For anyone who has taken a marketing class, you may remember the marketing mix from Marketing 101–product, place, price, promotion. This mix of key marketing elements applies to selling any product or service, and is no different when selling a home.
In any environment, especially a buyer's market, we must pay close attention to each of these crucial elements. The product (the house itself) must be in tip-top shape, inside and out. Caring for the home and presenting it in the best possible light will send a message to buyers that the home is in move-in condition and has been well-maintained. The smallest details will make all the different and present a very positive first impression and increase its perceived value. Home staging is a great way to do this and to create an emotional connection that is so important in order to attract and engage buyers.
Place - In many cases, this would be retail stores, online markets and other distribution channels in which a product can be bought. In the case of selling a home, place refers to the availability of the home to be seen. Through caravans, open houses and showings, brokers and buyers are made aware that a home is for sale and allows them to "kick the tires," if you will.
Price - We all know how crucial pricing is and we all want to sell our homes for the highest possible price. It is time to remember that it doesn't matter what you owe or how much money you have put into your home, you must price it according to its market value. By attending to all details, the home will be perceived as having a higher value and, if priced correctly, be seen as a great deal. If priced too high, buyers will move on to the next property in order to get a better deal.
Promotion - This would include all of the channels in which the sale of the home is communicated. Most importantly, it would include online marketing. More than 90% of buyers are first searching for homes online. You want your photographs to be bright, in-focus and attractive. By caring for the home BEFORE photos are taken, you are able to present a gorgeous product to the public. This is the first impression the vast majority of buyers will have, and you do not want them to pass it by without another thought. First impressions stick!
Promotion would also include yard signs, print ads, notices through the real estate office, newsletters, e-mail, and social media outlets, and any other vehicle that allows the word to spread that you have a great home for sale.
When the marketing mix works together, it produces results. And in this case it would mean a sale.