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
- 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.
- 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.
- 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.
- 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.