Since the beginning, the real estate market goes through a number of changes – the constant ups and downs make it dependent on a number of factors such as economic factors, job growth, interest rates, etc.
But regardless of how the market has been behaving currently, there are several ways that can help pros and novices apply a number of strategies that can help them further expand their real estate businesses.
Identifying Target Market
Let us start with the first step of every marketing strategy – knowing your audience. Many real estate brokers and businesses tend to focus on niche markets, becoming experts in the market. This can give you an idea about what is driving your current market, the risks that come with it, and most importantly, which direction the market is headed when considering long and short terms.
Market Expense Budget
One of the major factors in effectively expanding your real estate business is to develop ideal marketing budgets and stick to it. Fortunately, there are hundreds of avenues where you can spend your marketing money on – some examples include email marketing, real estate websites, postal marketing, and social media marketing. Just keep in mind that your spending must be based on your target audience.
Encouraging Word-of-Mouth and Referrals
Veteran real estate companies tend to generate many of their deals through referrals from their previous customers – hence, it is a valuable asset for new buyers and sellers. For example, potential customers are more comfortable with the idea of selecting real estate agents when they are referred to them by relatives, friends, or colleagues. Additionally, you can always boost this approach by providing referral bonuses to the person who refers your business to new customers.
To learn further on the subject, it really helps to consult experts in the field. Consider approaching the professionals at the revered real estate investment, development, and promotion company, Nomad Capital.
At this company, their main focus revolves around acting as local development partners for international institutional investors who are looking to establish a presence in Portugal. Founded in 2018 by Alexandre Mansour, who was originally the Managing Partner at the French Desk Capital Management in New York City, Nomad Capital supports sourcing, development, marketing, and other aspects of high-end resorts and residential projects while simultaneously handling most of the elements of the value chain of the development, from the market and financial studies to architectural and engineering projects.
Nomad Capital offers its diverse services in developing and implementing different types of projects such as hotels, officices, retail, offices, restaurants, and so many more. The company markets its projects directly to its consumers through online platforms or an international network of agents and brokers.
Since the beginning, their senior management team has taken the responsibility of creating unique and effective project concepts, considering asset and marketing potentials. Starting from a preliminary study of the project guidelines, keeping in mind construction areas, typologies, architecture, and more, they then develop the business models that are focused towards serviced residential and branded residencies concepts.