Many agents believe in the “3 P’s” of marketing, which are:
• Put a sign in the yard.
• Put it on the MLS.
• Pray.
There is nothing wrong with praying, but you need the proper methods other than this typical realtor three-step approach. The model we have adopted at Links Residential is called the “7 P’s” of marketing. The components of this system are price, product, promotion, position, people, process, and physical evidence (or what I call “social proof”). This is a business model that agents should have to help sellers at a higher level.
Price – A house will only sell for what a buyer is willing to pay for it, which is based on the market conditions. If someone doesn’t price a property correctly, then it doesn’t matter how much marketing is done. It just will not sell for what they are asking and may not at all. Use an agent who strives to be a pricing and market expert to guide sellers down the right path. The proper price will position the property correctly in the market. When a seller properly prices a property it will lead to a quicker sale.
Product – The product is the essence of what you are selling, it’s the inventory of the properties on the market. Your agent should help make sure that your property is ready to be shown to the public. The information presented to buyers needs to be complete and accurate. This will insure that your property stands out among the other inventory on the market.
Promotion–The promotion relates to how your property will be marketed and advertised to the public, as well as other agents in your market place. In today’s market, 99% of buyers start their search by looking online, so it all starts with the photos and making sure that they are professional and that there are as many of them as possible. After the pictures, it is very important that the information about your house is presented properly so that buyers know what they are looking at. Many agents don’t take this seriously enough, but the facts about your house are always important. Then what is needed is the right blend of effective marketing through print, web, email, social media, and personal networking to reach the right buyer for the house.
Positioning–This fourth “P” refers to how you position your product in the marketplace with the right price and promotion. The questions sellers should be asking are: Whom are we trying to attract? What message do we want to convey to the buyers? What is the story of the house? Every home has a story; the pictures, description, and facts about the house are imperative to paint the right picture and attract the right buyer. There is a marketing science to positioning your product correctly, so making sure you hire the right agent is critical.
People–This refers to the team behind the agent you hire. Do they have the support staff and team of other agents in the office who will work with them to help get the house sold? Do they have a full time marketing assistant to make sure that the house is being marketed all the time? Do they have the knowledge of the useful technologies that are available to them? An agent is only as good as the people surrounding them who share the same vision and passion for the business.
Process–The process is the system or management of your product. This involves proper communication between the agent and you, the seller. It includes sharing data for the number of property views and visits. It also means keeping the seller informed and examining overall market data each month. The goal should be to provide clients with full transparency and an insight into how the process and marketing is working. It is everything the agent does from the time they list your property until the property is fully sold.
Physical Presentation
The way the agent markets the product, your house, is a direct representation of your agent. The more professional they are, the more professionally your house will be presented to the public and sold. The goal of an agent is to satisfy the clients. Having the right professional company behind the agent will help in everything that they do.
Most people’s goal when putting their property on the market is to sell it for as much money as possible in a short amount of time. When executed correctly this marketing mix will bring the results that a seller wants. The right agent and company will help make the sale of your property a success.
Marc Stein is the Broker Owner of Links Residential. He has experience working with buyers and sellers for over 15 years. Marc is a member of the National Association of Realtors, the New Jersey Association of Realtors, and is a member of the Bergen County Realtor Young Professional Network. Marc sits on the Board of Directors for the Eastern Bergen County Board of Realtors and is a Director at the New Jersey MLS.
By Marc Stein
