"If you're not differentiating your home in the marketplace, what happens is that the buyers look at prices as being the prime motivator".
The process of trying to determine a target market and narrowing down the focus to appeal more specifically to them often trips up sellers. They find it difficult to turn down a broader approach and that will cost them money.
Key aspects of real estate Niche marketing ?
Age, geography, neighborhood (no it is not the same thing), income, physical limitations, family status, family size are all examples of market-segmenting criteria.
An analysis of demographic and psychographic characteristics can help guide decisions in marketing, but on their own they won’t replace an experienced agents skill and expertise.
I'm sure everybody's taken a test where the goal was to match up items in column B with the similar items in column A. That's Real Estate Niche marketing in its simplest form. Another example could be that you wouldn't want to try to sell skateboards at a senior center.
There are number of different variables with homes, Ramblers, split-levels, two stories, homes with basements, daylight basement homes, condos, townhomes etc.. Each one has advantages and disadvantages and within each category there also additional variables. They can range from gourmet kitchen to galley kitchens to homes that have second kitchens and on and on.
Consider one example: You have a 3000 SQFT, two-story home on a 12,000 SQFT lot with a three car garage slope driveway, the yard immaculately maintained. There are two fireplaces, a den or office.
If we use an example for Real Estate niche Marketing, the probability is that an older buyer will be looking for something entirely different. They'll probably be looking for something that has lower maintenance yard, fewer steps; the sloped driveway might be a problem as well. It may be too much of a stretch for a young couple buying their first or second home. It probably won't work for an empty nester either.
Trying to list all the options would be too extensive. But you probably get the idea.
When we are going through a home, in addition looking at the condition and the physical aspects (number of bedrooms, baths, etc.) were also concentrating on trying to determine who the most likely buyers will be.
If we can conceptualize that we can identify who will pay the most for the property. The marketing copy and photos will then be geared to capturing that person's interest. Real Estate Marketing by targeting a group with specific interests not only helps the owner to receive the highest price possible but it will usually sell in a shorter period of time.