Real estate auctions need more and better bidders
As real estate auctions become more common to sell properties, marketing them to bidders becomes even more critical.
Today, sellers are choosing auctions as a cost-effective way to accelerate property purchases. Auctions shorten the selling cycle and eliminate long-term carrying costs. In changing market environments, auctions deliver cash to sellers and help buyers purchase at immediate fair-market value through the bidding process.
The challenge is getting enough of the right bidders with the appropriate qualifications to bid and complete the sale.
The more targeted your advertising, the more effective it will be. Real estate auctions today bring out owner-occupants as much as they bring out investors and flippers. Certain property types, such as ranches and farms, bring out those wishing to escape the city to remote working as much as they bring out farmers and ranchers looking to expand or downsize.
The idea for auctioneers is to increase the buyer bidding pool to increase the chances for premium price points on final bids. Your marketing helps drive emotions that increase enthusiasm and drive bidding higher.
Finding bidders able to meet prequalification requirements and deposits requires advertising media that speak directly to the basics of income and professional status. That might mean specialty and trade publications where prospects “live” to resources they use when their curiosity piques, such as specialty websites, social media groups, and advertising.
It’s also about knowing where they live. Direct mail is one of the most popular and effective real estate options to find buyers and sellers and promote listings because of geographic and demographic targeting.
Additionally, the more you know about seller personal situations, such as divorce, relocation, estate liquidations, retirements, or financial challenges, the easier to find prospects and send relevant messages about buying or selling properties.
Understanding market areas that have high inbound or outbound relocation help you target likely prospects and send mail pieces that pique interest or incite discovery. This use of relevance increases response to offers and opportunities.
A critical aspect of marketing for real estate agents and auctioneers is personal branding. Personal branding is how you present yourself to the marketplace. Like a company brand, it’s your promise and purpose of why you’re in the business you’re in.
Your marketing is an extension of your personal brand. It positions you with buyers and sellers as the “go-to” person for what you sell and represent. It’s your marketplace reputation and how you present yourself professionally. From special skills and qualifications to your personality and whatever it is that makes you uniquely you.
Your personal brand is your identity – your brand identity. People relate to you because of who you are and who you present yourself to be. It can differentiate you from competitors and demonstrate that your brand promise is true and trustworthy. This identity reflects your strengths and competitive advantages, signaling how you help your customers succeed.
Extend your personal brand to the type of prospects and customers you want to reach. Your brand helps them identify with you as their problem solver because you have like values and worldviews. Your unique selling proposition – that specifically unique thing you bring to the marketplace – is what connects with these customers you’re trying to reach and gives them confidence you can do the job for them.
Make personal branding consistent across the media you use. This reinforces your brand regardless of the communication or audience differences (such as buyers or sellers). Consistency also supports brand recall so prospects remember who to call.
Direct mail is an excellent way to reinforce your brand through use of your logo, graphics and colors, and where you send your mailers.
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