While the marketing plan to sell your home will be the responisbility of your real estate agent, it's important for you to understand the purpose and components of a great marketing plan. The goal of any marketing plan to sell a home is fairly simple, to attract the most willing and able home buyers to maximize the final sales price. While the goal is easy, designing and executing a marketing plan is a lot more difficult. Marketing geeks will be the first to tell you the fundamentals of any marketing plan must have the 5 P's; Price, Product, Placement, Promotion, Profit.
Like most products, the pricing of your home can be a great asset or a detrimental flaw to your marketing plan. Statistics show homes that are priced well not only sell quicker, but sell at a higher price than homes that had an original list price that was higher. The reason? The lower priced home had more willing and able buyers competing for the home and they drive the price up.
How you price your home will also determine your profit when you sell your home. Understanding your local real estate market will allow you to determine when to accept or counter offers to buy your home. Don't be in a hurry to accept the first offer on your home if inventory levels are low, but if there are a lot of options for buyers in your community don't be too greedy.
While you can't choose the product you are selling, you can improve it's appeal to potential home buyers. Clean, well-kept, staged homes sell faster and for more money. Before showing your home, you and your agent should discuss how your home should look to maximize the appeal of your home. Professional cleaners and handyman can also help you complete small projects, and the return on your investment will be well worth the expense.
Everyone knows real estate is about location, location, location. While you can't move your home to a better location, your real estate agent should be promoting your home in places where home buyers that can and will buy your home are looking. Listing your home on the MLS and internet sites that receive data from the MLS is not enough. You property information must be available on social media, mobile devices, search engines, and print to maximize exposure.
Promoting your home correctly can help generate demand for your home, even in a tough market. A flyer promoting a 3 Bed, 2 Bath home with cable, microwave, and stove - printed on an ink jet printer shouldn't be acceptable. Detailed floor plans and professional photographs should highlight a well written story about your home and community allowing potential buyers to picture themselves in their new home. Your home's story should be available on high quality custom brochures, top real estate websites, your own property website, pay-per-click advertisements, and social media to maximize exposure.
Next Step: Preparing Your Home