For a real estate agent this is a very good lesson on what marketers call “perceived value”. So if you really think about it, when you’re marketing a home you are not only attracting buyers to that property, but you are also positioning that property in the marketplace and creating perceived valued to the buyers.
There are hundreds of thousands of properties listed on web portals if you did a search today. Therefore one of the roles of a marketing agent is to help the property that they’re marketing stand out. Essentially, you need to take that property and wrap that Pellegrino label around it. Conversely, one of the worst things you can do is have an expensive property and by using “cheap” marketingÂ decrease the perceived value of that property in the marketplace. In layman terms take a $1m property and put it in the ad of a $500k property.
Attached is a “rockstar” evidence based visual you can show a vendor at a listing presentation to help emphasise that big ad is a better ad. As you can see the perceived value of a quarter page advertisement to a half page advertisement for the same property is 24%. Furthermore, from a quarter to a full it’s 46%.
So next time you’re sitting with a vendor trying to convince them to move away from a postage sized advertisement to a bigger advert, pull out this visual and simply say: “as you can see the last thing I want to do is mis-market your property and apologise later. I wouldn’t do it to you.”