If you've ever taken a business course, you've heard the terms SWOT analysis and the 4-P's. While these ideas refer to a business plan, they can also refer to selling your home.
The real estate SWOT
A SWOT analysis is a detailed look at your Strengths, Weaknesses, Opportunities, and Threats. Once you determine these, you'll be able to figure out the 4-P's, Product, Place, Price, and Promotion.
So here's how it works in real estate. You have a home you want to sell. You must determine the strengths of your home. What amenities does it have? What recent upgrades have you made? Is it located in a good place? What do you think its best assets are?
Then you have to dig deep and find the weaknesses. Sometimes it's a good idea to have an outsider help find those weaknesses. A good Realtor knows what buyers are currently looking for in a home, so they're a good resource to use when trying to find the weaknesses. For finding a weakness, ask yourself, do other homes around me have something mine doesn't? Another question to ponder is, if you were going to live there for another five or ten years, what would you change? Buyers will probably be thinking the same thing.
What are your opportunities? Are you in an up-and-coming area? Has there been any good news out recently about the schools in your area? Are home values in your area staying steady or increasing?
Your threats are the other homes around you that are for sale. It is vital each threat be analyzed in detail so you can determine your 4-Ps.
The 4 P's
The product is your home. It's all of the physical attributes of your home. You can upgrade the product to help offset the threats. The Place is its location. Price is determined by your threats.
This is all in a nutshell, but can get much more detailed than described above. For a SWOT analysis of your home, please contact me today.
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