When selling, you need to spend money on advertising … but how much and which kind?
Like agent fees and commissions, the cost to market and advertise your property is one of the most divisive aspects of selling property. On the one hand, there are the vendors who want a huge signboard, double page spread in the paper, the most prominent listing on the internet, and as many colour brochures as possible. Then there are those who’d rather spend as little on marketing. Who is correct?
The truth: probably neither. Marketing and advertising is a crucial component of nearly every property sales campaign, but the vagaries of the property market, location of the property, and the property itself means that there is no one-size-fits-all approach to property marketing and advertising. The only thing that’s certain is that, for the sale of your home to be successful, you’ll need to factor marketing and advertising into your budget.
There is a lot to consider when it comes to property marketing and advertising, which is outside the scope of this blog post. It is, however, discussed in great detail in our free, downloadable guide to selling property; we’ve also published a two-part comparison judging the pros and cons of the two most popular property websites — click to read about just who’s the top dog in real estate advertising, Part One and Part Two. For now, though, we’re just going to look at the typical marketing costs you can expect when selling your property.
They’re a real estate staple, and although there are arguments for and against using signboards to market your property, they’re often non-negotiable. In some shape or form, most agents will insist that you have a signboard erected outside your home. Depending on the style, technology and the provider, signboards cost somewhere between $250-800.
Contrary to conventional wisdom, the internet hasn’t caused buyers to abandon other advertising mediums entirely; instead it’s just caused media audiences to fragment into many smaller groups across multiple platforms. Keep this, and the average number of days a property only advertised online spends on the market, in mind when considering online advertising costs. A Domain listing costs between $600-800. Realestate.com.au has market-based subscription plans that vary depending on the suburb and the individual agent; prices start at around $350 for a 30-day feature listing and can cost around $2,500 for a 30-day premiere listing.
Newspaper display ads
Believe it or not, real estate advertising remains one of the most dominant ways to advertise property, even in 2016. If display advertising is going to form part of your advertising campaign, expect to pay between $450-3,500 per advertisement, per insertion. That figure usually excludes ad make up, which is usually about $80-120 per advertisement, per insertion. Newspapers justify their rates based on their readership and circulation figures. You should analyse these figures closely before buying any advertising.
Expect to set aside…
…around 1 percent of your home’s market value on marketing and advertising. Property that is in high demand can sometimes get away with spending half that, if it sells prior to auction or if you’re fortunate enough to have an ‘off-market’ sale, where your agent only contacts buyers from their database.
For a detailed discussion on property marketing and advertising, subscribe to our website to receive access to our free, educational guide to selling property, called Selling Your Property: What You Really Need to Know. Alternatively, for more property market news, insights and analysis, continue reading our blog.
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