In business, you create products and target them to specific audiences. For instance, if you’re developing software that helps you manage your finances, you have to either target that towards business owners and give them the tools to run their business, or you target it towards regular folks by helping them manage a budget and keep them out of debt. The way you market these services also makes a difference. For instance, if you advertise your software as “suitable for business”, then you probably won’t get many users buying your software if they don’t own a business.
The same applies to the real estate market. You can’t really advertise a studio apartment to a couple and you can’t advertise luxury housing in an area that has low income. These are very extreme cases, but you probably understand the point; if you want to sell a home, you need to market it towards the right people.
Picking the right location
When you first get started in the real estate market, you want to pick a location and focus on just that. For instance, if you have a real estate business in the middle of the city, then focusing on cheap and affordable housing is a good option if you want to target the masses. Housing isn’t cheap, especially in a city, so in order to get the most attention for your properties, you have to know what the majority of people want. In the case of a city, they want cheap and affordable properties near amenities such as restaurants, public transportation and supermarkets. If you’re able to target the right audience with not only your properties but your entire estate agent business, then you’ll get a lot of customers coming to you for their specialised needs.
Similarly, if you want to target the rich and wealthy, then you need to move away from budget properties and instead, focus on luxury apartments in prime locations. The properties themselves need to ooze with style, they have to be ultra-modern and they need to be surrounded by other rich and famous people. Of course, it takes a lot of money to start investing in luxury properties, but it’s worth the cost because these properties can sell for ridiculous amounts of money, and at that high-end range people are buying for exclusivity and not function.
Marketing it correctly
To be a successful realtor, you need to understand what it means to market your properties. For instance, if you’re going the luxury route and selling expensive properties, then you need to advertise your properties on the correct channels.
Similarly, if you’re aiming at a budget conscious market, you could contact various housing agencies that help low-income families find new properties, or you could advertise locally with traditional marketing methods instead of using the internet. Wide reach might not be the best idea if you are selling budget value properties, and if you’re aiming at providing housing for your local community, it makes sense to use traditional promotions. On the contrary, if you’re in the luxury home market, then it’s mandatory to use the internet because if someone has the money, they would probably be willing to buy a luxury property no matter where in the world it is.