Determining a Target Market
Leasing space can undoubtedly be a difficult procedure. Effective marketing is crucial to properly leasing the vacancy in a minimal amount of time. The astute leasing agent will quickly confess the paramount importance of determining the target market for any vacancy.
A target market is fundamentally described as the specific market in which you intent to sell or advertise your product or business. In residential real estate, the target market may simply be a group of people, specific income level, or an age bracket. Obtaining governmental census information for your surrounding area will greatly assist your procedure. Using the below simple guidelines to determine your target market, will assist in determining where you should be advertising.
- Ethnicity of surrounding community
- Primary language that is spoken
- Age of population in area
- Income level of area
- Educational background
- Marital Status
- Number of children
- Employment information
Information for determining your target market should be taken objectively and without bias. Using the information to discrimination is not only morally and ethically wrong, but illegal and punishable by law. Investors or leasing agents should never entertain the idea of marketing to a specific area because of their personal beliefs or feelings. Owners or agents conducting such type of business should be immediately reported to the proper authorities.
Disregarding any notions of discrimination, any leasing agent should be informed on the demographics of the specific area of the vacancy. Any smart investor knows the Los Angeles region has many specific areas where generally one group of people resides. It makes sense to determine the target market surrounding your building and concentrate your marketing strategy within that market.
Rigorously screen and question the professional property management companies who manage property within your area before contracting. The management company who easily can identify your target market and can implement a marketing strategy for your vacancy will undoubtedly be your best asset. Target markets for vacancies are not difficult to determine but are essential to effectively managing your investment.
