The 3 P’s of How A Buyer Searches For Homes Part 1
Selling Your Wasaga Beach Home: Understanding The Home Buyer
Whatever your reasons for selling your home and moving, it helps to put yourself in a Home Buyer’s shoes and think about their reasons for house hunting and looking to buy a new home.
With 92% of Home buyers starting their home search online, (according to National Association of Realtors report) you have to have a Real Estate Agent that understands the technology, internet marketing, focuses their marketing of showcasing your home and capitalizes on connecting with Home Buyers early in their home search.
With the average Realtor only generating 4 contacts a year from their website, how many real estate agents do you think really understand online search and internet marketing?
The 3 P’s of Getting Your Home Sold
First, if you have talked with a real estate agent or have been poking around online you might have found another kind of 3 P’s. This is the 3 P’s that the average real estate agent does in marketing your home for sale.
- Put it in the MLS (Multiple Listing Service) *The Realtor Database
- Put it online
- Put a sign in the yard
The 3 P’s I’m talking about though is about understanding the mindset of the Home Buyer that is out there house hunting and could potentially buy your home.
What follows is the equation.
p1 x p2 x p3 = Your Home Sale For Maximum Price
These 3 P’s are all connected and each plays a different importance to the Buyer. The importance can shift and adjust based on other parts of equation, I’ll explain what I mean by that later.
p1 is Price
Pricing Your Home For Sale
Of course, price matters when listing your home for sale. But not in the way you think. I’m not talking about pricing your home so low that we are giving it away to some investor looking for a “steal.”
What I’m talking about with Price in this context and this article is…
… The List Price and how that Impacts the Buyers home search.
Remember how I said 92% of Buyers are starting their home search online.
Well, there is this weird thing about pricing and online home search.
Majority of home search websites have built in dollar amount defaults in increments of $50,000 or $25,000 it seems. Meaning a buyer starts a search by putting in the location they’d like to live and checking $300,000 from the max drop down box and $250,000 from the minimum drop down box.
See, price isn’t just about affordability. Price is the way Buyers search.
Pricing your home for sale isn’t just about what it’s worth or what it will sell for. Price is also the most impactful piece of marketing your home because of how Buyers search today.
Image courtesy of Stuart Miles at FreeDigitalPhotos.net