1st Dominion Realty
Product, Price, Place, Promotion:

 

Your home is your product and understanding its unique selling benefits is critical. This is more than just ‘3 bedrooms, 2 bathroom, 1800 fin.sq.ft., move in condition, a must see!’or any of the other euphemisms you see in home-for-sale advertising. Price has to fit the product and the location. What did other homes in your area sell for? How long on market? Were there price reductions? How do those homes compare to your home? What is the real estate market trend in your area, up or down? What is the condition of your home and how should that be reflected in the price? Did you spend a whole lot of money renovating your home way beyond the value of your neighborhood? A good real estate agent has access to recorded information in the MLS database, tax records, and other sources to help you answer these important questions.

Promotion is key. It is advertising, but remember that advertising is ‘information’. Expressing the unique selling benefits of your home and its location will ‘tickle’ the curiosity of potential buyers, maybe just several people out of hundreds, and inspire them to come look at your home. Words count! Realtor euphemisms don’t, as purchasers looking at properties quickly become jaded about homes described as: ‘must see, best buy, like new, move-in condition, honey pull over I found it, exclusive, great neighborhood, handiman special (maybe ‘knock down special’ should be used here)’, etc.

Your neighborhood or the general location of your home has unique selling benefits too. Purchasers who are not familiar with the area want some hint of what it is like. Those who are familiar may be pleased if you tell them something new