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
115,058
Monika Depalo
REAL ESTATE Agent/Stager
GAFF'S REFERRAL'S INC.

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.

October 21, 2009 09:20 PM
Ambassador
790,501
Russ Ravary
Metro Detroit homes - Michigan Real estate & Mortgage info
Keller Williams Commerce

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

October 21, 2009 09:23 PM
Rainer
75,559
Joel Prince
Hixson/Soddy Real Estate Broker
The Principle Group, Inc

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.

October 21, 2009 09:39 PM
Rainmaker
333,351
Ty Lacroix
Envelope Real Estate Brokerage Inc

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

October 21, 2009 09:53 PM
Anonymous #5
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.

October 22, 2009 12:41 AM
Rainmaker
895,352
Brian Madigan
LL.B., Broker
RE/MAX West Realty Inc., Brokerage (Toronto)

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

October 22, 2009 07:11 AM
Rainmaker
333,351
Ty Lacroix
Envelope Real Estate Brokerage Inc

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!

October 22, 2009 11:48 AM
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Rainmaker
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Ty Lacroix

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