Let me ask you something..
Have you ever seen a house that just ‘sits’ on the market for months, and just won’t sell? Maybe it’s your house that has been sitting on the market for months – and you don’t know why. It’s priced competitively at market value, but you aren’t getting much interest from buyers. So, what is the problem?
Your Realtor may still be operating in the old way of selling real estate!
The days are long over when Real Estate Agents could operate in the old ‘3 P’s’ of doing Real Estate:
- Put a sign in the yard
- Place the property on the Multiple Listing Service (MLS)
- Pray that it sells
Unfortunately, most agents are still out there using the old 3 Ps.
In the new era, it’s more complex with all of the technology that is now available. This is why we now have to operate using the 3 NEW P’s of real estate:
- Preparation of the home
- Pricing strategy
Would it surprise you to learn that, according to the National Association of Realtors, 95% of home buyers use the Internet to start their home search? And over 50% of those buyers end up buying the house they found online! Crazy, right?
Therefore, it is critical for sellers to hire a Realtor who knows the most advanced advertising, marketing, and lead generation techniques online to attract those buyers. Let's look into the 3 new P’s of selling real estate.
- The preparation of the home is the most important step in the home selling process. This step involves the Realtor helping you find ways to fix up the home to sell it for more. For example, staging the home, taking professional photos, doing a 3D tour, and drone photography. Since 95% of home buyers start their search online, it is vital that your home looks great online. First impressions are crucial, and we only have 1 chance to make them – so I cannot stress the importance of having professional pictures! Pictures say 1000 words, really. If you have poor quality pictures, you will be missing out on hundreds of potential Buyers.
- Pricing Strategy – My job as a real estate professional is to supply you with facts about what has sold, what didn’t sell, and what is currently on the market, in order to help you make the best price decision. There are four pricing strategies I use to determine whether or not the property is priced ‘right’:
- If the property is priced right there will be plenty of showings and interest, which will convert into offers. Best case scenario.
- If we get showings, but no offers then we are off between 4-6% on the purchase price.
- If we have low showings, we are off between 6-12% on the purchase price.
- If we have driven by’s but no showings, we are off 12+% on the purchase price.
Hence, it is important to understand that the seller sets the purchase price, but ultimately, the buyer determines the value of the property.
- Promotion is also an essential part of selling a property. There are hundreds of platforms that can be used to advertise properties. All Realtors have access to the MLS, Zillow.com, Realtor.com, Trulia.com, etc., which are all great ways of online advertising. However, we now have the ability to go a step farther – advertising on social media. With over 2 billion users, Facebook ranks as the number one most influential social network in the world! According to the New York Times, people spend over 6 hours per day on Facebook – mind-blowing. Facebook has made it so easy for us to create Ads and advertise to all of its users, and it should be taken advantage of. Instagram, Twitter, and all other social media platforms are a great way to get exposure to property. The more people reached, the better.
Once you’ve decided to sell your home, the next step is to find a Realtor. Choose someone who is up-to-date with online marketing and advertising, and who think outside the box to find innovative ways to promote and sell properties. Remember, we are in a new era of real estate.
Whatever your needs may be, please reach out to me. I would love to help you achieve your real estate goals!
Comment with any questions you may have. And of course, thank you for reading!
Until next time.
Contact us at 305-970-2884 or firstname.lastname@example.org