Marketing Techniques For Real Estate Products And Services

Marketing involves a series of activities in the flow of goods and services from producer to consumer. Real estate is the process of leasing, letting, selling, purchasing, and assigning fundamental properties between individuals, groups, or corporate bodies. Marketing real estate assets is a multifaceted process requiring multiple skills and competencies. The abilities of a surveyor must be well honed, and he/she must be able to apply these skills iteratively when required to attain efficient marketing of real estate assets.
This role must be undertaken by highly qualified and trained professionals in the field of estate management equipped with specialist knowledge in property valuation and agency functions and should be ICT savvy. The surveyor must be able to decipher the right combination of marketing methods to achieve the mandate to sell or lease property assets. Deductive planning based on lessons learned and socio-economic realities should always be considered when deciding services. Understanding the marketing environment and the characteristics of the players is also necessary for effective marketing.
Marketing rental properties differs from marketing for sale, just as marketing simple family detached property differs from marketing townhouses. Even within the rental properties bracket, the marketing of rental office property is quite different from that of rental shop property. It must be noted that natural properties are unique compared to other products in that they are fixed to a particular location. This uniqueness translates to the fact that their marketability is restricted to the areas within a certain radius of the areas within a certain radius of their locations. (Acosta, 1993)
Real Estate Services And Products
Primary real estate services and products include the following;
Leasing Of Properties
Sales of properties
Management of properties
Advisory services on property development/investment
valuation for all purposes
Marketing Medium & Strategies
In developing a marketing mix, marketers must first identify market segments or groups of buyers who share similar wants and needs. They must then choose which segments to appeal to. Strategic marketing begins with a plan that involves setting objectives for the organisation as a whole and continues with the development of marketing goals that reflect those objectives.
Thereafter, there is a careful analysis of the situation and market environmemt will be lead to the development of alternative plans or strategic marketing options.
Good marketing strategy will inevitably spring, not from doing what one is necessarily good at, but from doing what the customer wants to be done. Inevitably then this means that an understanding of the customer (their needs, wants and motivations) is the most important ingredient of any marketing strategy. The understanding of customer motivation is certainly critical to the professional marketer and the eventual development of a robust solid and practical marketing strategy.
The plan must be robust, well thought through, fully justified and, of course costed. Such a plan is essential to ensure that the entire marketing effort and, within it, the selling function, is taken seriously and receives the necessary commitment from the very top of organisation. Successful marketing starts with market place. In the same way then, detailed marketing strategy must necessarily start with the detailed analysis of the market place which is being targeted.
Marketing is first of all an attitude of mind, a philosophy, a way of approaching business. It is also, but secondarily, a set of specific techniques. Marketing is a mutually beneficial exchange process of real estate products (investors/lessors) and consumers (purchasers/lessees) with the estate agent serving the function of brokers and information clearing house. Unless benefits are anticipated by both parties the exchange process cannot take place.
There are basically two major marketing/advertising techniques which also come with different sub-divisions, viz;
Traditional Techiques, And Digital Techniques
The decision to use any of the techniques will depend on the market environment the, characteristics of the target consumers, and the expected reach.
Marketing Techniques For Real Estate Products & Services
Traditional Techniques
These are the various techniques used by the property owners and/or agents to bring the real estate products to the knowledge of the potential users.
Broadcast:
This involves the use of electronic media (radio and television) to advertise real estate products. The choice of this media will depend on the expected market reach of the products. For instance some products may appeal to national audience while some may be localised depending on the target market. The scope of reach is wide and may range from local to national or international depending on which of the organisation is chosen.
Print Media:
This involves the use of various print media to advetise the products and service such as newspapers, journals, magazines, brochures, etc. The choice of the appropriate will depend on the target market and the marketers must ascertain the readers of the print media chosen and their wants and needs before using the medium. The reach of the advertisemant depend on the readership scope and circulation of the print.
Direct Mail:
This involves the use of customised letters, catalogues, postcards, fliers and other materials which solely contain information about the products and services being offered to the potential consumers. The item is therefore send to the target consumers who must have specifically identified as people of that wants and needs. Since the mails are specifically directed, the reach may not be too wide, but can be easily followed up for feedback.
Bill Boards:
The include signboards, banners, etc mounted on the products to indicate its availability in the market. Interested consumers are provided information at site and may also be directed to the appropriate venue(s) where further enquiries are made. The scope of reach is however limited to the people who move to the location of the property or those who have business around the neighbourhood.
Tele-Marketing:
Telemarketing involves the use of telephone calls to adverise the products. The reach depends on how many people the calls can be made to and the ability of the marketer to convince them about the products. However, the call is targeted and acceptance can be measured based on feedback.
Digital Marketing Techniques:
Digital marketing is technologically-inclined, in which it require that the patrons are a different class of people who are conversant with the digital information world. Because, the information age is considered a global issue, it is not impossible that the products available on the digital can be accessible from every parts of the Globe if the markets has such in mind. This does not implies that digital marketing can not be localised if the intention of the marketers is such. Digital marketing is a bit cheaper especially if the marketers has access to the facilities require.
Bulk Sms:
Short Message Service is used to introduce real estate products to the potential users. The reach depend on as many numbers that are available to the marketers. It is used to specifically inform the potential consumers about the availability of a product and contact information. Feedback is measured from number of calls received from such advertisement.
E-Mails:
Electronic Mail is quite similar to SMS except that the information is sent to e-mails of potential consumers. The reach here is limited to the available e-mails in the marketers list. However, it is also possible to send general E-mails to all in-boxes but the danger here is that some of them will be treated as spams.
Social Media:
WhatsApp, Facebooks, Instigrams, X {formerly Twitters}, Myspace, etc have become avenues to market real estate products. However, the reach will be limited only to the people connected together as professional colleagues, group members, friends or followers in the media.
Business Websites:
Websites of different organizations has been used to market their products and service to the world. These websites could be accessed by numerous people worldwide to view their products and transact business with them. Some of the websites are interactive and could therefore make business dealings easier and feedback measurable. Some websites have facilities for virtual inspection of the products, negotiation of terms and title confirmation on-line
Tips For Effective Marketing
-Understand the nature of the products and services,
-Ensure that you have necessary information and requirements for effective marketing
-Package the products and services in a standard and professional way
-Identify the target market
-Regularly analyse the market environment
-Manage your feedback and response effectively
-Always review your marketing strategies
-Take note of the market changes and external economy
-Be persistent
-Use instinct when and where necessary
-Be disciplined in your approach
-Take charge when necessary
-Organise yourself timely
-Plan your next action
The focus of real property marketing must seek to incorporate appropriate inputs towards a functional and effective marketing system. The acquisition of a certain level of knowledge, the appreciation of the demands of the industry by the key players, enlightenment of the participants, the recognition of the rights and duties by stakeholders and the willingness to honour obligations are very crucial for an efficient real property marketing system.
Marketing of real estate products is a multifaceted process that requires multiple skills and competencies as earlier highlighted. The abilities of any professional to apply these skills iteratively when required to attain efficient marketing of real estate assets will detrmine the success of any marketing approach.
Real Estate Professionals should be able to decipher the right combination of marketing methods to achieve the mandate to sell or lease property assets. However, the efficiency of any marketing techniques depend om its rightful application, monitoring and feedback measured against a timeline.
ABDULLATEEF, a principal partner at A. A. ARIBISALA & CO writes from Abuja
Marketing Techniques For Real Estate Products And Services
By ESV. Aribisala Abdullateef
Marketing involves a series of activities in the flow of goods and services from producer to consumer. In relation to real estate, this could be seen as the process involved in the leasing, letting, sale, purchase and assignment of real properties between individuals, groups of persons or corporate bodies. The marketing of real estate assets is a multifaceted process that requires multiple skills and competencies. The abilities of a surveyor must be well honed, and he/she must be able to apply these skills iteratively when required to attain efficient marketing of real estate assets.
This role must be undertaken by highly qualified and trained professional in the field of estate management equipped with specialist knowledge in property valuation, agency functions and should be ICT savvy. The surveyor must be able to decipher the right combination of marketing methods to achieve the mandate to sell or lease property assets. Deductive planning from lessons learned and the socio-economic realities should also always be put into consideration in the decision to provide marketing services. Understanding of the marketing environment and the characteristics of the players is also necessary for effective marketing.
Marketing rental properties is different from marketing for sale, just as marketing simple family detached property is different from marketing townhouses. Even within the rental properties bracket, marketing of rental office property is quite different from rental shop property. It must be noted that real properties are unique as compared to other products in the sense that they are fixed to a particular location and this uniqueness translates to the fact that their marketability is restricted to the areas within a certain radius of the areas within a certain radius of their locations. (Acosta , 1993)
Real Estate Services And Products
Major real estate services and products include the followings;
leasing of properties
sales of properties
management of properties
advisory services on property development/investment
valuation for all purposes
Marketing Medium & Strategies
In developing a marketing mix, marketers must first identify market segments or groups of buyers who share similar wants and needs. They must choose which segments to appeal to. Strategic marketing begins with a plan that will involve the setting of objectives for the oranization as a whole and continues with the development of marketing goals that will reflect those objectives.
Thereafter, there is a careful analysis of the situation and market environmemt will be lead to the development of alternative plans or strategic marketing options.
Good marketing strategy will inevitably spring, not from doing what one is necessarily good at, but from doing what the customer wants to be done. Inevitably then this means that an understanding of the customer (their needs, wants and motivations) is the most important ingredient of any marketing strategy. The understanding of customer motivation is certainly critical to the professional marketer and the eventual development of a robust solid and practical marketing strategy.
The plan must be robust, well thought through, fully justified and, of course costed. Such a plan is essential to ensure that the entire marketing effort and, within it, the selling function, is taken seriously and receives the necessary commitment from the very top of organization. Successful marketing starts with market place. In the same way then, detailed marketing strategy must necessarily start with the detailed analysis of the market place which is being targeted.
Marketing is first of all an attitude of mind, a philosophy, a way of approaching business. It is also, but secondarily, a set of specific techniques. Marketing is a mutually beneficial exchange process of real estate products (investors/lessors) and consumers (purchasers/lessees) with the estate agent serving the function of brokers and information clearing house. Unless benefits are anticipated by both parties the exchange process cannot take place.
There are basically two major marketing/advertising techniques which also come with different sub-divisions, viz;
Traditional Techiques, and
Digital Techniques
The decision to use any of the techniques will depend on the market environment the, characteristics of the target consumers, and the expected reach.
Marketing Techniques For Real Estate Products & Services
Traditional Techniques
These are the various techniques used by the property owners and/or agents to bring the real estate products to the knowledge of the potential users.
Broadcast:
This involves the use of electronic media (radio and television) to advertise real estate products. The choice of this media will depend on the expected market reach of the products. For instance some products may appeal to national audience while some may be localized depending on the target market. The scope of reach is wide and may range from local to national or international depending on which of the organization is chosen.
Print Media:
This involves the use of various print media to advetize the products and service such as Newspapers, Journals, Magazines, Brochures, etc. The choice of the appropriate will depend on the target market and the marketers must ascertain the readers of the print media chosen and their wants and needs before using the medium. The reach of the advertisemant depend on the readership scope and circulation of the print.
Direct Mail:
This involves the use of customized letters, catalogues, postcards, fliers and other materials which solely contain information about the products and services being offered to the potential consumers. The item is therefore send to the target consumers who must have specifically identified as people of that wants and needs. Since the mails are specifically directed, the reach may not be too wide, but can be easily followed up for feedback.
Bill Boards:
The include signboards, banners, etc mounted on the products to indicate its availability in the market. Interested consumers are provided information at site and may also be directed to the appropriate venue(s) where further enquiries are made. The scope of reach is however limited to the people who move to the location of the property or those who have business around the neighbourhood.
Tele-Marketing:
Telemarketing involves the use of telephone calls to adverise the products. The reach depends on how many people the calls can be made to and the ability of the marketer to convince them about the products. However, the call is targeted and acceptance can be measured based on feedback.
Digital Marketing Techniques:
Digital marketing is technologically inclined, in which it require that the patrons are a different class of people who are conversant with the digital information world. Because, the information age is considered a global issue, it is not impossible that the products available on the digital can be accessible from every parts of the Globe if the markets has such in mind. This does not implies that digital marketing can not be localized if the intention of the marketers is such. Digital marketing is a bit cheaper especially if the marketers has access to the facilities require.
Bulk Sms:
Short Message Service is used to introduce real estate products to the potential users. The reach depend on as many numbers that are available to the marketers. It is used to specifically inform the potential consumers about the availability of a product and contact information. Feedback is measured from number of calls received from such advertisement.
E-Mails:
Electronic Mail is quite similar to SMS except that the information is sent to e-mails of potential consumers. The reach here is limited to the available e-mails in the marketers list. However, it is also possible to send general E-mails to all in-boxes but the danger here is that some of them will be treated as spams.
Social Media:
WhatsApp, Facebooks, Instigrams, X {formerly Twitters}, Myspace, etc have become avenues to market real estate products. However, the reach will be limited only to the people connected together as professional colleagues, group members, friends or followers in the media.
Business Websites:
Websites of different organizations has been used to market their products and service to the world. These websites could be accessed by numerous people worldwide to view their products and transact business with them. Some of the websites are interactive and could therefore make business dealings easier and feedback measurable. Some websites have facilities for virtual inspection of the products, negotiation of terms and title confirmation on-line
7.0. Tips For Effective Marketing
Understand the nature of the products and services,
Ensure that you have necessary information and requirements for effective marketing
Package the products and services in a standard and professional way
Identify the target market
Regularly analyze the market environment
Manage your feedback and response effectively
Always review your marketing strategies
Take note of the market changes and external economy
Be persistent
Use instinct when and where necessary
Be disciplined in your approach
Take charge when necessary
Organize yourself timely
Plan your next action
The focus of real property marketing must seek to incorporate appropriate inputs towards a functional and effective marketing system. The acquisition of a certain level of knowledge, the appreciation of the demands of the industry by the key players, enlightenment of the participants, the recognition of the rights and duties by stakeholders and the willingness to honour obligations are very crucial for an efficient real property marketing system.
Marketing of real estate products is a multifaceted process that requires multiple skills and competencies as earlier highlighted. The abilities of any professional to apply these skills iteratively when required to attain efficient marketing of real estate assets will detrmine the success of any marketing approach.
Real Estate Professionals should be able to decipher the right combination of marketing methods to achieve the mandate to sell or lease property assets. However, the efficiency of any marketing techniques depend om its rightful application, monitoring and feedback measured against a timeline.
ABDULLATEEF, a principal partner at A. A. ARIBISALA & CO writes from Abuja