The great recession that hit the world in 2008 plunged real estate sectors into their worst slump ever. Dubai real estate, for instance, was one of the best real estate markets in the world before 2008, but the region has been performing poorly since. The lack of buyers in the market and glut of supply brought on rock bottom prices which experts foresee as ongoing for some time.
To exaggerated the situation, inflation is increasing globally, severely affecting the buying power of people interested in investing. Those who could once afford real estate are now not in a position to buy properties because of tight credit restrictions. The real estate markets have become buyers’ market due to shortage of buyers. Sellers who want to sell their properties at good rates face trouble locating perfect buyers. Sometimes, they dress up their properties quite good to attract buyers, but still have not been able to get good rates for these assets - a buyer's market with no qualified buyers is not a positive outcome at all.
The fact is though, the demand of property may undergo a temporarily decline but it can never die out - the old saying; "they don't make any more land" really applies here. In periods where buyers are hard to find, you can still attract a large pool of buyers if you chalk out wise marketing strategies - there are people out there looking. Normally buyers use their contacts, their networks, to sell real estate properties. Many sellers are not fully aware of all the other channels out there to help sell their properties. Many other easy and effective ways to get great exposure are available. Following are the top three effect ways to market your property which can work for just about any kind of real estate property.
This is the most widely used and effective way to bring your “available for sale properties” before targeted buyers. Mostly in newspapers, there are special pages or columns dedicated for real estate advertisements. Prepare a convincing and attractive advertisement and publish it in any paper by clearly specifying property features in detail. Though this method is costly, yet due to greater circulation of newspapers, you can get hordes of prospective buyers through it.
Consult real estate agents
If you are not familiar with property laws and the other "ins-and-outs" of selling your own properties, it's always a good idea to consult a noted expert. Real estate agents have a record of many properties available for sale and lists of the buyers and investors. At least consult any real estate agent, submit your property details with all of the specifications to them, for an evaluation and suggested marketing plan. They will surely recommend you perfect buyers matching your specifications. This is a cost effective method because you have to pay the commission to the agent only when your property is sold.
Submit listings on property portals
List your property on any B2B portal. Include all the property details and submit it on various property portals. These are many famous property portals, which enlist properties in their databases. Some portals charge for the listing but there are a good number of portals which allow you to list your properties for free. These portals use SEO to enhance their visibility on search engines, helping your property to get more exposure. Besides that, you can also set up social media pages and can advertise your properties on them. And then there are the emerging social media channels too, we will cover evangelizing your offerings via Facebook, Twitter, G+, and others networks later on this week.
We hope this post has been a bit helpful for sellers not so experienced at offering properties and those wondering why their "for sale" sign out front is not so effective.
Susan Smith is a passionate blogger with expertise in Dubai Properties. As an entrepreneur and a businesswoman, she likes to share her extensive knowledge of real estate industry and frequently writes on Dubai real estate agents related topics.
Seller image courtesy © Andy Dean - Fotolia.com
I think your final section is probably the best marketing option(s) if you're limited in what you can do. Social media provides a lot of free and effective ways to market your skills and experience as a Realtor. We've often pushed the idea that online testimonials from clients are the new word-of-mouth, allowing people anywhere to get a sense of an agent's reputation. Thanks for this post!