Marketing Strategy & Plan of Action
Homes are like people. Each property has unique characteristics that will be suited with a specific buyer profile. My job is to create a plan of action that will create maximum exposure to the appropriate segment of the buying market.
This is a summary of the Home Marketing Process:
- Analyze the homes market position (a fancy word for pricing.)
- Define the Target Market (Who will the buyer be?)
- Create a Marketing Plan to reach the buyer.
- Implement The Plan
- Analyze Market Feedback
- Adjust the Marketing Plan
Market Positioning
Market positioning is the process of determining the proper list price. Pricing is determined by how the home fits in the context of the current marketplace. Together, we will examine comparable homes that are Sold, Pending (homes under contract but not closed), Canceled / Expired Listings (homes that did not sell), and Actives (homes currently for sale.
Pricing Factors- Interest Rates
- Supply vs. Demand
- Amenities
- Location
- Condition
A home will sell when a buyer perceives value! All Pricing factors must be in balance or be in market equilibrium.
Market Value
If the market factors are out of balance there will be no perceived value. The hose will be overpriced and not be exposed to the appropriate segment of the market.
Consequences of Over Pricing
The Subject Home does not compare to the competition so the property doesn't get exposed to the appropriate buyer pool.
Defining the Target Buyer Market
This part of the process determines who would more than likely purchase any given property. The buyer for a one level town home will be different than a buyer for a two story single family home.
Here are a few of the aspects to defining the target buyer:
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The Marketing Plan
The marketing plan is the vehicle for reaching the target buyer. It consists of a unique set of activities that is intended to reach the target market. I have embraced the strategy of Proactive Marketing.
Proactive Marketing is the process of actively prospecting for buyers for your home. The three T's:- Target Telemarketing
- Target Direct Mailing
- Target Networking
- Telemarketing / direct mailing "move up" neighborhoods
- E-mailing specific target groups
- Networking with Realtors who do business in the area
The typical Realtor will do the following:
Passive MarketingPassive marketing equals the three P's:
- Put in the For Sale sign
- Put in the MLS
- Pray the home sells!
The following is the foundation for my marketing plan. Because each property is unique, I will also be property specific activities based on each individual property's marketing needs.
Marketing Plan
- An organized methodical plan created to reach the target buyer.
- Uses media that reach the target market and Realtors who most likely have qualified buyers.
- A calendar of marketing events that creates open communication between client & Realtor®, and agent accountability.
The Marketing Plan
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