How to use the five P's when selling your home

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While it's safe to say that no one knows the exact price that a home will sell for, most real estate agents can predict an accurate price range.

They do that by developing a comprehensive Comparative Market Analysis (CMA). This evaluation summarizes similar active, under contract, and sold properties in order to present an accurate price range.

In addition to determining a property's market value, the CMA also highlights how that property will be most effectively marketed.

As a matter of fact, part of the plan for selling a property might include reducing the price at certain date intervals (always staying within the price range) to attract house buyers who are watching and waiting to make an offer.

Home sellers can increase their chances of selling their home faster and for a higher price by concentrating on the five P's for selling real estate:

Product: A successful real estate sale begins by having a better product than your competition. Make sure your home shows well and is an excellent value.

Properties: Look carefully at your competition (preview some of them with your real estate agent). What if you were a buyer? How would your home fare with the competition?

Perfection: Make sure your house is in tip-top condition., and that it sparkles and shines. Today's buyers have to be wowed.

Promotion: Offer incentives in addition to the right price - a quality home warranty, flexibility on the closing date, maybe throw in the golf cart if the price is right.

Price: You must price right! Again, pay special attention to those CMAs for the optimal price range determination.

It is very important to note that all of these P's are part of an overall formula designed to sell your home. Although they are all connected, they usually require modifications to produce an effective and successful marketing and home selling plan. And top-producing real estate agents know what modifications are needed to get from "For Sale" to "Just Sold."

Carl Schroeder, 2014 Hilton Head Realtor of the Year, is a Realtor and associate broker with Foundation Realty. He has been serving the Hilton Head area since 1976. Carl@hargray.com

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