How Much Do You Spend Marketing Your Property?

Question

Have you noticed marketing costs are on the rise? I have an marketing budget. Looks like I'll go over it.I think it is due to the extra DOM to move property.What say you?

Michael Quarles · Answer

6 percent.   As fast as I can.  Agents work to cheap.

Rob Gillespie · Answer

Mike, 
Honestly, I think craigslist is the best thing since sliced bread! It is fee and you can track your views vs. calls. It is awesome. If it fails on there, it will fail when you spend a bunch on advertising too.

The MLS is another rockin way to market, you just gotta make freinds with a realtor. Good luck! :mrgreen:

Mike Morrison · Answer

Wow Chris, sounds like you've got the bases covered. I have shifted to vid more and more. Commercial RE has not awakened to the power of a vid of the property and branding. Thanks for the sources. Hope others see your reply.

Chris Clothier · Answer

Mike -

I don't retail properties, but I get a lot of return from the online marketing that I do for our company.  With the amount of research that buyers do online before buying a property, even with an agent, I think it makes a lot of sense to create as much presence as possible.  I use mostly free to low-cost sites and spend about 200 dollars a month on membership to these sties like Animoto, Screencast, Vimeo, VFlyer, Viddler just to name a few.  Even placing properties here on BiggerPockets can increase the number of impressions for a property because interested buyers will see those listings and they do go to non-traditional sites to view videos or listings or flyers of properties in they are interested in buying.  You could even try Press Releases if there is a truly unique feature you have to a house.  That press release, which can be done very inexpensive can rank very high for specific keyword searches such as neighborhood data and your press release will rank high.

I know that didn't help a ton for budgeting, but it is something you might consider within your over-all marketing plan.

Best of luck

Mike Morrison · Answer

J.Scott, I agree, most of my business comes from MLS & Loop Net.I still do some print media for certain properties.I had budgeted for 5% this year. Looks like I'll be closer to 7%.

Mike Morrison · Answer

Ed, you're the first agent I've talked to that thinks Realtor.com shows results for the money.

Ed L. · Answer

I own my RE brokerage, so my advertising cost are pretty much diluted to the point of not mattering.  Do a 2-3% co-op.

Best ROI I have seen comes from Realtor.com's premium membership... Provides much better visibility on the worlds largest Re site.

J Scott · Answer

Is it on the MLS?  In this real estate market, that's the most important marketing tool if you want to attract qualified buyers...