Using the 4 Ps to Sell Your Home

Today’s Wiki Wednesday Feature: Selling – A Formula for Success in Any Market

Product, promotion, place, price. If you’ve taken a Marketing 101 class, you probably recognize these as the 4 Ps. Although the 4 Ps are usually applied to the marketing of products, they can also be instrumental in helping you sell your home. After all, your home is a product, right? And the key to selling your home is marketing your product to potential buyers. That’s where the 4 Ps come in.

Today’s featured article, “Selling – A Formula for Success in Any Market” by Daves360, explains how the 4 Ps apply to selling your home:

1. Product:This first “P” is all about making your product look its best. For your home, that means that you should make any needed repairs and spend a good amount of time cleaning and de-cluttering. Also, you may want to consider staging your home, especially if you’ve already moved all of your furniture out.

2. Promotion: In promotional materials (both fliers and online listings), make your house as appealing as possible by providing high-resolution photos that highlight the positives. Homes without photos are shown far less than those with photos. Also, the accompanying descriptions should be comprehensive and inviting.

3. Place: Now that you have those beautiful photos and alluring descriptions, you need to maximize your listing’s exposure. Studies have shown that more than 80% of people start their home searches online. To capture those buyers, post your listing anywhere and everywhere you can. (Don’t forget to post it on Zillow!)

4. Price: Given the current state of the real estate market, this is an all-important step. The price should help lure buyers in to see the house (if their perceived value is in line with the asking price), and keep them interested once they’ve seen the house. For more information, see Pricing Your House for Sale.

Ed: Wiki Wednesdays is a weekly feature that highlights helpful or interesting articles from the Real Estate Guide.