Keeping days on market in check with Facebook advertising

One of the first things a buyer wants to know about a listing is how many days it’s been on market (DOM).  Studies show the longer a home is on the market, the less likely the owner is to get their asking price. 

And the longer a home is on the market, the likelihood of an agent getting a pay cheque from selling the home continues to diminish.  History would say that if a property reaches 60 days on market, the chances of it selling under that agent is only 10%.  In other words, the agent has a 1 in 10 chance of getting any compensation for all the hours he or she has put in over the last 60 days to try to sell the property.

In a buyer’s market, the average DOM generally blows out because inventory takes longer to sell.  This is usually because of the gap in the vendor’s expectation on price, and what a potential buyer is prepared to pay.  If it comes to it, a pricing conversation with the vendor will usually need to happen anywhere around 45 and 60 days on market, and a possible price adjustment will follow.

Typically, after 45 days, a property listing will be receiving little to no attention online.  If it has been advertised on the portals, the visibility of the listing will have waned.  So where to from here? 

Reinvigorating older listings

For a relatively small investment, a ListingLogic Facebook ad campaign will get the property in front of the right eyeballs again.  It could be the difference between getting that commission cheque or not.  It is also the perfect vehicle for communicating a price adjustment to potential buyers at a time when the online profile of the listing has plummeted.  

A recent case study from Helen Munro Properties in Townsville is case in point.  They had a listing that was approaching stale status.  The property had already been advertised on realestate.com.au (REA) for some time.  Using a ListingLogic Facebook campaign they got their fairy tale ending.  The property went live on Facebook on a Friday, and on the Monday (3 days later) the agent received a phone call from a lady who was keen to inspect the property.  She was taken through the property that day, put in an offer on the same day and then bought it.  Not a bad result for an investment of $275.

The happy new owner did explain that she had first discovered the property on REA and had been watching it for some time.  However, it was when she just happened to see the property video in her Facebook feed that she felt compelled to finally make the call to inspect the property.  True story.

For more information about the ListingLogic social media platform, or to order an advertising campaign for a property listing, email sales@listinglogic.com,and we will get you up and running.

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