Similar to most other industries, marketing real estate can involve promoting to a target market. Your target market refers to the group that you believe is most likely to invest in what you’re selling. By identifying this group early on, you can develop media campaigns that will market directly to that group, hopefully resulting in a successful and speedy selling process. It’s important to remember that when targeting a specific group, you shouldn’t entirely neglect other areas of the market. All that this means is that you should continue to advertise your listings through multiple media channels, even if you are trying to appeal to a particular group.
What goes into identifying a target market in real estate? There are multiple factors that can contribute to the process of narrowing down a target market. A good place to start is by analyzing your property. Consider elements such as job opportunity, location, home size, diversity, and community dynamic. Each of these factors play an important role in your buyer’s decision, therefore they should be on your mind too. Job opportunity/change is listed as being one of the top five reasons why Americans move. Analyze the job market to better understand who may have opportunity in that area then promote that as being one of the location’s features. For example, a property available in Hollywood can be advertised as being a great place for someone interested in pursuing an acting career. Notice how I identify a specific group without eliminating other potential buyers.
Location can be one of the most influential aspects of real estate. What are some things that are unique to the location? Even factors affected by location, such as weather, can be a persuasive marketing tool. Coastal properties oftentimes specify how far away the home is from a beach, by simply including this information, you’re advertising to beach goers, fishermen, those who like water sports, etc. The size of the property is another factor that buyers will take into consideration. To add some perspective, who do you think would be more comfortable in a two bedroom apartment, a young couple with their first baby on the way? Or a family large enough to be featured on TLC? Even by narrowing down these seemingly obvious factors, you’re beginning to create a target market.
The community dynamic is another important factor that plays into identifying the best market for the listing. If you haven’t yet, be sure to check out my, “How To Sell Your Community” for more information about how to spot the area’s best features. Think about the neighborhood you would like to live in, what factors play a role in this fantasy? Imagine you’re just starting to expand your family and you’re informed that the development you’re looking at has lots of young families with kids around the same age as yours. The buyer can start to envision how much fun it would be for all of the children to become friends and play together. What a great fit! Reflect on how diverse the community is. A family of immigrants, just starting their new lives in America, is going to want to feel welcome and accepted. It would be beneficial if there were other people in the area who perhaps spoke their language, or if there were international grocery stores or restaurants that could make them feel more comfortable.
Once you’ve identified these factors, you’ll be able to start recognizing which groups of society the listing would appeal to the most. Next, figure out which platforms are going to be the most effective way to reach this group and begin your marketing campaigns. Again, it’s important to do your best to attract your target market without eliminating other groups who may still be interested in the property. Even if the other groups don’t feel personal intrigue towards the listing, they might know someone who would fall in love with the listing. Any way you do it, you’ll want to generate the most exposure you can for the property.
What are some other factors that play into a buyer’s decision to invest in real estate? How can those elements be implemented into helping to identify a target market? Let me know your thoughts and opinions on these techniques in the comment section. Have a question for me? Send me an email or reach out to me through my social accounts, you can find all of this information on my website. I’d be happy to address any confusion or concerns in future blog posts. Be sure to like this post if you found it to be helpful and subscribe to my “Media Promotion Within Real Estate, a ‘How To’ Blog” to get updated when I post more blogs. If you’d like to help grow the ‘Mad About Real Estate’ community, then share this post with your friends and followers and encourage them to subscribe so that they don’t miss out on any online media promotion or real estate tips!
Resources:
Carmichael, M. (2020, April 09). Why Do People Move? Here Are the Top Reasons for Relocation. Retrieved January 09, 2021, from https://livability.com/topics/make-your-move/why-do-people-move-here-are-the-top-reasons-for-relocation#:~:text=The%20top%20five%20reasons%20why,%2C%20better%20neighborhood%2C%20etc.)
Fairless, J. (2020, September 25). Guide to Selecting a Target Market for Real Estate: From Joe Fairless. Retrieved January 09, 2021, from https://joefairless.com/ultimate-guide-selecting-target-real-estate-market/