The Secret to a Successful Property Venture That No One Wants to Admit

When growing a business, there’s a dirty little secret that is often overlooked in almost every industry. Gaining more exposure is synonymous with reaching a wider audience, and this is typically done by attracting more customers. This can be done in a variety of different ways. You can utilise marketing, you can be aggressive with promotions or you could even create new products to try and appeal to more people.

Appeal is generally earned by having products that a variety of people can use. For example, Microsoft sells its famous operating systems to a large number of people in the world and their market share clearly shows that they are towering above Apple. That’s because the Windows operating system appeals to a large number of people. Whether you use a laptop, computer or even a tablet, Windows is available on the majority of those systems, hence why they are so well-known and popular.

It’s for this reason that Apple has to carve out a niche. Instead of being “the” operating system that the majority of people in the world use, Apple is targeted towards creative professionals and industry specialists that need a more streamlined and simple experience. There are fewer chances of viruses, it’s easier to use and it generally creates a better experience for people who aren’t familiar with technology and computers.

All this talk about computers will probably make anyone wonder “what does this have to do with property?” Well, almost everything.

The link between specialization and real estate

One of the biggest factors in real estate success is exposure. If you’re able to show your properties to a wide audience, then there’s a higher chance that you will make a sale. Unfortunately, this means that you’re going to need to try and appeal to as many people as possible. For instance, if you have an apartment for sale in the middle of the city, then you might renovate it so that it’s perfect for couples, singles, professionals and even students.

Unfortunately, this is the type of mentality that leads to a very slow and painful decline in your business. Why? Because you’ve bought into the dirty lie that so many companies and industry figureheads are telling; appealing to a wider audience.

Have you ever wondered why luxurious properties in places like Beverly Hills make so much money despite being inaccessible to the majority of the world? Because despite being such a niche, they’re exposed. It doesn’t take much to increase exposure and give people something to see. Celebrities are influential people and they’re the main target audience for those luxurious properties, which is why despite them being such a large investment, they can still make money.

In short, the secret to any successful real estate venture is to specialise. It doesn’t matter what type of property you invest in as long as you target an audience, grow your brand and gain exposure for what you are. Trying to attract too many people will ultimately water down the customer experience and turn your properties into something that is trying to appeal to too many people. When this happens, you’ll end up suffering losses because you spread your resources too thin.

Specialising your real estate investments

Specialization can be done in several different ways. First of all, you need to understand the audience you wish to target. If you’re trying to target seniors that are looking for retirement homes, then put yourself in the shoes of someone who is close to retiring. What features are you looking for? What kind of homes do you want to live in? How much money will you have saved up for your retirement? These are the sorts of questions you need to ask yourself if you want to appeal to that market.

Think About the choices you have based on your geographical location. For instance, do you have local farmland that can be bought, developed and sold? Then you should consider getting into the niche of ranches. It might sound daunting investing in property that you’ve got no idea about, but you can find information on ranches here or look online for more sources of information. There’s a wealth of resources, statistics and data out there that can assist your property venture—you just need to know how to utilise it.

Now that the secret is uncovered, what next?

No matter what type of business you operate, it’s important to specialise your products or assets. If you’re unable to do this, then you’ll suffer from trying to appeal to a wide audience. If you’re serious about taking your business to the next level, then you need to place yourself in their shoes and understand what they want.

Although it probably goes against every business instinct that you’ve developed, appealing to a wide audience doesn’t mean watering down your product or services in order to appeal to more people. If luxurious property developers tried to make something affordable, then not only do they lose business (because most people can’t afford expensive properties) but they also lose reputation because they’re no longer offering the product that built their success. Imagine if Apple suddenly tried to make televisions instead of focusing on phones, tablets and computers. Sure, they have experience in the market since they make computer monitors and there are probably a lot of dedicated Apple fans that would buy an Apple-made television, but they have such little experience and it would just mean that they spread their resources thin across several different projects.

It’s a huge gamble to try and appeal to a wide audience, which is why it’s important to hold back those instincts of trying to appeal to more people and focus on appealing to your core audience. Decide on who you want to target, put yourself in their shoes, develop a customer profile and make them happy first. Build your reputation, accumulate a loyal customer base and specialise your properties based on a niche instead of attacking too many markets at one time.

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