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Everyone knows that when a seller puts a property on the market, they expect it to sell quickly and yield the best price possible. But just how simple is that anyway when you’re dealing with the sort of market we are experiencing these days? Unless carefully planned and well-thought out marketing techniques are not put into action, the chances of realizing the success you set out to achieve in this endeavor can be very shaky.
In this article, we’ve gone through the four “P’s” of Real Estate Marketing and outline each so you can see how together with your Realtor you can achieve phenomenal results despite the weak market.
THE FOUR “P”S OF REAL ESTATE MARKETING
With these four elements, real estate marketing cannot go wrong – Product preparation, Price, Place and Promotion. With careful synergy of all four, a property will be attractive prior to sale, it will appeal to buyers as realistically affordable, get ample exposure to the market through relevant channels and be well promoted.
Product – Your House
If you want to sell any big-ticket item, it has to be attractive to potential buyers. When it comes to a house, you need to go the extra mile to make sure to accommodate a host of varying tastes and style preferences. The walls of a bedroom painted very bright may not appeal to every possible buyer, for instance, plus also not everyone may appreciate pets and the accompanying environment that goes along with them.
You should work to repair all loose ends, complete any outstanding maintenance that may be needed. Also fix up the house so that when walk-throughs happen buyers are not distracted. Clutter, personal items or other things that would get in the way of their ability to see themselves living in the home can be very distracting.
Price – How Much Are You Asking?
It is essential to price your home appropriately. In today’s market especially, buyers have a plethora of choices and if they are put off in the least by your pricing then you stand to risk losing that sale altogether. Instead, have your Realtor conduct a Comparative Market Analysis to determine exactly where your property stands in terms of housing value. A CMA will also provide you the basis to provide potential buyers with the solid backing of how you arrived at your price and can be especially useful during negotiations.
In addition to conducting CMAs, Realtors also perform a thorough analysis of your property, how it relates to other properties in the area, they look at an appreciation schedule and also gain insight on how your property performed overall in the market during your ownership. This helps to center on a reasonably accurate price to sell your home.
Placement – Who Is Being Exposed To Your Property Listing?
Buyers hire Realtors to assist them in finding the home that is exactly right for them, based on their formula and expectations. Agents who represent these buyers rely on being exposed to the properties that are out there. Aside from their own channels, a seller’s agent should work to expose the property for sale to any and all available channels so that buyers who may be interested are aware of your property for sale. If a Realtor shortchanges a client on this aspect of the selling process, it can severely affect the chances of success merely because other homes will be in the forefront of those buyers instead.
Promotion – What Are The Most Effective Ways of Promotion?
The final step to effective real estate marketing is promotion. This is not the same as placement, in that promotion works from all sides of the equation. An experienced listing agent will bombard dozens and dozens of websites with your home’s details, enticing possible buyers with professional photographs and colorful language. Highlighting the best features of your home while downplaying less-than-desirable aspects are all tools used by an effective real estate marketer and one who understands the buyers’ market as well.
Promotion is not just limited to listing a home on listing services. Effective promotion, particularly these days utilizes technology like Facebook, real estate websites and more. Also, word of mouth plays an important role in the success of a sale.
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As with anything that entails professional analysis, it is important to select someone who has plenty of experience, is local and familiar with the area on a first-hand basis and someone you trust. Realtors are not all created equal. While some have been boasting sales for years and years, they may not have particular expertise in the areas that you need as a seller. It is important to choose someone you know, trust and has a reputable background that is reliable and proven.
