Today we’re going to take a moment to look at the 3 P’s a buyer will consider when choosing which property to come visit and subsequently make an offer on:
- Property
- Placement
- Price
The first is “Property”
Whether purchasing a primary residence, a rental property to buy and hold or a fixer to flip - a buyer always has a specific property type in mind. A list that looks something like this: a single-level, 3 bed, 2 bath, over 1,500 SF, and it must have an attached garage. Often times, there are many additional amenities on the list - but this is just an example of what I mean by “property”.
This website, housesofportland.com, has a search tool where a prospective buyer can input all of their criteria into a search, save those parameters, and then as soon as a property hits the market with that criteria, they receive an email notifying them of a new listing.
Sellers, unfortunately, outside of a major renovation or addition, your “property” pretty much is what it is. My job as your real estate marketing specialist is to make sure that we are effectively marketing all of your property’s best features so that your property doesn’t get filtered out of those extremely important buyer-saved searches.
The second is “Placement” - or "location"
Sellers, this is going to be the most challenging of the 3 to have an impact on. Typically, if a buyer wants into the area, you’ll make their search - and if not - you won’t. That said, making sure that we’re pointing out and marketing the nearby amenities and neighborhood features is going to be impactful when your property listing hits their inbox.
They say that the 3 things that matter in a real estate investment is location, location, location - so buyers, let’s make sure we have your search set up so that we’re sending you only the best properties that will meet your real estate goals. There’s no reason to settle for something less when we have such powerful tools.
The third and final “P” is “Price”
In the end, a home is only worth what a buyer will pay for it. The property has a say, the location has a say, the comparable market value of your home has a say, the level of competition and bidding over your home has a say, but in the end - it’s the buyer who is going to make the offer. Our goal is to make sure that whatever we price your home at accomplishes 2 goals:
- We market your home in order to make it look as desirable as possible
- We get your home in front of as many people as possible
Quality marketing in the right places drives interest. The more interested buyers we can generate, the more visitors to your home we’re going to have, and the more visitors your home has, the better the offer quality and quantity will be.
The price of your home has a direct impact on the number of people that see your property. For example, if the comparable market value of your home is $390,000 and there are 100 buyers with a saved property search capped out at $410,000 and there are 500 prospective buyers with searches capped out at $400,000, would you have more competition and potentially better offers if you were to price your home at $389,900 or $409,900. You’re talking about 600 buyers seeing your property vs 100. 6x the visibility. Even if you simply have 2 offers - one from a buyer who can go up to $410,000 and 1 from a buyer who can only offer $400,000 - that extra competition that was generated is what will likely encourage that buyer who can offer $410,000 to make that higher offer.
Pricing your home is as much art as it is science and I’d love to talk with you about what we can do to make sure that you’re property gets in front of the highest possible number of prospective buyers. That's how we’re going to ensure that you get the highest possible amount when selling your home.