Many real estate professionals mistakenly believe that real estate promotion is the same as real estate marketing. Some even think that marketing is a part of promotion. This is a major misconception, as marketing is the overarching framework. According to economists, promotion is one of the four pillars of marketing: product, distribution (or place), promotion, and price. (Real Estate Marketing)
The four pillars of marketing (4Ps marketing)
Marketing activity consists of four basic elements identified by Professor Jerome McCartney, a marketing professor at the University of Michigan, when he announced in 1960 what has become known worldwide as the Marketing Mix. All four elements begin with the letter "Ps" – the English word for marketing – and are: Marketing Tools for a Successful Policy (4Ps).
Product : This refers to what the market itself offers, especially the product, packaging, and range of services that the buyer receives when purchasing the product.
Place or location: Arrangements that work to make the product accessible to the buyer and reach the target market.
Promotion: (Promotion) means advertising, sales promotion, direct mail, informational and persuasive advertising, or reminding the target market about the product's presence and benefits.
Price: (price) means the price of the product plus other charges for delivery, permitting, etc.
Building relationships to deliver valuable services
Real estate marketing is considered an applied branch of marketing science, a fundamental discipline within management science. Its contribution to the success of real estate companies is universally acknowledged, as successful real estate marketing leads to improved performance, customer satisfaction, and ultimately, higher profits for these companies.
Marketing represents the first and most important function, more than any other, of dealing with buyers or real estate investors and building relationships with them based on providing them with value and achieving their satisfaction. This is the heart of the philosophy on which modern marketing is based. It can be said that effective marketing represents a critical element for achieving success for any organization, large or small, operating at a local or global level.
Effective real estate marketing and production
Effective real estate marketing is described as producing properties that can be sold, not selling properties that can be produced. Companies that sell what they can produce prioritize the real estate product itself, placing it at the forefront of their focus, and then consider the customers. They view marketing simply as a process of persuading customers to buy. Therefore, some people often confuse the concept of "real estate marketing" with "real estate advertising" and "real estate promotion." It is important to understand the components of real estate marketing, especially the central role of customers.
Competition is a key variable in the local, regional, and global real estate market, influencing the administrative, marketing, financial, and production strategies of real estate companies. This includes the type, form, and level of competition within the market, reflecting the dynamic interaction between real estate companies and the surrounding economic environment in which they operate.
Continuous training is the foundation of real estate success
In successful real estate investment, the individual makes their own decisions. There is no board of directors or partners, and if this decision is not accompanied by sufficient experience and the availability of genuine success factors, the investor may expose themselves to potential losses or may be subject to a prolonged waiting period until prices recover.
Therefore, a real estate investor must be a good listener, patient, and eager to train and learn in order to properly begin his investment journey in the real estate market or in expanding his real estate business. If he becomes arrogant and swept away by the winds of euphoria, then his successes will have no value, especially since real estate investment is a game with its own principles, which are based first and foremost on time.
Some links to news and reports from Amlak Real Estate Newspaper, Issue 186
Real estate marketing – Real estate projects – Investment opportunities – Properties –
Aramco shares – Construction and building – Real estate marketing
Editor-in-Chief Abdulaziz Al-Issa explains the story behind the logo of Amlak Real Estate newspaper.
Riyadh will host the International Engineering Conference and Exhibition next March.
Real estate marketing is an applied science based on four fundamental pillars.
The Saudi Real Estate Institute is organizing a real estate marketing course in Mecca.
Banking news included in issue 186 of Amlak Real Estate newspaper
Editor-in-Chief Abdulaziz Al-Issa writes: Aramco and Real Estate
National Commercial Bank and Riyad Bank abandon the idea of merging
Real Estate Exhibition
National Bank of Egypt wins the "Best Bank for Fast Money Transfers" award for 2019
Alinma Bank increases its capital to 20 billion riyals, representing an increase of 33.31 TP3T
Real estate marketing
The Sustainable Building Program issued 50 green level qualification certificates in November.
Itqan Real Estate Company's first rental auction achieves 25 million riyals
The Ministry of Housing denies reports of canceling fees on undeveloped land.
