What are the 4 Ps of Marketing in Real Estate?

What are the 4 Ps of Marketing in Real Estate?


– Good morning! I’m so excited. It’s the first time
I’ve come to y’all live from my cute little RE/MAX office here in Concord, North Carolina
in the Betty Feezor Conference Room, which, if you’re not from the Charlotte region, you
have to know that Betty Feezor was truly an icon. In fact, the woman was Pinterest
before there was Pinterest. So in the ’50s and ’60s and into the ’70s before she passed, she gave homemaker tips and cooking tips and she
was just generally like, the coolest woman who ever lived. So go to YouTube and look
at Betty Feezor and you see why I am completely enamored of her. So anyway, this is my conference room because real estate is
done at the kitchen table, so we wanted our conference
room to be a retro-cool kitchen. So anyway, what I had
to talk to y’all about this Monday morning stems
from the weekend I have had dealing with real estate and
frankly, with some realtors and I’m gonna say everything I have to say with a lot of love ’cause I’m working on making sure that I love a lot. In fact, my pastor two weeks
ago, he said forgiveness is a process not an event,
and if y’all have heard me speak in the past week,
you now I’ve said that about 40-11 times because
I’m leaning into that. So anyway, one of the biggest
questions that we’re getting, oh, Sharon girl, that love! Betty Feezor’s stove! Isn’t it gorgeous? See, we’re gonna have big
Betty Feezor open house by the way, and if you’re local
and you want to come see it, you can come any time
during business hours and have your picture made in here and you’re gonna use
the hashtag Betty Feezor because we want to make
sure her memory stays alive. So anyway, one of the phone
calls that we get a lot when people are thinking
about selling their house has to do with what’s your
marketing plan and y’all, realtors don’t seem to understand
what marketing plans are, which I think is why
most consumers don’t know what marketing plans are. Y’all seem to think that
marketing consists of taking some pictures of a house and sticking it on some websites. I have to be the one to tell
y’all that is not marketing and in fact, my professor
from Carolina, Nick Didow, if you went to Kenan-Flagler
Business School like I did, you remember Nick Didow. He would be hurting somebody real quick if he knew what y’all were doing. So the thing about marketing is this. It’s not about getting
somebody to buy that house. It’s about the developing
a demand that reaches the right consumer at the right time and that’s two different things. You’re supposed to sell the house. That’s what they’re hiring you to do. In fact, you’re a realtor worth your salt. You’re going to actually
promote the property that has has somebody call about it. In fact, it aggravates the spit out of me that so many realtors are
being told when the phone rings get a name and a phone
number and then carry ’em on down the street. You know what? If that seller engaged you
to sell their property, when the buyer calls in,
you had all to find out if they’re actually
interested in the house. They called about. Aloha, Arabelle. I’m gonna see y’all in a couple weeks in April here in Honolulu. So here’s the four Ps of
marketing, and if you didn’t go to business school, welcome
to Monday business class because there’s a reason
that the four Ps matter when you’re talking to
someone who’s considering selling what is for most
people, their largest financial instrument,
so would y’all please just remember what a big deal
it is that you do as realtors? And in fact, normal people
out there who like to watch my videos, would you please
understand what a big deal your property is? The realtor ought to
act like it’s a big deal ’cause it really is. I for one, my realtors and I on my team, we take it very seriously. In fact, everybody who
works on Lee Brown’s team has their CRS Designation,
the highest education available in real estate. Every realtor on my
team is a major investor in the realtor party
’cause we get how important political advocacy is to your
largest financial instrument. So back to the four Ps. The first one is the product. So the property you’re
selling is the product and that means if you’re
preparing it for market, you really gotta be talking
to your seller clients about staging, and preparation,
and showings, and condition. I’m finding that many of
my colleagues right now because they’re freaking out
over low levels of inventory are being a little too
smooth on condition, and y’all condition
matters, staging matters. We got stats to show you for
days about how if you use our preferred stager, your
house will sell for more and it will sell faster. This is not rocket science. It’s like, y’all on your
first date, you did not wear sweatpants and a big nasty, baggy T-shirt on your first date and then
expect to get asked out with a big fat diamond at the end. If you want the big fat
diamond, you put on the pearls and your face and a good-looking outfit that fits you appropriately,
but by the way, doesn’t show all your business ’cause why buy the cow if you get the milk for free? And so that’s the first P. The second P in marketing
is actually price. So if you’re thinking
of selling a property, the realtor should be able
to give you some good, solid advice on pricing and
I’m gonna tell you what. If some realtor walks in your
door and tries to sell it to you, the prices per
square foot, you ought to run them outta your house real quick. Run ’em out of your commercial property and chase ’em off of your
land because we do not price property per square foot and
if anybody does that again, you as consumers need to
get your pitchforks out. Let’s run ’em off, okay? Because that’s part of the
marketing of your property. Successful marketing
means we’re gonna help you establish a great price and by the way, just because inventory
levels are at record lows in my market and in a lot of markets, but not in every market, you gotta know your house did not
automatically become gold-plated just because we don’t have a lot to sell. So we’re going to still give
you good price and advice, but it has still got to
appraise and it’s still got to be the right price
for the neighborhood in which your property is located, so we’re not gonna try
and steal money from you and take it out of your
pocket, but for real yo, I don’t know why some of
y’all think your houses are worth more just because just because. So our job in marketing,
second P, get the price right. The third P is placement. So this is where you
want to ask your realtor a lot of good (mumbles) questions. So what are they doing to
place your property correctly? Is it on as many websites as possible? Yes, we like to be putting them on a lot of different websites. In fact, the more the merrier
because advertising helps your property get in
front of a larger audience which helps us find the right buyer. I’ll tell ya little thing in particular. North Carolina, we’ve always
had a big influx of Yankees. You know, people from New York, and New Jersey, Connecticut, Pennsylvania. My husband is actually a
Yankee, so that’s what gives me permission to talk about them. And up north, they have a
very high rate on property tax an so we’ve talked to a
bunch of potential clients who were thinking about
moving south in a few years who’ve changed their timeframes
because of tax reform. So knowing that, we’re
making sure to advertise our listings in front of
those potential Yankee buyers because we actually love Yankees. Their properties cost more up north and so because they cost more up north, we’re glad to help ’em spend it down here and in fact, you might be
able to do a Dave Ramsey and pay down a little bit
and not have so much mortgage and be responsible with your
money and not be in debt and I know that’s a different discussion, but anyway, the fourth P
of marketing is promotion and this is where you
should ask your realtor what’s the strategy? So if the strategy consists of
I’m gonna take some pictures and stick ’em into multiple,
that is not a strategy. In fact, you need to be demanding
professional photography. I’ve gone off on this rant
and I’m gonna keep doing it until people start doing it. If your realtor can’t invest
in professional photography for your property, don’t
hire ’em because that means they are scrambling to
make ends meet and I’m not belittling somebody who’s
in a financial pinch, but if they can’t pay for
photography on your house and spend a couple hundred
bucks to present it correctly, what’re they gonna do when
it comes to negotiation? Do they need the commission more than you need correct advice? These are very important questions to ask when you’re thinking about your strategy. And the last thing I will tell
y’all after living through another wild weekend of crazy offers is please investigate the realtors that you’re selecting
and if you’re a realtor out there, would you please go on and take your mandatory state, continuing education and get the current paperwork
for your offer to purchase? If I see one more offer to
purchase on the 2010 paperwork, I’m gonna lose what’s left of my mind. But anyway, that’s all I had to say. I hope y’all have a wonderful Monday. Do something better for
your real estate business. Consumers, do a better
job picking a realtor and if you’re in the
Concord or Charlotte market, I mean really, you should call us ’cause we would love
to interview with you.

3 comments

  1. Love it!!! Spot on girl! And it amazes me the lack of professionalism I see going on here in Charlotte. And we wonder why the public sees us as used car people.

  2. You are such an inspiration and motivating. I absorb all you have to say!! Can you clarify what you meant at the end of video about your frustration with agents and current offer to purchase…

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