Target your market and you can get your house sold.
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 market by implementing the 4P’s of marketing Price, Place, Product, and Promotion to sell that item. The for P’s of marketing help ensure that the product will satisfy the wants of customers. When selling a property it is important to apply the same principles to ensure a successful sale. This is pretty basic, right? Not always…
The 4P’s of marketing a house
You plan to sell your house, your agent brings you comparable’s of houses that have recently sold. The comparables give you a strong understanding as to what the market, customers, are willing to pay. By seeing similar products that sold and the price they sold for gives you a strong idea as to the value that is perceived for that product. This is a great place to start with the right Price.
The place is where your house is situated. Is the house in a neighborhood, close to a park, on a busy street, or a desirable town etc. The place where the property is located will affect the price.
Target your Market with The Product
The Product is the house. Is it new, old, has it been updated, what features does your house have that buyers desire in your market. Again, the product can reflect back on the Price. This is where, as a seller, you have control over making sure the product is the most desirable it can be to the buyer. By being objective when looking at your house to sell you can make changes. Your goal when selling is to have a product that appeals to a wide range of buyers. You can target your market of buyers to fall in love with your house.
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.” Targeting your market by ensuring your house reflects what a buyer is looking for. Hiring a professional stager will assist you to concentrate on what buyers want to make your house stand out from 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!