The 5 Ps of Marketing and Seller Relations

One of my clients recently was asked how she handled her clients in a tough market. She gave me what she did, which is what almost anyone should do.I suggested she jazz it up a little bit. We turned to alliteration making it much more memorable and powerful. 

Packaging what you do in a way that is different from your competitors is often the deciding factor in getting the sale or listings. Over the years, I can't tell you how many times a salesperson came up to me and told me they lost a listing and after talking to the lost client, said the competitor does exactly what I do. Giving something you do a unique name lets it stand out. Giving it a name often adds to perceived value.

So what are the 5 P's of real estate marketing and seller relations?

Promotion- Think of all the different ways you promote listings. Print advertising, Internet Advertising, to past clients, current clients you are working with, vendors related to the real estate industry, to other brokers you know locally, out of area brokers, relocation departments, community contacts, network groups you belong to, direct mail, open houses, blast emails, the MLS, do you belong to 2 or more MLS's don't assume the sellers know. Package the list of all you do for maximum impact. Use some showmanship.

Positioning- This is one of my favorite words. It works hand in hand with the absorption rate. Discuss where your listing's price sits in comparison to other similar properties. Give it a name-Positioning. This can take you off the hook after all it is a marketing concept. Make sure to revisit the concept as the property spends more time on the market. You want to be in the next position to sell.

Perfection- You can use perfection to describe the condition of the property. Buyers are always looking for the perfect property. Give the sellers a condition goal to shoot for. Work with the sellers, stage their house with them. Remember to market your ability as a stager. This is something that limited service brokers don't do. It can make a difference.

Preparation- Prepare your sellers for offers or lack of offers, how to handle an offer if they get one or what to do if they don't. Let your sellers know in advance how and when they will hear from you. This aspect of real estate marketing could also fall under communication and feedback.

Positive attitude- Make sure the sellers know how enthused you are about the actual properties. That you see the benefits. If the price is not right or the sellers are not realistic, if you can convey your feelings about the property, it becomes easier to handle the price issue. Remember that almost everyone is attracted to people with a positive attitude and confidence.

Use a little marketing flare and your odds of doing business go up. My client let her marketing department know about her 5 P's and they became very excited. Start approaching all your real estate marketing with an eye toward packaging it in a different way and watch your results follow.