Question

Topic: Advertising/PR

Marketing An Up And Coming Area For Real Estate Sales.

Posted by Anonymous on 7/13/2005 at 9:27 AM ET 125 Points
I am a real estate agent, actually just starting out. There is an area; a neighborhood that I want to target that should be an upcoming area. They are working on major projects that should affect 3-4 near by areas. The thing is I am not sure where to target and what market to target. Either a buys market or sellers market. The reason I ask is because I think the people living in that area probably will not want to move now since this will attract them to stay where they are or if I should target other neighborhoods to get them to move somewhere else which is not always easy. If anyone could supply me with suggestions, or market plan that would be greatly appreciated. If anyone needs any more information on the situation please post it. Thank you and I look forward to hearing from all of you. I need this to be answered soon as possible.
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RESPONSES

  • Posted by Mushfique Manzoor on 7/25/2005 at 6:08 AM Accepted
    hi mendy

    what i understood from your post, you have 2 groups of people to tap into, (1) those who want to leave the 'area' due to the new project construction to a better place; (2) and those are currently residing in inferior places from where they could be induced to relocate to your 'area'.

    before you tap into either of the target group, find out the respective selling points for both groups. i mean, for the group 1, what are the factors for which they would want to leave the 'area', where could they be relocated, what kind of features they would like to have in their new location, what is the perceived problem of the current inhabitants against the actual problems, what future prospects are there for this 'area' against other areas (this 'area' may become commercial, while residents want suburban/residnetial atmosphere) etc.

    for group 2, what ammenities or benefits they lack in their current location, what are the existing benefits available in 'area', what are the future benefits will be once the construction is complete; what is the current value vis-a-vis future price increase once construction is complete, what kind of commercial opportunities are there in future (some may like to have commercial feel while some may want residential feel) etc. also in this regard you can talk to the construction company/developer to get some salient features which you can use in your case.

    after you have done both the above mentioned then i believe you will be able to get a picture which group to target.

    hope that helps. do let us know what you think about it.

    cheers!!

    P.S:
    on second thought, you seem pretty confident on the prospect of the 'area'. in that case i will suggest you to target group 2 for bringing them into the 'area' while maintaining the exisiting ppl of group 1 in the 'area'.
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