The 3 P's of Real Estate

Pricing, preparation, and promotion. Those are the 3 P's of real estate, and they're an essential element to any property listed for sale. Let me tell you why.

Pricing

The price of the home says a lot about the location and condition of the home, as well as the seller's motivation to sell. Determining the right price isn't an exact science, but there is a method to the madness. Nearby sales of similar properties are extremely valuable when considering the value of a home, but it's not the only factor to consider. Location matters, too. Is the property on a busy street? Is parking available? Does the bus stop right outside the front door? Is the home in the flight path? All of these factors dramatically impact pricing. The last item considered is the condition of the home and the quality of the finishes. Purchasers will pay more money for a property with upgrades - newer appliances, vinyl windows, well cared for roofs, sexy kitchens and bathrooms, refinished floors, fresh paint, and new light fixtures. Upgraded homes always sell for more, always.

Preparation

Just like preparing for a big job interview, a property must do the same! All homes listed for sale should at a minimum be clean as a whistle both inside and out. This includes windows, gutters, roofs, crawl spaces, attics, and garages. Homes that shine the most often have a fresh coat of paint, new light fixtures, replaced or refinished flooring, and upgraded systems (furnace, water heater, electrical, etc). Staging also helps to increase value in the eye of a buyer. It helps to provide spatial awareness once inside the home, but is an instant attention grabber when viewing the property online first.

Promotion

This is where the real estate agent listing the home should shine brightest! Professional photos AND video, and a high quality description of the home that is both catchy and informative to grab the eyes and stop the scroll potential purchasers is a MUST for every listing. Every property deserves to be highlighted in its best light, don't you agree? Agents are also drumming up interest on social media, within their local networks, as well as within the agent community. Their job is to get the most eyeballs on the listing in the shortest amount of time. This is what generates buzz for the property.

When the 3 P's are appropriately applied to a property, the result tends to be the receipt of an offer within a matter of days of the home being listed for sale. This is what we're seeing transpire in the market RIGHT NOW. The well priced, immaculately prepared, and beautifully presented homes are receiving offers within the first week of being on market. In fact, offer review dates are back; especially for homes that knocked those 3 P's out of the park, despite what interest rates are doing.