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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