Recently I read an interesting article on LinkedIn written by Dr. Anthony Miyazaki, Executive Director of Marketing & Analytics for Florida International University, titled “The Distribution Approach to Marketing Exchange.” If you are unfamiliar with Dr. Miyazaki, I encourage you to check out his YouTube Channel here and subscribe to his weekly #MarketingMinute updates for useful tips on interesting marketing topics. Speaking of topics, I’ll get back to mine. While reading his article, I started to think about the 4Ps as they pertain to the real estate industry, and how implementing this strategy would impact the success of a real estate listing marketing plan. If you are thinking, “what are the 4 Ps of the marketing mix, and why should I even care?” Keep reading to find out!
The 4 Ps of the “marketing mix” are Product, Promotion, Price, and Place. In my previous blog post, “The 4 P’s of Marketing – Better known as the MARKETING MIX,” we discussed the 4 Ps as they pertain to launching a new product or brand. If you haven’t done so already, you should head over here and check it out! In the meantime, continue reading!
The 4 Ps are important fundamentals to consider when implementing a marketing plan for a home/property listing. It is essential to apply the 4Ps when developing a marketing plan for a home listing because these components, when properly assessed, work to a real estate agents’ advantage to promote and determine a property’s unique selling points that differentiate it from similar properties.
PRODUCT
The “product” as it pertains to real estate is more than just the physical home; it is the characteristics of the house that make it desirable to potential buyers. When a real estate agent understands what makes a property unique, they can adequately target a specific type of buyer. Does the home feature a tremendous oceanfront view? A dock? An infinity edge pool? Is it beachfront? If so, capitalize on these features!
