In our Institute for Luxury Home Marketing training we talk about sacrificing those buyers who will never buy the property you are marketing and instead focusing on the best prospects -- the prospects that are a match for the property based on property characteristics. We call this targeted marketing strategy “the principle of sacrifice.”
Paul Basile -- a new ILHM member who is a Broker Associate with Douglas Elliman in Miami Beach -- contacted us to say he was testing the “principle of sacrifice” in the MLS description for one of his listings. Here’s what Paul said in his email:
"I have a condo for sale in Miami Beach that was known as the "Land of No." No renting, no dogs, no more than 3 people per unit. I decided to take your advice and ‘sacrifice’ the 90% (who will never buy this property) and revise the remarks to target the 10% or even 5% that might actually be interested in my listing.
Please note that the remarks are short because our Miami MLS only allows us to use 500 letters and spaces in our remarks section. I will let you know if it sells faster with the revisions."
ORIGINAL MLS Remarks:
1510 Sq Ft Waterfront 3 Bed 2.5 Bath Corner Unit, Loft Condo w/10 Ft Ceilings Thru-out & Open Kitchen. Huge Living Room w/Great Light, Private Balcony Overlooks Intracoastal, Bal Harbour & Surfside. Watch Sunrises & Full Moons Over the Water. Loft has Windows Facing East, North & West and Multiple Walk-in Closets. Boutique Building Includes Waterfront Pool & Dock Availability w/No Fixed Bridges to Haulover Cut & Atlantic Ocean Boating! Rare Opportunity: High Ceilings, 3 Bedrooms, Cat OK & Low Maintenance.
Revised Principle of Sacrifice MLS Remarks:
Finally Peace & Quiet! No Barking Dogs! No Renting! Tired of Noisy Neighbors? We Have Concrete Walls! Tranquility at its Best. Want Space? We Have 10 Ft Ceilings to Display Art! 1,510 Sq Ft Waterfront 3 Bed 2.5 Bath Corner Unit, Open Kitchen, Huge Living Room w/Great Light, Balcony View of Intracoastal, Bal Harbour, Surfside. Windows Face East, North & West. Huge Closets. Boutique Building w/only 24 Units Includes Waterfront Pool & Dock Availability! Cats & Pets OK, but No Dogs! Maintenance $500
Did Paul’s new strategy work?
Here’s what he reported -- he received a full price offer just eight days after he changed the description for his listing.
Way to go Paul! Congratulations.