Savvy Marketing: How Well do you Know Your Target Market?

By
Services for Real Estate Pros with Napa Consultants DRE00893924

Accurately assessing your target market and communicating with your ideal clients on their wavelength is crucial to your success as a real estate marketing professional.

How well do you know your target market?  When studying it are only aware of their demographics (gender, age, and income)?  

What do you know when it comes to their psycho graphics (emotions, values and lifestyle, aka the mindset)?   

If you are ignorant of  both aspects of your target market, chances are you will over-spend on useless marketing.  Many large companies ad firms and companies assume they know the market, they just don't get their boots on the ground, and check out what is what and who is who.

In our commercial real estate practice, whenever we had a listing, we would meet and analyze what or who would love to be in that space, (whether it was a listing to lease or sell).

We landed a big listing. It was a whole retail block (both sides of the street) in Beverly Hills that was languishing with empty stores for several years.  Previous brokers had tried to bring in high end brands, without any success.  This was a street with medical offices on both sides.  

The owners suggested we contact Palm Beach, Florida, retailers on Worth Avenue.  We did, and the only street in the area they were interested in was the Golden Triangle of stores.  

We talked to the various medical offices and their staffs.  They wanted to see services on their street, coffee shops, small restaurants, hairdressers, walking shoes, and small boutiques with reasonably priced clothing.  And, that was exactly who we brought in to the various stores.  

Many of the stores we leased  are still in business.  It took some footwork and analysis to find the right fit for the spaces.  

Not long ago an agent we knew noticed that while jogging through the neighborhoods he specializes in, the homes all had newspapers at their door.  

This marketplace did not see print as "dead!"  They still enjoyed their morning paper with their breakfast.   In focusing his marketing dollars in print, he started to attract more listings and buyers.

One of our clients can tell you everything you could possibly ask about her marketplace, not just the amenities available.  

She knows who will buy, where and why, as well as who is ready to sell and in what time frame.  It takes precision research and the willingness to not assume you know!

 

 

 

 

 

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Written by Ron & Alexandra Seigel-

 

CAN YOU STATE HOW YOU ARE DIFFERENT AND BETTER   THAN YOUR COMPETITION IN LESS THAN 30 SECONDS?

 

 

CALL US FOR A COMPLIMENTARY CONSULTATION TO ASSESS YOUR BUSINESS DEVELOPMENT NEEDS. WE ARE HERE TO HELP YOU CREATE BUZZ!

—Ron & Alexandra Seigel, Managing Partners

805.770.1129

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— Ron & Alexandra Seigel, Managing Partners 

 

Comments (31)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Brian England I appreciate what you are saying, and what I mean is know people by what their values, likes, dislikes are.  Know where they want to live and why.  A

Sep 28, 2021 07:40 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Wayne Martin it does take work and research, and I am certain that you did plenty of research in law school.  A

Sep 28, 2021 07:41 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina Hollander, Broker exactly, you want people to say, this is my kind of place.  A

Sep 28, 2021 07:43 AM
Nina Hollander, Broker

Ron and Alexandra Seigel hi Alexandra... and yet, as I read MLS sheets, most of the home descriptions focus on features. After a while, all the houses sound the same.

Sep 28, 2021 08:45 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 one of our neighbors have the NY Times Sunday edition delivered every Sunday.  When they are out of town, I hide it near their bushes.  A

Sep 28, 2021 07:44 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Grant Schneider It applies to business at large also.  A

Sep 28, 2021 07:45 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

I find it interesting how markets also can change fairly quickly. I have a condo complex that I do a bunch of business in. It has (for 40 years) been dominated by senior citizens. I noticed about 2 years ago quite a few young people were interested in the complex. I asked a couple why...they told me they see the complex as "safer" and (I guess because it is mostly seniors) the rents are a bit lower. I started marketing it to younger people. We have moved 9 twenty-somethings in during the last 18 months. 

Sep 28, 2021 08:07 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Jeffrey DiMuria 321.223.6253 Waves Realty you have proven my point perfectly.  And changes are constant, and you are on top of them.  Research and paying attention to trends is key.  Happy Tuesday.  A

Sep 28, 2021 08:21 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Ron and Alexandra Seigel - Not sure why I don't see a gold star on this post!  You are dead on.  I also like what Wayne Martin stated in his comment.  I work with all types of clients.  I will tackle most listings.  Each listing hits a different market and an experienced REALTOR® will target their marketing to the right segment of buyers.  I spend the time I need at each listing to feel the property as if I live there, to determine who I will target for this listing. What is the neighborhood feel?  Where is it located?  

Sep 28, 2021 08:56 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Love this Ron and Alexandra- and so true. I consulted on a luxury high rise condo years ago. The agent truly knew the market to the point that she knew the kinds of flooring the buyers wanted!  

Sep 28, 2021 12:55 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Sheri Sperry - MCNE® happy to hear that you think the same way we do.  We had Liberace's penthouse apartment that was on top of a commercial building we had listed to lease.  It was to put it mildly quite the place.  Christies Auction came in and too everything that they could sell, and that did not include some of the gaudy decor in my opinion.  It had an incredible patio area with a pool and citrus trees.  

One of my clients was a company that was hired to place actors (children) was his niche in movies.  We had the gamut of spaces, and nothing seemed right.  So I took him to the apartment.  Security was a concern and we could have a key for the elevator to the penthouse.  The patio area was fenced to prevent mishaps, and the pool would be gated. He saw beyond all the fuzzy walls, the purple ceiling and the gold accessories...the kids loved being there waiting for their auditions,,,That was one of my favorite deals...A

PS I did get an email announcing the feature.  A

Sep 28, 2021 02:06 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Kathy Streib It is a joy when that happens.  When we first looking for a home, we were so specific as to what we wanted, and gave up.  Luckily we found our home in the paper and since Ron has his license, and the agent had been in a bad car accident, we made the deal happen.. A

Sep 28, 2021 02:10 PM
Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Listening to clients is crucial in our business and that goes for 'listening to the homes too!  Both tell me what I want and need to know every single time.   I've worked with so many of the same people and same families time after time over the years and they know what to expect from us.  It's a good thing all the way around.

Really great post!

Sep 28, 2021 02:57 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Anna Banana Kruchten CRS, CRB, Phoenix Broker Thank you for your comment.   I especially appreciate your comment of listening to homes.  I am happy to say like you, we were often the designated broker for many projects.  We never worried about getting the listing, and those who opened more business knew to call us...It is a great way to do business,  A

Sep 28, 2021 04:16 PM
Erik Hiss
Keller Williams Capital Partners Realty - Worthington, OH
You can trust me for all your real estate needs!

Target marketing can be tricky if not done right...this helps, thanks.

Sep 29, 2021 07:30 AM
Steven Nickens
Wailea Realty - Wailea, HI
R(S)GRI ABR, Maui Real Estate Hawaii

I like it boots on the ground. Mixing it up in your community is a great way to be aware of the market. I was windsurfing yesterday, keeping in touch with my base. Crusing around town you run into friends, talk story, they are feeling you out with what's happening in the market.

Sep 29, 2021 09:46 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Ron and Alexandra Seigel ,

Excellent post and glad to see it featured. Research and digging into the areas you choose will give you the answers so you can make the right decisions on how to effectively market and corner the market!

Sep 29, 2021 06:59 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I find I have moments of expansion and contraction in my marketing  depending on when I'm doing at the time.

Sep 29, 2021 11:10 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Anything can be useful if you know how to get the best out it. Love and light

Sep 30, 2021 09:37 PM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Staying current with what makes the market niche tick... re-schooling, retooling and reinventing how you market means you never graduate Ron and Alexandra Seigel . Thank you for the personal experience and dialing in process of what had to happen to get to the real estate closing with the big building block puzzle. The marketing vehicles used to catch the eye and the eardrum of your buyers and sellers... print works if choreographed correctly in step and the right key that resonates with your target audience segment. 

Oct 03, 2021 03:07 AM
Raymond Henson, eXp Realty
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I really enjoyed your story and how you were successful filling that retail block.  My current listing everyone thought would go to a developer, including the sellers.  I was not so sure and we did end up getting quite a few families that wanted the property.  The house is currently in contract for a good price from a family that is very excited about the opportunity to recreate the house for their family.  Developers were interested, but at a lower price, with seller financing or with an option to buy.

Oct 05, 2021 12:30 PM