Real Estate Term of the Day: Marketing Plan

Real Estate Term of the Day: Marketing Plan

MARKETING PLAN – formal strategy for selling property (Barron’s Dictionary of Real Estate Terms) 

Every marketing plan for selling real estate should include the following

  1. Maximizing your home’s exposure on the internet. Let’s face it 92% of the home buyers are searching for homes online. A great marketing plan will use multiple resources to ensure the buyer pool is aware of your home’s listing including through the local MLS, REALTOR.com, social media, etc.
  2. Create an EMOTIONAL attachment to the home that will motivate the buyer to offer. We all know that real estate is an emotional commodity. A great marketing plan will attempt to capture the buyer’s attention as soon as they pull up to the home.
  3. Create a position of strength for the seller during price negotiations once an offer is received. A great marketing plan will include a detailed market analysis of the home that ensures the seller is not leaving money on the table.
  4. Having a plan in place to move from contract to close. Examples include: getting past inspection, financing, appraisal contingences, and any other contact CONDITION.

Below is Exhibit 7-9 METHODS REAL ESTATE AGENT USED TO MARKET HOME taken from the 2014 Profile of Home Buyers and Sellers.

Exhibt 7-9