December 05, 2023 by Mariami Kupatadze
A competitive edge is necessary for any realtor. What will set your properties apart from competitors in the market? When assembling your marketing strategy for a house or property listing, these elements will be crucial to remember. The 4 Ps will offer you a competitive edge and demonstrate what makes your listings stand out to prospective buyers.
1. Product
Real estate alone is not your product as a realtor. Instead, it’s the distinctive qualities of the property that will draw in purchasers. Make the most of the characteristics that the person you’re trying to attract would find most appealing. Is there a backyard there? A view of the ocean? Is it tucked away in a peaceful environment? You’ll have a better chance of selling if you can help potential buyers picture themselves living at your property.
2. Promotion
These are the methods and techniques used to market real estate properties. It covers advertising via various platforms, including print, social media, internet directories, direct marketing, and signage. Reaching the target audience and highlighting the property’s unique selling features are also essential to an effective promotion.
3. Price
Price significantly impacts how soon you can sell a house or other property. A comparative market analysis, a summary of recent sales in the area, is the best place to start. On a real estate website, you can also view comparable listings and determine which ones are sold and expired. You have to determine competitive and appealing pricing; you need to consider factors like market conditions, property value, comparable sales, and potential return on investment.
4. Place
Place in real estate refers to the location as well as the channels of distribution that buyers and sellers use to get in touch, which entails choosing the appropriate channels and platforms to reach potential buyers, such as local agencies, brokers, property expos, and real estate websites. In the targeted market, it also entails building a robust network presence.