| The marketing mix is considered by many as the steps necessary to begin the marketing process. The 4 P’s (price, place, product, and promotion) make up the mix and spell out the direction and process that should be undertaken.
Price
Pricing the property to sell. There are many considerations. What will the market bear? How quickly must a sale take place? Even as it is the duty of the agent and broker to get the most money for the property that they can, physchological price points often come into play. There are more people that search for homes under 250,000 vs. above 250,000, for example. As you determine the factors that distinguish the proprty form other properties, the correct pricing will generally appear.
Place
Where is the property. What area of town, what distinugishing qualities does the area offer? What does location specifically mean to the property? What affect does its location have on the price it will be bought or sold for?
Product
How does the property compare to similarly built properties? Similarly located properties?
Promotion
Promotion represents the various ways of communicating information about the property to potential buyers with the goal of generating a favorable response.
To properly craft a marketing plan for a property listing, whether looking for a buyer or working on behalf of the seller, the marketing mix elements should be studied and processed to help determine what marketing plan should be implemented.
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