How
to Create a Marketing Plan That Will Sell Your House
Before a company introduces a new product to the market it usually invests considerable time and resources developing a marketing plan. A good marketing plan will identify the most desirable features of the new product, what needs the product fills, what the price of the product will be, what the target market will be, how the product differs from competing products, and how the product will be advertised and promoted. Businesses know that the success of a new product in the marketplace is determined in large part by the thoroughness of the marketing plan and the company's commitment to executing that plan.
If you are a homeowner who has decided to sell your home you should first understand that your house is a product. Cold as this may sound, the house you're selling should no longer be thought of as “your home” if you want it to appeal to someone else. Keep in mind that the goal is to help a prospective buyer to imagine enjoying a life your house instead of you.
The second thing you should keep in mind is that successfully marketing the house should be no different than marketing anything else. Everything starts with a thorough, written plan that a real estate professional prepares with your help. A good starting point for any real estate marketing plan would include carefully considered answers to the following questions:
1. What are the most desirable features of your house?
It could be the two-car garage, the ceramic tile countertops in the kitchen, or the recently upgraded bathroom. Other desirable selling points may be the proximity to good schools, shopping, or places of employment. The ideal marketing plan should identify the very best features of your house and focus on promoting those things with laser-like precision.
2. What will be the asking price for your house?
This is where your real estate professional can really put his or her skills to work for you. If your agent has sold houses in your general neighborhood recently, then he or she already has a handle on most of the factors that will influence the price you set for the house. In addition, your agent has access to other sources of real estate market information that can be factored into the asking price. Clearly, the goal is to set the highest price for your house as possible considering your market area and the condition of the house. Furthermore, your real estate professional usually has a business incentive to encourage that goal as well.
3. Who is your target audience for your home?
Obviously, the answer to this question has a lot to do with the price you have set for the house. Someone who is interested in a $300,000 house will have little interest in a $150,000 house – that is, unless you have grossly under-priced your house and created a bargain opportunity for someone. Your real estate professional will develop a profile of a likely prospect for your house and use that information to focus his advertising of your property. This profile may also consider buyers who are in the market to purchase your house as an investment for the purpose of turning it into a rental property.
4. How will you and your real estate professional reach your target audience?
Your agent should detail in his or her marketing plan how the property will be advertised and promoted. Online marketing of your property should definitely be part of the advertising mix. Determine if your home should be featured in broker tours and Open House events. Your agent should also make clear in the marketing plan which real estate print publications your home will appear in and how often. Ultimately, the advertising strategy should be a multi-pronged approach that relies on multiple exposures of your home in a variety of advertising mediums.
5. What are the “checkpoints” for determining the progress of the marketing plan?
Set several waypoints during the course of the listing period for you and your real estate professional to talk about the success of the marketing plan and whether it should be modified in any way. Preset checkpoints at every 15 days following the signing of the listing agreement are typical periods for you and your agent to meet by phone or in person to discuss how things are progressing. Committing to these checkpoints also keeps you in the loop with your agent even during those times when nothing is happening with your house. Finally, checkpoints also help everyone involved to stay focused on the job of getting a sales contract signed on your house.
In conclusion, only for the rare few sellers, simply placing a “For Sale” yard sign on the front lawn creates a line of traffic filled with potential buyers. If you want buyers to see your home, you’ve got to find them. The key is marketing. To get the most exposure for your home, you should have a marketing plan with clear objectives and specifically outlines the resources that will be used to reach potential buyers.
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This helpful guide was produced by Prudential Ballard Realty, Inc. -- a leader in residential sales and leasing in the greater Montgomery, Alabama area. You can contact Prudential Ballard by calling (334)
277-8920 or by visiting the web at
http://prudentialballard.com . You may also contact Prudential Ballard via e-mail at
info@prudentialballard.com . Prudential Ballard Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
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