MARKETING RESIDENTIAL PROPERTIES

Abstract

This study attempts to highlight the benefits to be ained, when the marketing concept is adopted -for the selling and leasing o-f residential space. Marketing is a matching process by which the seller provides a marketing mix to meet the needs o-f a consumer. The concept emphasises the importance of forward planning and the marketing plan sets the direction for this study. Marketing activities will be discussed in a chronological order according to plan. Market analysis is first carried out. The study has indicated that the oversupply of private residential properties would continue for two years. However, some potential target markets can still be identified and this coupled with a well designed marketing mix (product, price, place and promotion) would ease sales and leasing difficulties. In an attempt to apply the marketing concept, a survey is conducted to gauge consumers' requirements of apartments, condominiums and landed properties. Factors like location, important residential property features and price are considered.