The Ability to Sell Any Home Rests On The Three P’s

By
Real Estate Broker/Owner with Envelope Real Estate Brokerage Inc

The Ability to Sell Any Home Rests On the Three P's, and they are:

Price, Product and Promotion.

The seller usually has control over the price. The seller eventually decides what price he or she will accept for their home.

The seller definitely has control of the product (the property). The seller controls the neatness, cleanliness and general maintenance of the property while being listed.

 The REALTOR* has control of the promotion.

Missing one of the 3 P's can be quite harmful. If the home is overpriced, it won't matter what kind of promotion the REALTOR* does or the show ability of the property. If the home is priced and marketed correctly, it won't help if the condition of the home is poor or and does not show well. If the home shows and is priced well but does not get promoted properly, still not going to sell!

So, with the property owner controlling 2/3 of getting the property sold and the REALTOR* 1/3, why is it when a listing expires it is usually blamed on the REALTOR?

So before taking a listing why not discuss the 3 'P's and how by working in harmony with each other, everyone can enjoy a successful and profitable relationship. As a REALTOR*, show them what promotion you have done and have them show or tell you what they have done with maintaining the product. At 30 days, discuss price!

Remember these 3 words: Price, Product, and Promotion. You need all 3 to really enjoy this business!

 

Posted by

Ty Lacroix Broker of Record & Owner

          

'NOT ALL REALTORS* ARE THE SAME', One call or email to me and you will know why!

Your London and S/W Ontario source for results!

519-435-1600   www.enveloperealestate.com

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Rainer
115,258
Monika Depalo
GAFF'S REFERRAL'S INC. - Port Orange, FL
REAL ESTATE Agent/Stager

Good ides, do you think they will listen?

One other factor is missing any price can be set but "A" for appraiser means the price can be changed.

Oct 21, 2009 09:20 PM #1
Ambassador
809,650
Russ Ravary
Keller Williams Commerce - Commerce, MI
Metro Detroit homes - Michigan Real estate & Mortg

That's a new twist on Location, price, condition, and advertising.  I like your 3 p's better.

Oct 21, 2009 09:23 PM #2
Rainer
75,559
Joel Prince
The Principle Group, Inc - Hixson, TN
Hixson/Soddy Real Estate Broker

Ty -

Well said.  I like the 3 P's concept also.  It is easy to remember. (And, in some cases, explain to sellers.) Thanks for the post.

Oct 21, 2009 09:39 PM #3
Rainmaker
333,353
Ty Lacroix
Envelope Real Estate Brokerage Inc - London, ON

Thanks Monika for the"A". I'll post my thoughts on that soon!

Russ, location. location, location still holds true howver the 3P's will earn a steady income!

Joel, when I explain this to Seller's, their eyes open wide, I now have their attention. Good luck with it,Ty

Oct 21, 2009 09:53 PM #4
Anonymous
Anonymous
Anonymous

Ty,

I take exceptiom to the first item. If the agent is doing his job properly, he controls the price. At least I do, based on my CMA.

Oct 22, 2009 12:41 AM #5
Rainmaker
895,504
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

I like the acronym. It's works and it can convey the message. I'm bored of the rather meaningless "location, location, location" advice.

Oct 22, 2009 07:11 AM #6
Rainmaker
333,353
Ty Lacroix
Envelope Real Estate Brokerage Inc - London, ON

Terry, an agent may think they control the price but in the end, it is the seller who signs the listing at a price you or someone thinks the property will sell for, it is the seller who accepts or rejects the offer.

If the seller thinks you control the price, look out! If you think the seller truly controls the price look out, be careful. It can be a friend of a second cousin who used to sell real estate 8 years ago who went to school with their brother Harry, who used to be named Tom but really didn't know Dick.

Brian, so true!

Oct 22, 2009 11:48 AM #7
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Rainmaker
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Ty Lacroix

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