At one time, clothing displays, newspapers and shop windows were the main selling focus. Now the presence of the online market has become a new lifestyle. By going online, we can simplify the distance.
Let's take a look at recent years. Try to identify how many changes to the way of transacting property. In the past, we had to go to many places to collect property candidates. But now, digitalisation can streamline almost all property transactions.
Did you know that 93% of holiday home buyers use the internet while looking for a home? Even 53% of them started looking for it online. Property agents must adopt this trend if they don't want to be left behind.
Even though online is a plus, you sometimes need to do an offline survey before buying a property. You need to check the property's actual condition and ensure everything matches the information listed online. Expectations have to match reality, right?
What is a property listing?
Property listing displays houses, apartments, land and commercial properties for sale or rent. The list of properties can be online (websites and marketplaces) and offline (newspapers or real estate magazines).
How online property listing works
The average online attention is only about 8 seconds. This is why first impressions are always crucial on all occasions. So your listing must attract the attention of potential buyers. Despite the many marketing strategies for selling property online, there are three options for selling property online.
1. Selling through the best property agents
90% of people partner with agents to sell their homes. Agents are always up-to-date with the latest trend. They combine technology to help clients find their best properties. Top agents have many perks that make the selling process more attractive, such as:
- Using a professional photographer
- Take pictures via drone
- Create a 3D tour to provide a more detailed description of the property
- Using paid campaigns on various platforms, such as Google and Youtube
The option to sell through an agent also has plus points and weaknesses:
Plus point:
- Having professional expertise in marketing strategy.
- Agents who specialise in a particular area can provide knowledge about that area. This includes potential buyers, local property trends and environmental dynamics.
- Top agents always have access to the best inspectors, so the before and after sales process is professional.
Weaknesses:
- It takes a relatively long time
- Commissions from agents come from your sales profits
2. For Sale by Owner (FSBO)
Some people also choose to sell their homes independently. This community usually uses the word FSBO (For Sale by Owner). But this method is like a big project. In fact, only 7% of people sell using FSBO.
Plus point:
- The sales process is entirely under your control.
- You don't have to pay agent commissions. However, in some cases, you still have to bear the commission from the buyer's agent.
Weaknesses:
- All marketing strategies are your responsibility. This includes creating unique and eye-catching content and spreading it.
- On average, FSBO has a lower price than using an agent.
- The legal process is your responsibility. Consider using a lawyer if selling under the FSBO system.
- FSBO takes a lot of time to sell.
3. Selling directly to cash buyers
There is a new company using this method called iBuyer. iBuyer simplifies the process of buying and selling property faster. When selling to iBuyer, you can get a cash offer within 24 hours.
Plus point:
- You can sell property entirely online (in some cases and types).
- The sales process is fast. iBuyer is an exciting method if you need to sell the property quickly.
- No agent fees.
Weaknesses:
- Usually, potential buyers want a good deal immediately, so you'll have to settle for a lower price. There is no negotiation process.
How offline property listing works
Offline marketing mixes several channels and media to market the property. There are many offline marketing strategies, but here are the top three:
1. Word-of-mouth
A form of recommendation marketing is a word-of-mouth initiative. In the property space, recommendation marketing is the organic result of pleasing customers and after-sales service.
According to the NAR (National Association of Realtors), 89% of leads come from recommendations. You can incorporate an extraordinary strategy to recommendation marketing:
- Providing clients with discount offers for referrals
- Give commissions to clients who bring new people to your network
- Collaboration with other property agents to share commissions
2. Hand-to-hand and door-to-door flyer distribution
The following offline property marketing method is a hand-to-hand flyer distribution. Large and small property agents widely use flyer distribution. This process will build brand awareness and recognition.
Door-to-door sales target flyers to audiences directly through residential addresses. Some agents sometimes place it or stick it on the doorstep. Meanwhile, hand-to-hand sales use sales promotion and place it in strategic areas, then distribute flyers to passers-by.
However, some say they cannot accurately measure property marketing using flyers. In fact, the measurement is based on customer acquisition and brand awareness raising. Sometimes the results are not instant.
3. Sponsoring an event
The third offline property listing strategy is to sponsor local events, such as tournaments, exhibitions or races. This activity will increase your brand exposure. For example, if there is a badminton tournament throughout Christmas, you can sponsor it in the form of a T-Shirt with the brand of your agent company.
Again, people like to transact with people they know and trust. Through this sponsorship, you can bring new life to your agency. This includes creating recognition, developing trust, and growing brand visibility.
Online Property Listings in Malaysia
1. PropertyGuru
PropertyGuru is one of the most trusted technology companies in Southeast Asia. One of the features on this website is a 3D or direct tour of the property and a home loan calculator. The sales process at PropertyGuru is easy and transparent.
2. iProperty
The interface of iProperty is minimalistic, making it easier to use. The website also features lifestyle articles and guides for property owners. One of their superior features is LoanCare which provides an indicator of eligibility for a home loan.
3. Mitula Homes
Mitula is a website to find property ads in Malaysia. You can get a list of properties on the internet today. Mitula partners with many websites so you can find the right property.
To sum up
Selling property online is the best option nowadays. However, you can also mix with offline. The online website simplifies the distance and the property transaction process. Through the internet, you can also meet various potential buyers, even outside your area.
So, have you ever thought of building an online property listing business? There are several things to consider from customising your website, selecting the payment you'll use on your website, and building an app for your business, to choosing the best app development agency to meet your needs. But worry not, because VirtualSpirit gets you covered. Book us a call now!
