Because real estate is based on geography, Realtors often base their marketing on geography as well. That’s a fine place to start, but Realtors often stop there without considering all of the other aspects that go into creating a truly well-built target market. And that’s a big mistake. Especially today, when you need to produce big results with a smaller budget, you can’t afford to not have a solid plan.
You can use the search tool in REsearch to help shape your target market with both geographic and demographic characteristics. REsearch will generate a personalized list of the people who fit those parameters and their contact information. So instead of marketing to a whole neighborhood when only half of them are actually in your target market, be strategic, spend less and be more successful.
Here are a few of my favorite criteria to use when creating a target market.
• DOM: Find a group of listings in an area that have been on the market for over three months and market them to the investor/owners in the area as a good addition to their portfolio.
• Value of home: When you are marketing a certain home, make sure the group you are soliciting has the existing equity to purchase now.
• Beds & Baths: Find homes on the market that are a step up from apartments in the area, and market them to apartment owners as an opportunity to move up.
• Owner-occupant, Investor or Renter? You might want to consider marketing to these groups differently, as they each likely have a different mentality and financial situation.
The only things you won’t find in REsearch are the psychographics — the way people think and why they do what they do. That’s where your instincts come in. For instance, is your product or service generational? It’s highly unlikely that first time buyers will purchase a million dollar home, so why include them? Also, take the economy, the time of year, and other things into consideration and tweak your message appropriately.
When you are done, take a step back and make sure that the target market you’ve created is indeed who you want to reach. Once you launch your campaign, make sure you track the results to see what did and didn’t work for next time.