Marketing experts tell us that times of market change usher in opportunities for newer or smaller players to upend established market leaders by finding new services to meet the new conditions.
Trinidad & Tobago Real Estate Market is going through one such change. Within the last couple of years we have moved from a seller’s market to a buyer’s market. It was not long ago that to find a home or commercial property one had to rely on a well connected Real Estate Agent. Today it seems as if there are ‘For Sale or Rent’ signs on every other block.
As if that was not enough in itself we are also witnessing a technological revolution in media that has changed advertising and promotion profoundly. If the marketing gurus are correct these conditions far from being ‘bad’ are in fact good for those who have eyes to see and can move fast enough to capture the opportunities.
To do so marketers tell us we must explore a few nodes to seek out new competitive advantage. These include:
- Unique Customer Segments
- Unique Property Segments
- Unique Services
Unique Customer Segments
Redefining customer segments based on new attributes such as Empty Nesters; Over 35yrs single; technophiles; tiny homers; Community Seekers; Business Start-ups; and focusing your service specifically to target one or more of these ‘new’ segments.
Unique Property Segments
Specializing in specific property segments such as Unique Communities; Geographical Areas; Property attributes such as size, technology or price point.
Offering unique services such as including a maintenance service; legal services; mortgage services; insurance package; financing packages for start-ups; decorating service; furniture rental; Online Real Estate Services or a unique combination or mix of services
And once a new segment or service is targeted, building out the activities, alliances, technologies and linkages to deliver the service.
The lesson is instead of lamenting the challenging times or slow business market, use these times as opportunities to take your practice in new directions.