I wanted to share a link to one my favorite blog posts as of late.
What I love about this blog is the idea of creating a marketing focus based on what makes your product unique instead of just price point. What is the most common focus of most real estate marketing strategies? Unfortunately it tends to be a low price especially with all the foreclosures. I think we can all agree that this is not sustainable over the long term and does very little to brand your product. What do you think most of your competitors are selling ? Odds are they are boasting a low price point.
Right now there is no better way to blend into the real estate crowd then by shouting low prices. So many real estate developers and sales agents are turning to the low price game. Why is this?
What we need to do is focus on why people should want to own or rent our properties. What makes your product different? Why should someone buy or rent from you instead of your competition?
This doesn’t mean that you shouldn’t lower your prices according to the market. It means that you should promote other features too besides price reduction. Besides, a big banner outside of your property or on your website stating “Reduced Prices!” or “Recession Specials!” gives off such a negative vibes. Try to focus on the good. You would be surprised
So, What Makes Your Product Better?
Figure out what your edge is and capitalize on it. Try and attract potential buyers with something positive about your product. What makes you different than your competition? A low price point does not make you any different.
A Home Is A Home, Not A Commodity
Treat your product like a home, not a commodity. If we treat our communities like a commodity, then we have no choice but to sell on price. Look at your community as a home and convey that to your potential buyer. Studies and reports are coming out everyday detailing a shift in consumer attitude. Homes are becoming less of an investment and more like a home again. Take note of this and plan your marketing accordingly.