1. Listing your property online before advertising to relatives, friends or neighbors.
Most agents get a listing, snap photos and upload it online as quickly as possible. This is a mistake and there is a lesson we can all learn from For Sale By Owners (FSBOs). According to the National Association of Realtors one in three FSBO’s sold their property to a relative, friend or neighbor and in these instances where the seller knew the buyer, the number jumps to sixty percent. Not only this, the average time on the market is one week vs. four weeks and the price the apartment sold for was generally for 100% of the asking price.
Solution: Create a flyer with your property’s information and send it out using USPS Every Door Direct Mail. This service allows you to mail every single home in a neighborhood for an extremely cheap price. Chances are if someone already lives in the neighborhood of your listing they may not want to look far for their next home or investment.
2. Publishing floor plans is the easiest way to lose clients.
Floor plans are the most sought after item on any real estate listing page. They should not be published. Instead they should be used to capture a buyer’s contact information.
Solution: Redesign your website so that it requires the user to “sign up” before they can download the floor plan or create a call to action in your ads that says “Please Email me at: email@example.com for floor plans of this apartment”. If you do not have floor plans for your apartment you can draw them out on a piece of paper and hire someone on odesk.com to digitally render them for as little as $5.
3. Real Estate photos are worth more than a thousand words.
80% of home buyers start their search online, and you only have three seconds to make a good first impression as the competition is only one click away. Below you can see two photos I took of the same room in a New York townhouse. One was done with a point and shoot, the other with an SLR camera and a wide angle lens. If you are using a point and shoot you are doing your apartment an injustice. I tripled the number of leads I generate when I spent $1,000 on a camera and a lens.
Solution: You have two options:
(1) Spend a $1,000+ buying an SLR camera & a wide angle lens.
(2) Hire a professional photographer to photograph your properties for you.