Advertising wear-out is the advertising campaign’s decline in effectiveness after excessive repetition to the target audience.
1. Same property, many advertisements at the beginning stage of the marketing.
2. Same property, many advertisements appear after a period of marketing.
Same property, many advertisements at the beginning stage of the marketing
(a) Seller or landlord did not appoint an exclusive property agent.
The seller or landlord has a few property agents to market their property. At the beginning stage of marketing, you can see the property advertised by many property agents. Each agent is trying their luck to close the deal. Some property agents have strategies that, if the property is not suitable for the buyers or tenants, they will recommend to them other properties that might match their requirements.
(b) Seller or landlord appoints an exclusive property agent.
The exclusive property agent (Lister) is getting a few of his or her colleagues or agent friends (called taggers) to advertise the same property; the same property can appeal on the same platform or cross platforms; they are thinking of increasing the exposure; certainly, they need to have a better understanding of exposure and advertising wear-out.
After some time, you can see fewer advertisements. Some taggers give up trying their luck and focus exclusively on the sellers or landlords who appointed them.
Same property, many advertisements appear after a period of marketing
(a) Property listing was Initially advertised by one property agent, after some time, the seller or landlord got a few other property agents to advertise.
(b) Initially, a property listing is advertised by the exclusive property agent; after a period of marketing, when the property is not sold or rented out, the exclusive property agent gets a few of his or her colleagues or agent friends (taggers) to advertise the same property.
Buyers or tenants will have the impression that the property is difficult to sell or rent out; therefore, the seller or landlord is getting so many property agents to advertise the property.
The seller or landlord is urgently wanting to sell or rent the property; therefore, buyers and tenants think they can negotiate for a lower closing price.
Excessive repetition of advertisements is losing the unconditioned response of the buyers and tenants; in other words, buyers and tenants are losing interest in the property (we called the property “smelly” already), resulting in missing potential buyers and tenants that match the requirement and hence taking a long time to sell or rent the property.
If the seller or landlord did not appoint an exclusive property agent, due to competition among property agents, some unethical property agents might convince the buyers or tenants that they are confident enough to close at a lower price.
Buyers or tenants require a neutral stimulus to produce an unconditioned response, which means increasing buyers or tenants’ interest in the property you advertised. Schedule an appointment to find out how to overcome advertising wear-out in your selling or renting process.
When the property is not sold or rented out for some time, you will see the seller or landlord start to lower their price. Experienced buyers and tenants, or their agents, will take this opportunity to negotiate for a lower closing price. Therefore, it is extremely important to have effective sales strategies and pricing strategies before you start a marketing campaign.
Advertising wear-out can lead to a lower closing price and a longer time to sell or rent out your property.
To learn more about how to avoid advertising wear-out and achieve fast sales at the highest possible price, schedule a non-obligation discussion now!
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