Secret Behind The Target Market For Your Real Estate Business
Nakul Kongovi | February 2nd,2017
If promoting your real estate business is an art, until and unless you are the Picasso of it, reaching out to your target market is going to be a tough journey. This doesn’t mean that you throw everything that you have, and start promoting everywhere and to everyone you see. By doing so you will only end up with an unfocused marketing campaign. In order to sell your service or product ( homes ), you need to know your customers well. What they exactly want and where are they searching for it?
But is it as easy as it sounds? Well, nothing comes easy in the present world. This approach requires time for self-reflection so that you conclude on what your niche is going to be, your area of expertise, your strengths and the demographic to target.
Define Your Target Market
You do it well, you succeed, you do it bad, and you will end up being just another sheep in the flock. So what exactly is the criteria to define your target market in Real Estate? Some of the well known marketing biggies suggest using factors like geography, social activity and economy to find out who your target audience must be and narrowing down on your niche.
In the Real Estate business, your target market plays the most important role for your success and you just cannot afford to go wrong there. Avoid any kind of unnecessary activities like making a wish list of clients, as it just going to be waste of time. Instead, do your research on the type of properties people are interested in and are looking forward to either buy or sell in your area. Once you know what kind of house people are looking out for, reaching out to interested people is going to be fairly easy.
Let us just take a small example. Suppose your research figures out that there are quite a good number of single-family home transactions in you area. This makes it obvious that a lot of people are looking out for single-family homes in the locality. Now what you can do is focus on the single-family homes and try to specialize in selling these homes in a neighborhood where the transaction volume is higher when compared to the other areas. It can be a most sought after neighborhood, or even an up-coming neighborhood, as these are the ones which attract more people. Once you have sold a couple of good homes, you get a hang of it, and you can take your strategy up a notch.
This is just a small example on how your research can help you to focus on your target market. In some of the extreme cases, you might have to alter your target market based on the most popular ideology in the real estate market. People might be specific about homes with low taxes, no repair costs, or with few zoning restrictions. So once you have an exact idea about your target market, you are all set to create your marketing plan.
Your Marketing Plan
Once you are sure on what your target market is all about, you can start working on your marketing strategies. But finding the right marketing factors and combinations is not going to be an easy job. Only after a lot of trial and errors, some failures and a little bit of success, will you be able to hit the bull’s eye with your marketing campaign.
And as you flaunt this “almost perfect” marketing strategy of yours, it must show how well you know your target market, their requirements and their demands. Direct mails, articles, website content, and press release must showcase your expertise in the particular field.
In a Real Estate Business, measuring your success based on your marketing plan and strategy is an important factor in order to grow amongst your target market. Some of the ways in which you can measure your success are:
- An increase in the client base,
- An increase in the click-through rate from various channels.
- Higher number of homes closed or added to the listings.
- Higher Web traffic.
Focusing on your target market will help you in increasing your revenue through increased response rates and increased sales. In the present world, Real Estate is one of the most competitive markets and when you ignore such high competency, you are bound to lose out on people who come to you saying that ” I want to sell my house Houston“. Know your market, sketch out a fitting plan, and execute it well to see yourself at the top of the ladder in n time.