Being in a real estate business is like being in a roller coaster ride – it is fun, exciting, but oftentimes stressful to deal with. And there are times when you can’t hit the jackpot in selling properties. Adding the fact that this type of business has a lot of competitors, focusing on every aspect of the real estate world will promote complicated tasks on the part of the business owner and his agents, as well. Let’s face it - being a part of this busy industry is no joke. And you can’t just sit there and watch what will happen next. You need to create a useful marketing mix for your overall business growth and improvement.
If you want to be successful in your real estate business, consider this first: PRODUCT. Since there are various types of properties for sale, categorize each property according to its type (e.g. residential, commercial, commercial-residential, lot, etc.), features (e.g. lot area, number of bedrooms, bathrooms, kitchen, etc.), descriptions (2-storey, bungalow, etc.), and complete address. Never forget to include the pictures of your properties to be seen anywhere you might want to put them. Shots with good angles are important for your properties to get noticed. And a good appearance should also be made on the actual property site itself. Who knows your possible buyers might visit the site any time of the day? All in all, this information will allow your buyers to choose what they want based from what they need. And seeing your product information gives them a chance to check and compare your properties from one to another.
Next: PRICE. Nothing is ever going to ignore this one, as this is one of the most important parts in the final decision-making between the agents and the buyers. Product pricing is essential because it determines the capacity of your buyers in choosing their dream homes, or even lots. A good property deserves a good price, but should never be beyond what is right. Correct price determination is the key towards a successful sales negotiation. And remember, price differs from time to time depending on the economy status. So you must always update your pricing and remind your buyers - as most businesses say, “Prices may change without prior notice.”.
The third marketing mix goes to this one: PLACE. Sometimes, a lot of potential buyers out there postpone their plans for buying properties because of this. The place of properties may not be too populated or too far from what they have expected, which causes the sale to end right away and not push through. If you can help in assisting your buyers regarding properties that may seem compatible with them in terms of distance, then you can gain a lot of advantage over other competitors. You can have a virtual tour or a site tour, which may do a lot for this type of marketing mix – especially when it is free. Or, you can choose properties that can be easily accessed by any means of transportation. Convenience is the key here. And you have to make a way to market your properties in the best places.
The fourth P: PROMOTION. All that it takes for one property to become well-known is through advertising. And all it takes to create numerous sales from various types of buyers is through proper product marketing. Choose the marketing strategy that goes well with your business. If you’re in a real estate business like me, online marketing is one advantage. Fliers may seem too old for this one, but it somehow reaches the clients who might get interested in your properties. Discounts, gift certificates, cash coupons and other promotional items are also effective means of advertising. With a business like this, one must never get tired of reinventing one’s strategies in order to keep up with the competition. Promotion not only creates success in business, it also creates a good public image in the eyes of the people. And when you have a good reputation in the real estate world, it’s a sure thing that you won’t get left behind not only in sales but in keeping a good track of your overall business objectives and long-term goals.
A business is a business no matter what. You cannot guarantee success all the time. And when the going gets tough, you might want to look at this article and think back - am I keeping my 4P’s on the right track?
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