Every real estate agent wants to market a hot property. This is the type of property that everyone wants to own and is going to create real interest in the market for one reason or another. When it comes up for sale, you know that enquiry will be high.
Your skill as a real estate agent is on show more so in this property than any other.
The marketing of hot property needs to be carefully undertaken as you have a number of problems that can evolve:
- If the marketing is not carefully undertaken, everyone will sense that you did not promote the property well. This can have impact across other property owners, your clients, and other agents. Your image and professionalism is at stake here so be careful.
- A hot property will generate lots of immediate interest and you will have to qualify and separate the enquiry accurately. Be prepared to ask the right questions and capture the information into a good database program for later review and assessment. Keep the client fully informed of enquiry on a daily basis.
- In the sale or lease of a hot property, the great interest from the market can influence the clients thinking, that can in turn lead them to inflate the price or rent asked. Communication is the key here and the provision of an accurate and up to date comparable market analysis to keep the client informed on price and market trends.
- The client that owns such a hot property must be kept up to date on current enquiry and all inspections; do this in a way that is much more than you would normally do. It is highly likely that all your competition agents are talking directly with your client to influence the clients thinking in such an emotive marketing of such a hot property.
So they are the big problems in marketing a hot property. Here are some of the solutions.
- Define your target market for the property before the promotion starts and make sure all your marketing taps right into the target market.
- Create all your marketing material and the information memorandum before you start to go to the market. Get the owners approval to all the material as part of that process.
- Go through the inspection strategy and routine for the property with the client so that it is agreed and decided before inspections start.
- Get the client to agree that all communications that come directly to them are to be referred to you for response.
- Have the client to commit to a comprehensive vendor paid marketing campaign to promote the property well. Get the clients’ money paid to you before the marketing starts.
- Tell the client that in such a hot property sale there is always a temptation to agree early to offers made by others; the client has to therefore remain diligent in directing all enquiries to you. Emotion and knee jerk reactions in hot property sales have to be minimised.
A well-managed sale of hot property will drive a better image for your office and your sales team if handled correctly. The sale can also create a benchmark new price in the market. The client’s image and reputation is very publicly at stake in such a hot property sale, so do your very best in running the marketing campaign and closing the deal at the best price and with the right buyer.