Home sellers need to have a solid feel for what home buyers are doing when they search for a home to buy. The use of the internet by home buyers continues to increase and the National Association of REALTORS® Annual Survey of Home Buyers showed that 94% of home buyers used the internet in their home buying process.
Home Buyers Begin With Price Range
If you ever sit down to use a home search tool, like the Tallahassee MLS Property Search, you will quickly realize that the easiest way to restrict the number of results in your search is to put in a price range. In fact, most home shoppers select a price range before they put in any other characteristic of a home.
Home Sellers Choose Their Competition
While home sellers have no control over what home shoppers choose to look at, they have total control over their market positioning. The price that sellers choose to ask for their homes determines what homes (if any) that prospective buyers will use for comparison. Think about it ... why price a home for more money that in can be sold, it just causes buyers to compare it with nicer homes. It is a new paradigm for home sellers when one understands what home buyers are doing!
Home Sellers Should Employ Targeted Exposure
In the old days (before buyers began using the internet to find a home), a frustrated homeowner would grill the real estate agent when a home wasn't selling. The home seller would want to know:
- Is the property advertised in the newspaper?
- Is the property advertised in the homes magazines?
- Has the property been "caravan-ed" by the office agents?
- Have open houses been scheduled for the public?
- Are "incentives" needed to motivate home buyers?
But if a home seller is employing targeted exposure to sell a home, then the questions are much more direct. Sellers should want to know:
- How many page views has the property received?
- How many pictures are being used to market the home?
- How many links refer back to the key destination site?
- How much traffic is the listing receiving on the local site (where ready home buyers are shopping)?
- What web 2.0 strategies are being implemented to sell the home?
- What are prospective buyers saying about the current market positioning?
It's a new day for home sellers and buyers alike. Many traditional methods can produce limited results, but the key to selling a home today is making sure that it appears in as many home searches as possible (of the ones that are being conducted by serious home buyers). Home sellers who choose an approach utilizing targeted exposure are sure to benefit from 94% of the home buyers that are using the internet.
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(All Tallahassee Subdivisions can be found the Tallahassee Neighborhoods page)
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Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.