home has been on the market for far too long, or you are just gearing up to sell your home take a look at how my data driven and transparent selling tactics help you prepare, sell and move.