Selling Your Condo? Here’s How to Get Top Dollar and Target The Best People.
March 21, 2023, by Jessica
WHAT’S THE GOAL?
Selling your condo fast and for top dollar is your goal. Then the best way to do it is to use a highly effective target marketing strategy.
It will require work and observation to attract the attention of the most qualified people to your condo only, but if you don’t know how to do it, don’t worry.
This article will teach you!
Moving is always an enormous undertaking, and it can be incredibly stressful when you’re trying to sell your current home at the same time.
It’s always either a lack of interested buyers or lots of calls from real estate agents and unqualified home buyers wasting your time. I feel your pain!
ONCE UPON A TIME, OPEN HOUSES WERE WORTH IT
Back in the day, when done correctly, hosting an open house was an effective way to showcase the home to many qualified potential buyers.
We still had the “looky-loos,” those people who have no genuine interest in purchasing the property also showed up, but that comes with the territory.
By the way, it’s essential to know that a successful open house takes planning, preparation, and lots of work, which can often pay off in several offers on the place; otherwise, what’s the point of doing them?
However, we live in a different time now. There is no way of knowing if you’re working with a “qualified” buyer or a “dangerous liaison,” a population with little or no conscience or empathy.
“WORKING WITHOUT SAFETY IS A DEAD-END JOB.” — Author Unknown
I cringe and say a silent prayer for my colleagues who throw caution to the wind and sit in an empty open house, testing their fate.
According to a recent study, holding an open house may increase the likelihood of a home invasion or burglary! Researchers believe that open houses allow criminals to scope out potential targets.
Unfortunately, sellers think having an open house is a holy grail to selling their condos, so agents appease them by diligently holding them and producing little to no results.
THERE’S A SAFER WAY
If only the seller knew there was a safer, more effective way through marketing to reach the right buyer for their home.
Once you understand how segmented or target marketing can create the opportunity for selling your condo for TOP dollar in ten days or less to a highly motivated and approved buyer, those risky old-school methods become outdated.
After becoming disenfranchised with hosting open houses for my sellers, I had to find other effective ways to market and get their properties sold.
UNDIFFERENTIATED MARKETING VERSUS DIFFERENTIATED MARKETING
After researching online, I became intrigued with Nike’s way of reaching its customers.
I decided to copy their marketing model to help sellers in my real estate business, but I’ll get to that later in this article.
The first step to selling your condo for TOP dollar is to know the difference between traditional “ineffective” mass marketing and a targeted “highly effective” marketing approach.
Undifferentiated or ‘mass’ Marketing targets everyone as a potential customer. This type of old-school marketing aims to reach as many people as possible in the hope that they get on board with your brand.
SOMETIMES CHEAP ISN’T THE BEST WAY TO GO
IKEA uses this method successfully, unfortunately, not so much for selling condos, I’m afraid.
One advantage of this approach is it’s cheap, but the downside is the risk of over-exposure and extremely high competition. Mass marketing usually occurs when a product or service has a high market appeal. But research has shown that lacking a targeted strategy is like cutting your nose off to spite your face.
Today, consumers want to be treated as unique individuals with highly personalized services, products, content, and messaging. Differentiated or ‘segmented’ Marketing entails isolating several primary target segments with the most potential value for the product or service.
THIS IS WHAT NIKE DOES
It makes sense, but let’s make it more transparent with an example. As promised earlier, let’s use Nike…
This brand demonstrates this marketing strategy exceptionally well. In terms of footwear, their most popular selling brand is “Air Force 1.”
Rap singer Nelly sang a song titled Air Force Ones, which peaked at number 3 on Billboard Hot 100, which had to have helped boost sales.
Click this link to listen to it. I know I was bouncing my shoulders and moving my feet to the beat!
Like most other clothing brands, Nike offers different products for different audience segments. They have running shoes for athletes, casual shoes for everyday wear, and even fashion-forward sneakers for those who want to make a statement. Nike defined a few targets, then developed a separate marketing strategy for each.
WORKS WELL FOR SELLING YOUR CONDO
Proving that segmented target marketing is highly effective because it understands that consumers fit into different groups that require and respond well to personalization. This same method also works wonders for selling your condo too!
By catering to different segments, Nike reached a broader range of consumers and sold more shoes. It’s imperative to think about more than just the product offered when developing your marketing strategy. Equally important is also to consider the different segments of the market and the best way to reach them.
Target marketing dominates by “sneaking” past the walls of competition like a thief in the night without overstimulating consumers, unlike undifferentiated/mass marketing.
I want to reference this next paragraph with a quote from Theodore Roosevelt (the 26th president of the United States) because this type of marketing, while highly effective, comes with a downside. The quote says …
“Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty… I have never in my life envied a human being who led an easy life. I have envied a great many people who led difficult lives and led them well.”
The only downside to segmented target marketing is that it’s not cheap! Hopefully, you now get the meaning of President Roosevelt’s quote.
SO, HOW DOES THIS HELP SELL A CONDO?
Unfortunately, most “do-it-yourself” condo sellers don’t know what target marketing is or how to utilize it to get top dollar for their condo. Let me show you how to take effective action so you can immediately sell your condo and move on to your next chapter in life.
While preparing your place for sale, you must objectively decide WHO will be interested in buying your condo. With a bit of thought, you can easily create an “ideal prospect” that is most likely to be interested in giving you your total asking price based on their housing needs.
For example, if you are selling a condo in downtown Chicago, your target market might be young professionals, empty-nesters, or first-time buyers looking for a low-maintenance property.
Besides wanting a practically maintenance-free place to live, what other interests would an empty nester, a young professional, and a first-time home buyer have that your neighborhood and building could offer them?
Knowing this information and understanding how to use it to attract the most qualified buyers are vital to positioning your condo to be in a category of one!
HOW DO I IDENTIFY MY TARGET?
Once you have identified your target market, you can use various marketing techniques to reach them, such as online advertising or targeted mailings. You may not be aware of this, but you can buy a marketing list of the best prospects in your area based on their hobbies, careers, and interests.
Most owners forget their condo’s other benefits and focus more on square footage, bedrooms, and baths. Yet a more visionary approach is to determine the best features of your neighborhood, school district, and specific features inside and outside the condo and then find the prospects that would have a favorable response to your property.
For example, you could turn a spare bedroom into a workout space, then target people who like to work out or do yoga but don’t have time to go to the gym, or if you have an area that can be an office, you target people who work from home.
THIS IS WHY YOU’LL WANT TO “BITE THE BULLET”
You can significantly increase your chances of making a successful sale by taking the time to market your home effectively, and this type of marketing isn’t up for debate as it is a proven fact to work.
The benefit to you is that the buyer will ONLY look at your condo, and the asking price won’t be a significant factor because it matches their needs exactly. So, they write you an offer and prepare to move!
Target marketing is undoubtedly more detail-oriented, but it can be your most profitable technique for the difference in the overall sales price and the length of time your condo stays on the market.
In today’s market, nearly everything aggressively marketed is gone within two weeks (or less). Anything for sale longer than that time frame may raise a red flag to other buyers, signaling a problem with your property. In some scenarios, pricing may NOT be the problem but inadequate exposure to the correct prospects.
This can easily be fixed by anyone that wants to launch an EFFECTIVE marketing strategy that reaches out to the highest quality prospects who demonstrate some hobbies, interests, status, or qualifications that show they’d be interested in a condo like yours.
Utilizing a professional list brokerage, you can get a list of prospects as detailed as you’d like that describes their lifestyles clearly down to the type of car they drive!
GIVE ME A HAND!
Of course, you’ll need to create a marketing campaign to launch to these people, and if it’s not something you do consistently, it will take time and work to set up. Or you can consider working with a trained Target Marketing Specialist who can expose your condo to the best buyers using this segmented approach.
I work with the best copywriters and know how to target the right buyers who would be interested in your condo, create the entire lead generation campaign, and ultimately find a highly qualified buyer who will pay a premium for your home.
Yes, the state of Illinois requires that I be a licensed real estate broker as well, but more importantly, I have the training and the finances to invest in exposing your home to the right buyers.
This process is not cheap, but it certainly beats the alternative of selling for a lower price, taking too long or worse, giving up on your original goal, and not selling at all. It’s the only way to sell your condo quickly and for more money. So if you’d like to sell your home immediately, here is your chance.
I’m a Target Marketing Specialist encouraging you to take 15 minutes of your time and speak with me.
This is a no-obligation consultation and service I provide to owners who are serious about selling their condos. You can call or text me at 312-600-8121 or click here to send an email. You’ll get a response from me within 24 hours.