Journal of Property Management

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1 Understanding the Market IRE-MRP-07-1001-001.indd 1 10/25/07 1:59:17PM

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Understanding the Market

“Market research can tell you who is interested in or in need of your product or service, what their income level is, where they live, their age, their occupation and so on. Conclusions from [these] data can help you to identify your target market. Once you know who these people are, you can then begin to tailor a marketing campaign.”

— www.how-to.com Or maybe the differentiating factors are mostly intangibles. Maybe your leasing staff is especially friendly and helpful; they love their jobs, and it shows. Could be your maintenance team works morning and evening shifts so they can be available when your residents need them. Perhaps they go out of their way to be helpful, even asking residents if they need help with anything. Possibly, you have better curb appeal than the competition, and the hallways are immaculately clean and the entry doors spotless. As you’ll see, these intangible product differences are especially valuable. If you’ve got ’em, and if you can communicate their value to your potential customers, you’re way ahead—perhaps even bulletproof—in the residential marketing game.

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“Market research can tell you who is interested in or in need of your product or service, what their income level is, where they live, their age, their occupation and so on. Conclusions from [these] data can help you to identify your target market. Once you know who these people are, you can then begin to tailor a marketing campaign.”

— www.how-to.com Or maybe the differentiating factors are mostly intangibles. Maybe your leasing staff is especially friendly and helpful; they love their jobs, and it shows. Could be your maintenance team works morning and evening shifts so they can be available when your residents need them. Perhaps they go out of their way to be helpful, even asking residents if they need help with anything. Possibly, you have better curb appeal than the competition, and the hallways are immaculately clean and the entry doors spotless. As you’ll see, these intangible product differences are especially valuable. If you’ve got ’em, and if you can communicate their value to your potential customers, you’re way ahead—perhaps even bulletproof—in the residential marketing game.