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Marketing Strategy Requires Pricing Strategy

January 18 2012

marketing strategy 300x200Whether you are selling a distressed or non distressed property, your marketing strategy needs to include a pricing strategy. In my many years as a listing broker, I have come across REALTORS® who did not take control and allowed sellers not only to dictate price but marketing as well. A bad idea. The seller says, “I want to list my house at X price” and the REALTOR® desperate to list the property agrees, knowing full well it’s priced way too high so basically there is no pricing strategy. The seller says, “I want my property advertised in the newspaper” and the REALTOR® agrees, because after all, they want to keep the seller happy, and the marketing strategy becomes scratch paper.

A confident REALTOR® sets stage for successful marketing strategy

Can you imagine someone going to an attorney and dictating a strategy to win the case? When you seek an attorney you want their professional advice to win your case. Same holds true when you counsel a seller with a marketing strategy, as well as a pricing strategy, your aim is to win the best price, terms and conditions. When a seller would attempt to take control at one of my listing appointments, I diplomatically reminded them, I was the real estate professional with a proven track record of selling properties. I persuaded the seller by substantiating why my marketing strategy and my pricing would get their property sold in the least amount of time with the best possible price, terms and conditions. Persuasion and negotiation, two very important skills real pros must possess.

Present your pricing strategy at the listing

Will you take over priced listings, of course, how over priced is determined by you. Appeasing sellers and compromising is  just a part of the real estate game. Every REALTOR® will come across a situation where they say, “we’ll start at this price even though it’s on the high side.” The key is to have your built in price reductions on a separate addendum to the listing agreement and at the top of the page it says, Pricing Strategy. Explain, pricing is a critical factor with your marketing strategy.

Marketing strategy requires realistic pricing

The most sophisticated, tech savvy marketing strategy doesn’t mean squat, if the property is grossly  over priced. It’s a plain simple fact, over priced listings do not sell, nor do they help you get buyers, all they do is become an aggravation and financial drain. Going back to a seller for price reductions is selling them all over again, it’s a time consuming paper work endeavor.  When you meet with a seller and present a tight  marketing strategy, that includes a pricing strategy with built in price reductions, you’re pretty much guaranteed to sell they property fairly quick.

Take control, keep control with your marketing strategy

When you’re an authority on the communities you serve, it gives you credibility as the neighborhood expert neighborhood expert.  An expert who commands authority, takes control and keeps control with a tight written marketing strategy. Allowing a seller to dictate what needs to be done, where to market and determine the price will cause catastrophic problems, which I promise will be blamed on you.

It’s all about your listing presentation, it’s called a POWER point for a reason. A well defined listing presentation presents a powerful marketing strategy, which covers all the bases. Your presentation should review market conditions, pricing strategy and portray an indisputable strategy that shows how the property will be sold. Approach every seller  with a standard of how you do business. Make certain properties meet your criteria to sell and determine if a seller is worth your time and effort. Right about now you might be thinking, wow, I need to do some tweaking, or perhaps a total revamp, what ever your thoughts are, create a written plan of action of what you want to change to improve your selling strategies.

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