In the world of property marketing, it’s of the utmost importance to have a solid marketing strategy. Even if you have an idea of what you need to do to get your inventory sold, it may feel like something is missing.
A little secret? The top real estate agents in the industry are at the top because they utilize the seven p’s of real estate marketing. This model creates better results for marketers and real estate agents alike. In this article, we’ll review what the seven p’s are and why they’re important for your real estate business.
What are the seven p’s?
The seven p’s of real estate marketing are product, price, place, promotion, people, physical evidence, and process. When used properly, all seven of these tools can help you sell homes faster and for more money. We’ll briefly explain each one and why they are such an important addition to your real estate business.
Product
If selling homes is the name of your game, then the first of the seven p’s is relatively self-explanatory. Your product is the home. Think of the house as an extension of you and your business. Being able to properly control the homes that you list allows you to manage your entire market. The ability to provide quality products and services to your target markets is a great way to find success.
Price
Price is what the customer pays for the product you’re offering. If your home isn’t listed properly, it won’t matter what your marketing strategies are. You should implement correct pricing strategies and research. That way, your property will get the best position in the market among the competition.
Make sure you conduct plenty of quality research into the market. Also, stay on top of seasonal price fluctuations and trends. This way, your property can strategically stay in the view of everyone searching.
Place
Place is where your product is located and where your customers can find your service, meaning where your listing is positioned in the market. Once you have your price and marketing strategy set up, your positioning in the market relies on who you are trying to reach with your listing.
Having proper pictures and a story to go along with your listing can find the right buyer for your home. There’s no need to go overboard with intense search engine optimization and overly aggressive marketing tactics. In fact, it’s much more effective for you to practice local SEO as part of your digital marketing mix.
Promotion
Our fourth p on this list builds off of place and relies a lot on your effort to create the best listing possible. Promotion is your effort to encourage how well your listing is found.
How easily your home is found is directly correlated to your marketing efforts. Doing the bare minimum won’t get your listing sold quickly and can end up wasting valuable time and resources. Everything from ads with specialized QR codes to social media marketing should be on the table.
If the marketing is on point and the product is set at the proper price, it will attract plenty of attention from buyers. While promotion varies depending on your strategic marketing plan in place, you could implement a social media marketing strategy, direct marketing, or other digital marketing tactics to get a competitive advantage.
People
This refers to the people directly involved in the listing process. Your team of assistants, agents, market experts, and support ensure your products and marketing attract positive attention from buyers. When you have the right people in place, increased property views, tour requests, and customer conversions will follow.
Physical evidence
Your listings and your successes in real estate marketing are a direct reflection of you and your brand. Your goal isn’t just to sell a home, it’s to make your clients and customers happy. Getting quality testimonials about your excellent customer service can help build your brand immensely.
Having testimonials from happy customers is also crucial for other potential buyers. It helps them see how your promotions, pricing, and products make the entire home buying process easy and enticing.
Process
Your process is how you do things from the time you list the home until the minute it is sold. By implementing the proper processes, you can effectively communicate with your clients about your marketing strategy, market data, and showing feedback from potential buyers.
By keeping your clients informed on your process, you’re building countless long-term relationships that will ultimately lead to a ton of success in your real estate marketing business. Another benefit to having a solid process in place is that your response time to leads will decrease, letting you focus on making money!
How Virtuance can take your marketing to the next level
If you’re looking to utilize the seven p’s in your marketing, consider using professional real estate photography for your next listing. Every order gives you access to the Virtuance Marketing Suite, ensuring you have everything you need to promote your business.
