What Is Positioning Your Home for Sale?
3 Ways To Position Your House For Sale
Remember when all you had to do to sell a house was simply list it on the MLS and stick a sign in the front yard? Those days are long gone, and today’s market requires more work to get the maximum profit from your home sale. I’m going to show you 3 ways to position your home correctly so it’ll attract the most attention from buyers. Following these easy guidelines will ensure you get the best offers and ultimately sell your house for top dollar.
What Is Positioning?
Most people don’t understand what proper positioning entails, and you may be one of them. In simple terms, positioning is how we make your house appear to the general public in order to attract the most ideal buyer for your property. This includes the way your home is portrayed in image, tone, and pricing. Proper positioning is the basis of the decisions we make in marketing your home.
When advertising your house for sale, you need to identify who your ideal buyer is and the where, why and when of why they would buy your property. The answers to these questions will aid in setting up the right marketing plan. All of these factors come into play when positioning your home to get the most money on your sale.
Imitate The Big Brands
When you walk into a store and buy something off of a shelf, there are many factors you’ll consider. The packaging, pricing, and current offer (whether there’s a discount or not) will all play a part in your purchasing decision. Retail brands are keenly aware of how a product’s presentation affects its buyers. They will, of course, market their products accordingly.
Real estate follows the same rules. Purchasing a home is largely an emotional decision, and your marketing will have a huge impact on your potential buyers. Like any successful brand, you’ll need to connect with your ideal buyer emotionally to create a sense of urgency for them to buy. By properly positioning your property, you’ll see a huge increase in showings and a reduce market time—all allowing you to get the most money on your sale.
There are 3 key ways to properly position your home, so let’s take them one by one.
#1: Price Positioning
The most important part of positioning is pricing. This needs to be a planned strategy that’s formed ahead of time, especially should your home not get enough traction at its listing price. You’ll be prepared to easily reposition your pricing before you accumulate too much market time and open yourself up to lowball offers.
We use a technique we like to call “price bracketing.” The majority of home searches begin online, and the primary search parameter a buyer will choose is price. Since every real estate search site uses price brackets in even numbers, the old-school retail model of $9.99 is not your best bet. Pricing your home at an even number will allow buyers searching in both lower and high brackets to find your property. You’ll get more people looking at your house, with a better chance of finding the right buyer.
For Example: When a buyer is starting their home search on Zillow, Trulia or Realtor.com, they’ll be searching for listings in their pricing bracket. Let’s say they set their parameters between $250,000 and $300,000. If your property is priced at $301,000, you’re going to miss out on that buyer. Conversely, if you priced your property at $299,000, you might miss the buyer that set their search terms for houses between $300,000 and $350,000. Pricing your home for an even $300,000 would allow your property to pop up on both searches.
Another part of price positioning is knowing when to reposition and make a price change. Major real estate search engines tend to include listings priced in $25,000-$50,000 increments. If your property is accumulating too much market time, your chances of selling for top dollar will diminish each subsequent week. Making a price change in $25,000 increments will allow you to reach a new pool of buyers and get eyes on your listing that weren’t there before.
#2: Description Positioning
The second way to properly position your home is in the description. Your listing’s remarks are extremely important to the success of your property’s sale, as the story you tell will help you find the right buyer to best fit your home.
Let’s take a few examples. If you’re selling an investment property, your listing remarks would focus on the financials: the P&L statement, CAP rate, gross and net rental income, and other pertinent information. A description for a single-family home, on the other hand, would focus on the property’s amenities, local schools and parks, and nearby restaurants.
The key is speaking to your most ideal buyer. You’re going to want to tell your agent what you love most about your property: do you enjoy its proximity to the ocean, great local coffee shops and restaurants, or easy access to the highway? The more details you provide the better. Your agent can create a narrative that will resonate with your ideal buyer and strike that emotional chord.
#3: Marketing Positioning
It’s vital to advertise your home wherever your ideal buyer is going to spend their time—and that’s definitely not just in front of your yard, staring at a for-sale sign. Marketing is not just waiting for a buyer to come your way. A good agent will be aggressive with targeted, strategic marketing once you’ve established your price and ideal buyer.
I know that in today’s online world, I’m going to be digitally marketing the properties of my clients. We’ll have your house listed on all of the top websites like Facebook, YouTube, Zillow, and Realtor.com, creating paid ad campaigns to target the right audience and demographics. These ads allow us to gather information about your potential buyer before they even talk to us. Armed with this data, we’ll be able to make sure your home is seen by the people that are most likely to buy it.
The Bottom Line
By now you have a full understanding of what’s really required to sell your home in today’s market. Proper positioning of your property is going to be key to getting the most money when you sell your house. By following these 3 steps, you’ll put your
house in the best light and make sure you attract the right buyer to your property.
If you need any help or have more questions on how to develop the right marketing plan, contact me and I’d be happy to help!