As a real estate marketer, I strive to create a marketing mix that will showcase your home to create the highest perceived value, reach the widest possible audience and generate the largest buyer response.
Traditionally, the 4 P's of marketing are:
PRODUCT
The product is, obviously, your house. The number of bedrooms and bathrooms, lot size, fixtures, amenities, updates, and the location are key components. Additionally, how well your house is staged, how clean it is, and your flexibility in accommodating showings will affect its salability.
PRICE
Together we will go over the recent comparable sales, current active listings and pending sales to arrive at
a pricing strategy that takes into account both your needs and the current market conditions. Some additional components of pricing include your flexibility, your timeframe for moving, and the current competition for your house.
PLACE
Since I can't put your house on a shelf in a retail store like a gallon of milk, this means I will figure out where the most likely buyer of your house will come from...and will subsequently target that buyer. In other words, I'll bring the market to your doorstep!
PROMOTION
This is the exact combination of advertising and marketing that I will use to promote your home. My marketing strategy includes promoting your home to other agents as well as directly to buyers through a combination including, but not limited to, postcards, flyers, signage, broker open houses, the multiple listing service, as well as an explosive internet marketing program.
So, what is the 5th P of marketing? In today's market, I think the 5th P should be...
PERSEVERANCE
With increased inventory and tighter lending practices, even the best priced, best prepared and best marketed homes are taking longer to sell than in the boom years. Our offices report that the average number of showings for all listings was 2.5 per month for the month of April. Last year, the average number of showings per month was slightly higher, at 3.1 per month. Back in 2006 it was 4.9. It used to take about 8 to10 showings to generate an offer. Simply put, generating an offer was accomplished in less time when showings were more frequent. Prior to 2006, homes were selling in 30-60 days on average. With average marketing times in the Lake Zurich area for detached single family homes now hovering around 214 days, and attached single family homes at around 150 days, perseverance is a must!
The real estate marketing process is like putting together a puzzle...without all of the pieces it's just a waste of time. My 24/7 marketing plan puts all the pieces together for a winning combination of marketing and advertising designed to position your home for success. Call me today!
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Nice post that works for all of us. I always add Pride to the othe rP's as we have got to have it to be able to promote ourselves to the public as a professional. Gee, there are so many P's out there. Good post.