Obviously the property itself is only ever in one place and ‘local’ to who ever is near it. So we are talking about the buyer, is the buyer local to the property or out of the local area or in a different country ‘International’
There are 2 major factors to consider if your client is international:
1. They are not buying the property itself as the primary reason, especially if they have a property in their home country. They are most likely buying the home to give them access to their primary reason… Reasons such as lifestyle, the beach, family holidays, the weather, investment or food and atmosphere are the primary reason or main motivator to get a slice of the primary reason they purchase a home.
2. Getting in front of them in their home country or home location is extremely important. More and more research is done online, before a visit is even planned. If you wait to try and attract them locally when they arrive chances are it is too late.
Local Real Estate:
When both buyer and seller are local, the buyer knows the area extremely well, or has even grown up in the area. In this case the property is the main factor, the buyer knows the local area well, they know the schools, shops and local attractions – in this case the property itself is the main reason for buying and the area or lifestyle they already have.
For the reasons above attracting buyers who are international requires a completely different strategy than what attracts a local buyer.
Often real estate companies are using traditional local real estate marketing techniques to attract international clients.
To improve your marketing effectiveness with international buyers first identify the primary motivator for buying and advertise those reasons first.
Reasons To Buy Real Estate Where You Dont Live
When targeting real estate buyers that are not in your local area, traditional marketing such as billboards and magazines only work if the buyer visits your area, this is why online marketing plays such an important role.
Depending on the reason the buyer may consider your area is why crafting a message that resonates with that particular type of buyer is key, coupled with the benefits and reasons to buy/invest in your area.
If you are looking for international buyers or even buyers that are not in your local area such as out of town or state buyers and would like to learn more click here
The Blockbuster and Netflix effect, while this might be one of the more well known ‘faux pas’ the truth is, it has happened to multiple companies in multiple industries…. Amazon alone has sent more business to bankruptcy in multiple sectors that most, of course, starting with bookstores.
So What happened?
Well, Blockbuster clearly had the market share, it had loyal clients, 60,000 employees, 9000 locations and a value of over $5 billion!
So Where did it all go wrong?
They got complacent, they thought they were too big to fail, they stopped innovation and got comfortable and they were punished for it. All they had to do was first start to send DVD’s out to customers homes and then move to streaming online and they would no doubt be worth more than Netflix now. Another reason Netflix did so well was no late fees you simply had to return the DVD to get another and just pay your monthly subscription fee. While blockbuster, on the other hand, made 16% of its revenue from late fees, that’s 800 million dollars made from penalising their customers.
What makes it worse is when Blockbuster was approached for a possible partnership with Netflix the CEO of Blockbuster practically laughed them out of the meeting – well we all know what happened next.
So what can we learn from Blockbuster?
You are never too big to fail
Make money from a good service not by penalising your customers
Don’t laugh at new and disruptive ideas
What can we learn from Netflix?
The better service will win
Put the customer experience first
Always innovate and use the latest technology and trends to keep ahead of the competition
Just because you are new doesn’t mean you can’t take over.
If you are looking to disrupt your International Real Estate market share in your area schedule a call with us HERE.