Recently I read an interesting article on LinkedIn written by Dr. Anthony Miyazaki, Executive Director of Marketing & Analytics for Florida International University, titled “The Distribution Approach to Marketing Exchange.” If you are unfamiliar with Dr. Miyazaki, I encourage you to check out his YouTube Channel here and subscribe to his weekly #MarketingMinute updates for useful tips on interesting marketing topics. Speaking of topics, I’ll get back to mine. While reading his article, I started to think about the 4Ps as they pertain to the real estate industry, and how implementing this strategy would impact the success of a real estate listing marketing plan. If you are thinking, “what are the 4 Ps of the marketing mix, and why should I even care?” Keep reading to find out!
The 4 Ps of the “marketing mix” are Product, Promotion, Price, and Place. In my previous blog post, “The 4 P’s of Marketing – Better known as the MARKETING MIX,” we discussed the 4 Ps as they pertain to launching a new product or brand. If you haven’t done so already, you should head over here and check it out! In the meantime, continue reading!
The 4 Ps are important fundamentals to consider when implementing a marketing plan for a home/property listing. It is essential to apply the 4Ps when developing a marketing plan for a home listing because these components, when properly assessed, work to a real estate agents’ advantage to promote and determine a property’s unique selling points that differentiate it from similar properties.
The “product” as it pertains to real estate is more than just the physical home; it is the characteristics of the house that make it desirable to potential buyers. When a real estate agent understands what makes a property unique, they can adequately target a specific type of buyer. Does the home feature a tremendous oceanfront view? A dock? An infinity edge pool? Is it beachfront? If so, capitalize on these features!
The second P, Promotion, is essential because good realtors promote their seller’s “product” to those potential buyers by communicating the property’s unique characteristics with several different promotional materials and through many channels but specifically the channels that are more likely to reach the targeted buyers determined in the product evaluation.
The price of the product is an essential aspect because a property is more likely to sell in a timely manner if it is adequately priced when the product first hits the market. If priced too high, you are unlikely to attract potential buyers.
Finally, place, the distribution placement is a primary factor in the successful sale of a property because a real estate agent, aside from yourself, could present your product to a potential buyer. Therefore, when marketing a property, it is vital for a real estate agent to market their seller’s “product” not only to prospective buyers but to other potential distributors (real estate agents) as well.
When a real estate agent considers the 4 Ps, the end result should be a successful and timely exchange that satisfies all parties. In the real estate industry, buyers and sellers benefit from the ancillary services a real estate agent provides because they feel secure knowing that an experienced individual will be working to find them a property that not only fits their needs but meets their price point as well. Also, a real estate agent will protect them in many ways by ensuring they are purchasing a suitable property and paying an appropriate price for it. This protection gives them a competitive advantage over a buyer/seller who is not working with an agent and is representing themselves. So, next time you are developing a marketing plan to sell a property or generate business, use the 4 P’s to your advantage to promote and determine a property’s unique selling points that differentiate it from similar properties. You will really impress your clients with this technique, and you might even surprise yourself with how fast your listing sells! OR, schedule a consultation with me here to discuss potential marketing tactics to help you improve your marketing tactics in your industry!