costs need to be calculated and decided which may result in removing or adding marketing activities to fit the budget. Normally the seller will give instructions concerning the agency’s advertising budget, and costs should be watched and controlled within the set budget. A record of all relevant details about the progress of the sale can be presented in a Marketing Activity Log and will assist in the constant liaison with the sellers. It can also be used to review the marketing activities and support any changes to marketing strategies. [5.20] Criteria for deciding the best method of sale As well as looking at the type of property and the seller’s motivations when deciding on the method of sale, agents always need to be aware of what’s going on in the market place. There are times when one particular method of sale is more effective than others. [5.20.1] The property Does the property suit one method of sale? Can market price be easily established? Does the property have alternative uses? Does the property have much competition? [5.20.2] The seller Is the seller motivated to sell? Is the seller realistic about price? Will the seller pay for the marketing campaign? [5.20.3] The market Is the timing right for selling? What are the current levels of results for each method of sale? Where is the market heading? What are buyers’ current attitudes? [5.20.4] Effectiveness Knowing the market conditions helps agents to determine the effectiveness of each method of sale. Which methods get the best results? Which methods best suit buyer habits? Which methods get unrealistic sellers quickly conditioned? By tailoring the marketing of the property to current market conditions the agent clearly identifies the method to achieve the best result for the seller.
© REIQ v18 August 2017 71 CPPDSM4012A Discussion can occur on the following marketing strategies: The for sale sign; some sellers do not wish to have a sign erected in front of their property. However, the agent may outline the benefits such as providing continual exposure of their property to the open market and potential purchasers Advertisements in the newspaper, multiple listing booklet, brochures for letter drops and for auctions 'Open for inspection' brochures describe the property in detail and are handed out to the public who attend an inspection Specific buyer targeting using existing records Provide samples of similar marketing materials for other properties to show the sellers what to expect. Discuss with the sellers their requirements in regard to marketing their property to design a marketing plan. [5.21] Options for marketing the property Sellers may require careful educating about the options for marketing their property.