Marketing-trained professionals use different strategies to market their products. These trained professionals have developed the 4 Ps of marketing. The 4 Ps of marketing can provide a big picture of what elements affect the success of marketing any product. In real estate, this marketing mix is a valuable tool for implementing a marketing plan for a home or any property listing.
When developing a marketing plan for a listing, it is essential to use the components of the 4 Ps. The 4 Ps, when properly incorporated into the marketing mix, will help your property stand out from competing properties by determining its unique selling points. To be successful in today's competitive real estate industry, you will need a marketing strategy that differentiates you from others so you can maintain a competitive advantage. Take the time to understand these 4 Ps of marketing.
The first of the Ps, is the product. Real estate is your product. The definition of "product" in real estate goes beyond that of just the physical home. The product is a culmination of all of the physical characteristics of the home that make it attractive to buyers. Determine what makes a property unique so you capitalize on it and target a specific kind of buyer.
Product can also be the niche you serve in the industry. Market your value in specialty areas such as first-time buyers, high-end properties or investment properties.
The second P is that of price. The price of a property is an important aspect of the marketing mix because it determines if the property will sell in a timely manner. You will not attract buyers if the pricing is too high. Price your properties strategically by using list prices such as $399,000 rather than $400,000 so you don't lose buyers who have set breakpoints in their property searches.
Price can also apply to how you justify your commission rate to list a property. Explain your competitive marketing strategy to prospective sellers so they can see how the price they pay for your services will benefit the sale of their home.
How you promote your product is the third P. Promote your listings and their unique attributes through all available marketing channels. To reach the maximum number of clients you need to organize open houses and promote your product on real estate marketing venues that will target specific buyers. These venues can be different media, the internet, social media or giveaways.
Your listing advertisements must be positioned in the right place at the right time in order to attract as many buyers as possible. Place, the fourth P, is also a primary factor in the successful sale of a property because it puts other real estate agents on notice that the property is available for them to present to their potential buyers. Additionally, advertising your properties locally helps support your community and can be an asset to your referral network.
I can assist you with incorporating the 4 Ps into your marketing strategy so you can grow your business. Please contact me anytime.