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How to Sell in a Buyer's Market: Real Estate Marketing Ideas (Updated with Infographic)

You've heard it by now: the Toronto real estate industry has started to cool down and could become a buyer's market. Is it just idle talk though? How will it affect your sales for the year? While your sales might slow down in the short run, you can reduce the impact by implementing these real estate marketing ideas. Update your marketing plan to help you increase your sales in a buyer’s market!

After years of increasingly high real estate prices, it seems that the market is starting to cool. A recent study conducted by RBC found that the Toronto real estate industry could become a buyer’s market in the upcoming months. In fact, housing sales in the GTA were down about 50 per cent in the first two weeks of June compared to just a year ago.

How does the buyer's market affect your real estate sales?

For the past couple of years, homes have been sold almost as soon as they had been listed, and usually higher than asking price. It’s been a very profitable time for real estate agents and realtors.

While the amount of listings hasn't seen much change, they aren't selling as quickly as before. The list of homes on the market for buyers rose by over 40 per cent in May 2017.

The drop in sales coincides with the introduction of the Ontario Fair Housing Plan in April of this year. The cooling market might be a psychological response to the plan, as economists and realtors have suggested. Buyers are taking a “wait and see” approach, which has resulted in a pullback.

With home sales on the decline, you will need to create a real estate marketing plan to adjust to the buyer's market.

Should you change your marketing approach?

With the frenzied real estate market, you may not have had to put much effort into marketing your services or listings. In a buyer's market, however, it’s time to shift your attention back.

You'll need to create an updated real estate marketing plan to freshen up your approach to selling property.

Before you start advertising, ensure that the house is ready to be viewed. 34% of most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity. If renovations do not fit into your client’s budget, then consider staging the home. Staged interiors make the space look bigger and newer in photographs.

Relatively inexpensive updates to the front lawn can also improve your sales. The front yard also helps with getting nice photographs of the property to share online, so encourage your clients to paint the porch, repave the driveway and plant some flowers.

With your clients' homes in tiptop condition, your marketing plan will also need an update. Your real estate marketing budget will be broken down into two major components: Digital and Traditional. 

Real Estate Digital Marketing

Digital marketing includes your personal website, search ads and social ads.

Be Searchable

Once you have created your website, make sure your audience knows it exists! You need to optimize your website for search engines. There are many resources and blogs that explain search engine optimization (SEO) in further detail, including this guide from HubSpot.

Real estate marketing strategies include Facebook ads.

Get Social

Promote social sharing by adding social sharing buttons onto your property listings. The person who see your property might not be interested, but they might have a friend who is.

On that note, spend a little extra time (or hire a social media coordinator) to update all of your social media accounts.

Real Estate Print Marketing

Traditional marketing includes real estate print marketing materials, direct mail, signage and out-of-home ads. For your convenience, real estate printing services usually offer templates that suit realtors

Provide Takeaways and Use Signage

Once you and your client have prepared the house for sale (by making sure it’s move-in ready and upping the curb appeal), it’s important that the photos taken of the house are available for potential buyers to view.

Real estate printing options include a-frame signs.

Ensure photos appear alongside the summary of the property in the flyers that you print. These takeaways will ensure that the buyers have something to refer to after the open house. If you plan to print more comprehensive summaries of the properties, pamphlets will do the trick. These takeaways should also showcase your services. Take this opportunity to advertise your services to people who are already engaged.

Utilize real estate signs to both inform passersby of properties for sale and as a method of self-advertisement. Connecting your name to a property will show future clients that you have experience. Good signage, on the property and around the neighbourhood, can go a long way. Outdoor business signs and lawn signs can really make an impact in the summer months. 

Get Local

Use direct mail to communicate your message straight into your potential clients’ hands. You can send flyers, brochures or postcards to targeted neighbourhoods. Conduct research to find out what services your target clients are looking for in a realtor, and compose your messaging that reflects your unique value proposition.  

This is a convenient method to gain more exposure in your selling area. You can mail potential leads using unaddressed admail or addressed mail if you have a list of addresses.

Be prepared no matter which way the market goes. It's important that you're always considering creative real estate marketing strategies to remain top of mind to potential clients. Be sure to check out our free marketing budget calculator to see how much you should spend on your efforts!

Which of these real estate marketing ideas do you already implement? Which are you going to try? Let us know in the comments below.

 



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