How To Identify Your Target Market For Your Property Management Business

The rental market is huge and everybody has different needs. So, how is your property management business planning to address that? It can be as simple as identifying and then zeroing in on specific customers so you that you know what they want and need in a property rental.

Target marketing allows you to focus your resources on the market that can benefit the most from your business resulting in a mutually valuable relationship. When you’re able to zero in on certain demographics and psychographics, you can identify their wants and needs from both your services and their expectations of the performance of their investment. Before you jump into marketing to your target audience, you should first clearly define who they are.

Existing audience

You don’t have to look far. You can go through your current customer base. Look for common characteristics and interests. A quick way to get you started is grouping them by gender, age and location. To narrow things further, make use of metrics and obtaining data through surveys conducted via e-mail or polls. Psychographics can also be useful. This is where you consider their characteristics, such as values, hobbies, interests, lifestyle and behaviour.

Scout the competition

Figure out what your competition is doing well and what needs improvement. Who are they targeting? Perhaps you want to target their audience with strategies that the competition are not utilising. You might want to go after the customers your competition is overlooking.

Analyse your service

Note each feature for every service you provide and how this benefits your customer. Once you’ve listed those down, add the types of people who have a need of those benefits. Essentially, you’ll want to answer the question: what does this service fulfill and who is most likely to find it fulfilling?

Evaluate and prepare

Once you’ve found your target market, ask yourself these questions:

  • Are there enough people who fit my criteria?

  • Will my target really benefit from my service?

  • Will they see a need for it?

  • Do I understand what drives my target to make decisions?

  • Can they afford my service?

  • Can I reach them with my message?

  • Are they easily accessible?

Once you’ve figured these out, be ready to make changes to your processes to fit your target marketing goals. Your ultimate goal is to make it easy for your target market to see the connections between their needs and your services. Continuously evaluating your current and potential customers will strengthen your marketing strategy and maximise your returns.

Lauren Robinson