How to Sell a Home // the 7 P’sSome real estate agents subscribe to the “3 P’s” of marketing, which allegedly are:
- Put a sign in the yard.
- Put it in the multiple listing service (MLS-BLC).
The Dream Home Company REALTORS implements the “7 P’s” of marketing. The components of this system are price, product, promotion, place, people, process and proof. Let’s briefly illustrate how these marketing principles are incorporated into each one of our listings:
PRICEPrice is a function of marketing. If you don’t price an item correctly, then it does not matter how much marketing effort you put forth. The DHCo strives to be pricing and market experts to guide sellers down the right path. The proper price will position the property correctly in the market.
What does this mean? It means pricing a property involves research, using similar methods as a licensed appraiser in order to determine the correct price to sell in 30, 60 or 90 days. We also consider probability models to maximize profit for our clients in the shortest amount of time. Our pricing model is infused with buyer’s psychology. We do not position our client’s property in the marketplace like every other agent; rather, we believe in “price points” and examine how buyers shop for homes.
Selling a home isn’t like selling a can of soup. For instance, if a property’s true market value is $200,000, we will strategically price it at $200,000. You may ask what is so special about that? Well, 99% of the agent population would probably price that property at $199,999. Is this not true? The reason the latter is not a good strategy is the vast majority of buyers start their search on the Internet and search by price points. If you price a home at $199,999, you will miss the buyers starting their price range at $200,000. When you price at $200,000, you capture both high and low sides of the search. So, a buyer looking between $175,000 and $200,000 will find the property, and the buyer looking between $200,000 and $225,000 will also not miss the property.
ProductProduct is the essence of what you are selling; your home is your product.
PromotionPromotion relates to how the DHCo will market, advertise and expose your product or property to buyers. Being one-dimensional is a downfall of many agents. Without the right blend of effective marketing, sellers may never be able to sell. It all starts with the photographs, the description or script, and calls to action. We syndicate your home for sale online, participate in video, share your listing through the proper social channels, and utilize our database of buyers and the MLS-BLC.
The DHCo goes above and beyond in our marketing efforts, continuing even after a deal is done on paper. It’s always amazing to hear agents say, “Wow, the property sold so fast; I do not have to market it!” This is the wrong thinking. we market our properties up to the day they close.
PlaceThis fourth “P” refers to how you place or position your product in the marketplace with the right price and promotion. The question should be, “Whom are you trying to attract?” What message do you want to convey? What is the story of the house? Every home has a story; the pictures and description are imperative to paint the right picture and attract the right buyer.
Look what other agents are doing regarding their MLS descriptions and do the opposite. Stop using all capital letters and short codes that make no sense to the search engines and the buyers. There is a marketing science to positioning your product correctly.