The Alphabet Soup (Three P’s) of Selling Your Home

Making the Most of the Three P’s (Price, Promotion and Product) of Selling Your Home

I love Shirley Temple! Animal crackers in my soup… Okay, so maybe I am dating myself a bit here. This song always makes me think of alphabet soup and in particular the Three P’s of Selling a Home.
 

Why yes I will admit being a real estate agent almost everything makes me think of selling homes, the three P’s (Price, Promotion and Product) have become particularly important in the competitive Atlanta Housing Market.

When selling your home, it is important to be as much above the game of other home sellers in your area as possible. While your home maybe a beauty with all the extra perks appearance wise, it can still stay on the market longer if it is over-priced and not promoted (marketed)well. The same is true if your home is competitively priced and listed all over the place but is considered more of a “fixer upper” then most home buyers are willing to challenge taking on.

To help you get the full picture of how the Three P’s: Price, Promotion and Product, can help you in selling your home, I have included a few tips for selling your home.

Price

Let’s be honest, price is EVERYTHING! Most homes that are on the market long term are usually there because they are overpriced. By proactively doing a little preliminary research you can avoid this pitfall. When initially looking at selling your home, check out a Home Value Finder link and review comparable home listings in your area. View the images online of homes that match your home’s general description.
Have an idea in mind of what you want (top dollar) AND will not (lowest amount you can’t afford) accept.You will also need to think about how long you are willing to have your home on the market. Are you moving because of a job change to another state? Then you may need to be more applicable to lowering your pricing to sell quickly.

MOST IMPORTANTLY, listen to your real estate sales agent. They are professionals who are in the field daily. Your agent will KNOW what home buyers are looking for in terms of price, location and appearance. Be open to revamping your pricing goals if needed. Remember that your home being for sale on the real estate market the least amount of days is the common goal. Homes on the market too long are often looked at with a wary eye by potential buyers.

Promotion

Discuss in detail with you real estate agent how they (or their agency) will pursue marketing your home to buyers.

Questions to Ask:

• What can I do to make my home look its best for marketing purposes?
• What outlets will my home be marketed on?
• Whom do you feel is my target home buyer?
• Does your agency use video promotion?
• Home much photography is used? Just a couple shots posted on the internet or do you do a full  house spread of 10+ images?
• Does your agency use social media to promote homes you represent?
• Is there anything I can do on my own to promote my home?

Do not be afraid to do a little home promotion of your own. Social media is great for this. Do you belong to a church or community board? Post a blurb with a link to your home’s online listing. Word of mouth is a great entry to a sale!

Product

In order to attract buyers and get the best price for your home, it needs to look its best. Read up. Check out articles online on how to best promote your home’s appearance. Take the initiative to spruce up your home and invest in some inexpensive home updates (applying fresh paint, replacing old carpeting and enhancing your curb appeal). Even some simple “fixing up” will payoff greatly.

It may be worth the investment of hiring a professional staging company to help get your home to the level of what home buyers are striving for.

The Fourth Unspoken “P” - Psychology

One of the biggest hurdles home sellers overcome when listing their home is the emotional attachment to the house itself. Pricing is usually the biggest sufferer of this “P”- Psychology. Taking photos, making a memory book, hosting one last family get-together are a few ideas that can help to ease this fourth, unspoken “P”.

Embracing the Three P’s
In the end embracing the three P’s (and the unspoken fourth) of selling your home can help lead you to a flavorful reward of selling your home quicker and getting the best price for your wallet.

For more valuable tips on selling or buying a home, please visit my site at http://www.pamsantoro. com/. You can also contact me at 678-656-6627 if you have any questions about helping you with applying the Three P’s in your home sale or finding the Three P’s in your search for real estate. Remember, No One Sells a Home Like a Mom!

Soup image courtesy of punsayorn@freedigital.com
House-money image courtesy of renjith_krishnan@freedigital.com
Laptop image courtesy of Deathstock