Choosing the ‘Right’ listing service
by Lucia Fairweather – Staff Writer
While we admit a certain degree of bias in this instance, we shall at least attempt, to retain our objectivity while highlighting aspects you may wish to consider before choosing which property listing service you might want to use help sell your property. Many claim to be the best, but how do you know which one is right for you?
Many claim to be the best, but how do you know which one is right for you?
Property owners, are increasingly realizing there has never been a better time to self-market their own property, particularly where international property is concerned. With the internet providing the tools, alternatives to the traditional real estate broker have emerged, causing a re-evaluation of the favored position Realtors have enjoyed for so long.
This relatively new industry which utilizes the proliferation of the internet to increase exposure, puts forward some compelling arguments. First among these for sellers, is the absence any sales commission. Others, such as greater exposure and targeted advertising are even more important in terms of a sale. These websites have successfully established themselves in the real estate mainstream but weighing the advantages of one against the other is no easy task.
As this relatively new industry starts to mature, the incumbents are falling into several categories or combination’s of categories. Some are positioning themselves as content portals, providing articles for those likely to be considering an international purchase. Others are concentrating on the basics of a classified listing, providing a venue for buyers and sellers to interact. Another group focuses on country-specific listings for those that already know where they want to purchase.
In terms of the cost to the property seller, virtually all choices are commission-free. The cost to advertise on the various websites can vary between $0 to $100 per month, to those charging a one-time fee until the property is sold.
In terms of the cost to a property seller, virtually all choices are commission-free
With such a wide range, what are the important aspects that need to be considered?
Those that charge the higher fees invariably do so based upon the number of visitors they attract and the popularity of their website. The most popular websites, contrary to what one may assume, do not necessarily provide the best choice for advertising your property.
The most popular websites, contrary to what one may assume, do not necessarily provide the best choice for advertising your property
Site traffic, for lack of a better measure of a website’s ‘effectiveness‘, has been adopted by the industry as a yardstick against which websites are compared. While a popular website undoubtedly offers some advantage, the breakdown of that popularity needs to be examined. If a website attracts 1000 visitors, but only 1 of them looks at the Mexico listings, while the rest look at Spain, Bulgaria, or Panama, etc, clearly that may not be the most appropriate website to advertise your Mexican property – no matter how large the website’s overall readership.
Another consideration is that ‘international living‘ attracts its fair share of ‘armchair enthusiasts‘. These people can be drawn to a website offering compelling content bolstering its popularity and site traffic in the process. This strategy may well generate a few converts from the armchair to the travel agent but the website traffic figures do not accurately represent the number of genuine buyers. Ultimately, the single best website to use is the one that attracts the largest number of potential buyers for YOUR type of property, not property in general.
… the single best website to use is the one that attracts the largest number of potential buyers for YOUR type of property
A large number of websites have recently emerged offering the opportunity to list property for free. In the age of the internet with the likes of Google at the helm, everybody understandably likes the perception of ‘free‘. In reality and in real estate terms, ‘free‘ often excludes certain aspects essential to marketing your property effectively.
The free listing websites follow several different models, each with their own pros and cons in terms of handling and marketing your property.
The most popular are based upon advertising revenue. Here, the hope is that visitors click on included advertisements which in turn generates revenue for the host site. This model allows sellers the opportunity to list their properties for free, but requires a careful balance to ensure the advertisements do not become so prominent they obscure the listings. If a potential buyer doesn’t enjoy their user experience while visiting a website, they will likely leave early, never to return and the opportunity for your property to be seen will be lost.
If a potential buyer does not enjoy his user experience while visiting a website, they will likely leave early …
Does that matter since the listing was apparently free? That depends. It can take over an hour to upload your listing assuming you are computer-literate. Additionally, since your listing is free, how likely will it be that the website will spend any time or money promoting your property to potential buyers?
… since your listing is free, how likely will it be that the website will spend time and money promoting your property to potential buyers?
Another variation of the free model, is to provide a basic listing in the hope of tempting you to enhance your listing by subscribing to additional services. This does allow some choice and budgetary control but it can be easy to end up spending more for a certain level of service by incorporating a few options than it would cost to have chosen an all-inclusive package from an another website.
A final variation collects as many free listings as possible, sometimes exchanging listings with other free websites using them to drive traffic and boost their rankings and establish a level of brand awareness. When sufficient popularity has been achieved, the website converts into a subscription service, that may additionally incorporate income generation from any the revenue streams mentioned above.
The corruption of the old Shakespearean phrase all that glistens is not gold is appropriate to choosing the right listing service. The best choice depends upon your budget and your specific circumstances. No choice provides any guarantee of success but it pays to choose carefully in order to give yourself the best chance possible.
No choice provides any guarantee of success but it pays to choose carefully …
Even if your circumstances preclude you from handling your own sale, make sure your Realtor is going to incorporate these online services as part of their marketing strategy for your property. Ask them which third-party advertising websites they intend to use, or tell them which ones you would like them to use!
Alternatively, negotiate with your Realtor to reduce the commission they will charge, if YOU advertise the property and send the prospects to them. It’s usual for a Realtor to split the sales commission 50:50 with another Realtor that sends the eventual buyer, so why shouldn’t they do that if you find the buyer?
… negotiate with your Realtor to reduce the commission they will charge, if YOU advertise the property and send the prospects to them
Without encouragement to be proactive, many Realtors limit themselves to waiting for walk-ins or advertising exclusively on their own websites or local Multiple Listing Service (MLS). With a Mexico of potential buyers out there, and an increasing number of ways to access them, it makes sense to utilize the options available.
…and where do we belong?
We see ourselves at the forefront of a new contextual approach, more appropriate to the current international market. Rather than providing umbrella coverage of all international property, our coverage is on multiple specific areas. We actively promote our listings to potential buyers around the Mexico based upon their desire for an international lifestyle. Our website is designed to give listings the prominence they deserve, while providing contextually relevant information from our advertising partners. These Ads are a valuable source of practical information for anyone considering buying in that particular sector.
