How many P's is your Realtor using to market your property?
How your property or any other product is marketed is commonly referred to as the marketing mix, and has traditionally been referred to as the 4 P's of marketing. The 4 P's stand for price, product, promotion and place. After 50 years of International Business and Global Marketing Experience, we believe we need to add two more P’s: people and performance. Properly utilizing these 6 P's to market your home will provide maximum return in the least amount of time.
Let's define the 6 P's:
Price: This one appears to be self-explanatory, but is it? Properly pricing your home for the market is a critical first step. Determining what the "real" market value is and what buyers would be willing to pay requires an in-depth analysis. Both over-pricing and underpricing will cost you. Often when a property goes unsold the price is the first thing that gets changed, however if the property was priced properly in the beginning shouldn't we be looking at the rest of the marketing mix?
Product: The product is obviously your home, and to properly market your home we must make sure it "shows" to appeal to the target buyers. Preparing your home for sale can be stressful; staging, cleaning and fixing are all elements of the process, but a qualified Realtor will help guide you through this.
Promotion: How will your home be promoted? There are the traditional methods of MLS, open houses and print ads, but how homes are best sold today has changed dramatically. Over half the homes sold today are first viewed over the Internet or through social media. Making your home stand out and promoted on these sites is a key part of the marketing mix. What tools are being used to market your home?
Place: Where are the buyers for your home? What are the features of your home and to what demographic do they appeal to? Is your home perfect for someone looking to retire, a first time home buyer looking to raise a family, or even someone looking for a vacation home? Understanding what your home offers determines the pool of potential buyers and drives the promotion strategy.
People: After many years in business we have found that people are the most important part of the success of any business. People include customers, buyers, sellers, colleagues, suppliers and just about anyone you meet. Everyone must be treated fairly and honestly with open communication throughout the process.
Performance: This is how the marketing plan is measured. Yes, this is data, and it is used to determine how to best market your home. Data is used to determine everything from the best demographic to market a home or what web site or social media site is getting the most activity. Proper use of the data defines the best way to market and sell your home.
Want to see how the 6 P's of marketing will get your home sold? Contact the Hume Team today!