Selling your home is a massive undertaking. There are dozens of factors to consider, each of which can make a meaningful difference in the time it takes to sell, the quality of your prospective buyers, and your final sale price. If you leap into selling without giving ample thought to your sales strategy, you may be compromising your ability to get a quality sale at the price you’re hoping for.
Effective real estate agents will help you take into account all of the various factors that can influence the sales process, and this is most frequently done through a process called “positioning.” Correctly positioning your home makes sure that the right buyers see your property at the right time, for the right reasons, providing strong motivation to come view, and ultimately purchase your house.
Positioning is about catering your sales and marketing efforts as precisely as possible to meet the desires of those buyers most likely to be interested in your home.
Take retail sales as an example. Shop owners work to position items for sale around their store in a way that makes the products easy to see and nearly leap off the shelves for the people looking for that specific product.
Real estate positioning works in much the same way, but instead of positioning a house in space (it’s pretty much stuck where it is), real estate positioning is more psychological. You can think of it as CSI: Real Estate. You want to build a profile of your ideal buyer. You’re trying to work out what makes your property unique and then sculpt your offer to target the buyers that would most find those features enticing. You’re positioning your home so that it’s seen by all the people looking for precisely what makes your home most salable. So it’s critical to think deeply about the sorts of people that would be most interested in your home.
Consider what they might like about the property and why. What features are likely to be most appealing? Think about where your buyers are expected to come from. Are they hopeful first-time home buyers or people looking to upgrade? Given the features of your home and your neighborhood, are you likely marketing to families, retirees, or some other group? Relative to comps in your area, what price range is realistic for someone in your ideal buyer’s shoes?
Once you’ve answered these questions, you’ll have a reasonably good idea of what it is about your home that will attract quality buyers, where you should look for them, and the right price range for that audience that balances a high sale price with the ability to sell relatively quickly.
There are three main categories that positioning considerations fall into. Those are:
We’ll look at each of these in more detail.
Price positioning involves looking at the prices for comparable homes in your area, both on the market now and those that have recently sold, looking at seasonal variations, and judging the relative merits of your house vs. the current competition to establish a broad price range.
Then you need to examine your target buyer profile and determine where in your range you should set your initial price point. Depending on the season and your target’s MO, you may want to start on the lower end if it seems a bidding war could break out. However, if your target buyers are more likely to see a lower entry price as a sign that something’s wrong with the property, then it may be wiser to bump the price up some.
The goal is to find a starting price that’s amenable to your target audience and will get them excited to take a look at the property.
Once your entry price has been established, it’s time to look at all of the various features and amenities that your home enjoys and figure out which are the ones you want to push in your advertising.
If your home has an ample backyard, plenty of bedrooms, excellent schools and kids in the neighborhood, then your target audience is probably young families with kids, and your marketing efforts should do everything they can to boost these features.
If your home is downtown in a bustling business area with easy access to nightlife and other amenities, then your target market may be young professionals instead, and these are the features you should promote.
What you’re trying to do is figure out the sort of person that would most want to buy your house and then gear all of your marketing towards those people.
This last section has to do with determining geographically where your most likely buyers will come from so that you can focus your marketing efforts to a smaller subset of the total market.
This comes into play particularly when advertising on Facebook or through Google Adwords, where local targeting is common. If you know your buyers will be well-heeled, you can focus your marketing in the more affluent areas of the city.
On the other hand, if your most likely buyers are first-timers looking for a starter home you might concentrate your marketing in areas where rentals are more common.
By narrowing down your marketing efforts geographically you can spend less while generating more positive interest per dollar.
Ultimately that’s what this whole process boils down to. By figuring out exactly who would most likely want to buy your house and then marketing specifically to them, you’ll generate more motivated interest.
Instead of casting a wide net, where you’ll likely waste time on people that have no interest in your house, you’re seeking more wisely, targeting only those people who want what you’re selling. With this strategy, you’re more likely to get what you’re asking, and you’re likely to get it far more quickly.
I’ve been working in real estate since 2006, first as an investor and then as an agent. I know how to properly price houses in Pittsburgh. I know the sorts of people that are looking for property in your area, and I know where your most promising buyers will likely come from. I can sculpt the perfect marketing strategy for your home.
My philosophy is people first. I’m not trying to earn your business. I’m out to help people sell their houses or get into the best home for them. My experience has shown me that when you’re looking out for people’s best interests, the business comes.
Your perfect buyer is out there, right now, looking for your house. Let’s find them together.
Pittsburgh. Your City. Own It.