Question

Topic: Other

Real Estate Marketing From Scratch

Posted by Mjo_elamin on 2/1/2016 at 11:29 AM ET 250 Points
Hello Every one

recently I was assigned to start a new marketing department for the first time .. the entity I work with is a big one and they are interested in real estate developing. the reason they want to establish this department now is that for the first time they face difficulties in their product sales, they have many units that they developed yet they couldn't sell any of them. they used to depend only on their reputation and some kind of local adverting.

the assignment is to establish a sales and marketing department.

now my "dilemma" is I don't have any idea about what to do first or where to start.
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RESPONSES

  • Posted by mgoodman on 2/1/2016 at 11:47 AM Moderator
    Start by figuring out who your primary target audience is and will be. That's not as easy as it sounds, but it holds the key to everything else. Ultimately the Marketing function is based on satisfying the [future] needs of a clearly-defined target market.

    Once you have defined that target market you will need to spend some time/money understanding how they make decisions about real estate investments, home options, etc. These will lead you to a set of strategies that will generate awareness of your offerings and positive purchase decisions.

    Depending on the importance of your assignment, and the target timing for tangible results, you may want to hire outside expertise the first time around. You are not the first person to face this challenge, and there's no sense reinventing the wheel if you can deliver great results while learning how to do it yourself next time.
  • Posted by Mjo_elamin on 2/1/2016 at 12:28 PM Author
    Thank you for your immediate and helpful response
    I believe the biggest challenge is that the result they want immediately is to sell the units they have already and then they don't want to make the same mistake again by developing units that no one would buy and this is going to be the new department responsibility to give advice on.
  • Posted by Mike Steffes on 2/1/2016 at 3:09 PM Accepted
    "for the first time they face difficulties in their product sales, they have many units that they developed yet they couldn't sell"
    "they don't want to make the same mistake again by developing units that no one would buy"

    Did the market change in style? Is that why they did not sell?
    Did the market size change? And you just built too many.

    The answers to those questions will help determine the direction of your market research.
    They will also help determine the direction of your marketing focus.

    If you can't hire this out, then you will have to interview the widest range of your potential customers that you can. There are reasons people talk about you getting help on this project.

  • Posted by Gary Bloomer on 2/1/2016 at 7:57 PM Accepted
    Who is your ideal buyer and where is this person? What are they looking for?
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