If you have ever been involved in selling something for a business, purchased an item from a store, or watched TV and seen commercials, these companies target their market by implementing the 4P’s of marketing Price, Place, Product and Promotion to sell that item. This is pretty basic right? Not always….
Apply this to when a home owner puts their house on the market; they trust their agent is going to do everything to get it sold. This is where the ball can drop.
Let’s say you plan to sell your house, your agent brings you comparable’s of houses that have recently sold. This is a great place to start with the right Price.
Then you look at Place, where your house is situated is it in a neighborhood, desirable town etc. the place can affect the price.
The Product is the house, new, old, has it been updated, what features does your house have that buyers desire in your market. Again, product can reflect back on the Price.
Last is Promotion this not only includes MLS, advertising, open houses it includes the presentation of the home, the packaging of the house so to say. If the presentation does not interest your buyer, you have missed that target market. Think of this, if you had $xxx to spend on anything, where are you going to spend your money? Typically on the product that communicates value – the best item available at the best price.
How can a house speak value to a buyer? Presentation-by making sure that the house is updated, furnishings convey what a buyer desires, emotional points that make that house sing to a buyers mind “I want this one.” Hiring a professional stager will assist you to concentrate on what buyers want to make your house stand out above the competition. If you can implement the promotional part completely and thoroughly, convey the value your house has; you will find a target buyer that can’t wait to buy your home at a desirable price to both of you!