There are many aspects of the property industry that transcends borders, whether you are in the US, Australia or anywhere else in the world. People from all over the world utilise space in the same way so generally all property developers reach out to their audience through the following steps:
- Determine your target market
- Study your competition
- Create a point of differentiation
- Market the property
- Sell the property
A case study was conducted in Finland, featuring photographs of 300 homes from 50 countries and from different economic backgrounds and cultures. The result was the same — people use the kitchen to cook, the family room to gather and the bathroom to clean themselves. The only difference was in the tools that people used in each room.
After reading the study and looking back on my 21 years in the business of design, I concluded that to create great designs that leads to commercial success in the property industry, the design needs to be tied to a clear purpose.
This study highlights the fact that we can no longer categorise the market into culture, age, gender, and economic background only. Nowadays, to stand out and sell a home, the developer must deliver a product that comes with a compelling and concise story, so people can establish a connection to the result.
Thinking about the what, why, when and how to craft a story behind a property development is the biggest change that any professional working in the industry have had to adapt to, in my experience. Especially through digital platforms such as social media.
At Lorena Gaxiola, we made sure to adopt and adapt to this change early on, so we were able to build up a wealth of market knowledge for different target markets that we can share with our clients to build an appealing story for their new development. Contact us today to find out more about how our designs are backed by market research.