(Note that the homes shown in this Portfolio are just some of Warren’s recent listings. You can see all of his recent home listings and sales here.)
80/20 rule and the Three Ps
As in most areas of life, in real estate brokerage the 80/20 Rule applies: 80 percent of the business is done by only 20 percent of the agents.
The vast majority of real estate agents are part-timers, dabblers or hobbyist agents who sell at best a few homes per year. Often they employ pretty much the same tired old-school tactics when they market a listing. These are best described as the “Three Ps”.
Put up a for-sale sign; Post the listing to the MLS; and Pray the home sells.
For the bulk of real estate agents, even today, this is their marketing strategy!
A new formulation of the Three Ps of home sales
Today’s digital world opens up cutting-edge home marketing opportunities that can make a huge difference in how well your home sells. It’s not just about innovative techniques, it’s also about how well those techniques are performed.
Modern home marketing has three components, and all three are critical and necessary in order for optimal success in today’s digital marketplace. These can be called the “New Three Ps“.
Preparation
Preparation can be likened to the packaging of a product before it goes on the market. For example, if you are selling a used car, you wouldn’t dream of putting it on the lot before you washed, waxed and detailed it. If you’re Apple and about to release the latest version of the iPhone, you’re sure to pay just as much attention to the packaging as to the product itself!
In regards to home sales, preparation occurs in the process of staging and make-ready repairs, and it’s frequently overlooked by owners and their agents.
Price
The second component of the New Three Ps of home sales is Price. If you’ve overpriced your home, all the preparation in the world isn’t going to make a difference. Conversely, an intelligent pricing strategy will result in more money for you at the closing.
Promotion
The third and final component is Promotion. Today’s tech-savvy and mobile buyer is looking for their next home online. This means you need a cutting-edge, aggressive internet and social strategy to help you succeed. A good digital marketing strategy puts your home in front of more buyers and induces them to ask to get inside your home. And getting buyers inside your home is the key to getting more – and better – offers for your property.
So browse through the Portfolio of listings below. They show you how preparation, price and promotion combine to make a magic sauce that produce superior results for home sellers.
(You can see all of Warren’s recent home listings and sales here.)
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