Are you trapped in a dilemma to define who your target audience should be in the real estate business? Real estate brokers and agents usually chase high-ticket investors while ignoring the working class. We understand low-income homes don’t fetch real money, but on the flip side, luxury homes don’t attract enough buyers too, specifically in this era.
According to Khaleej times, due to the UAE’s expanding middle class, there has been a positive shift towards more affordable housing projects. Affordable housing contributes to market sustainability and long-term market stability, maintaining growth, development, and competitiveness.
Where does the problem lie?
Brokers concentrate on high-ticket investors because it allows them to make significant profits all at once. But the competitive UAE real estate market demands a different approach that can help you maintain a regular cash flow and growth strategy. An approach that’s more diversified and also focuses on a sizable portion of the audience from the economy class.
Let’s understand this with an example; Emirates Airlines have three classes – Economy, Business, and First. Economy class has more seats than first and business class combined. There are a lot of frequent flyers that travel in economy class. After the pandemic, Emirates curtailed business class travel. Now, unless they take intercontinental flights, business class passengers must fly in economy class.
how does trying a different approach work?
Emirates Airlines has now launched a premium economy as a result. Why? Because they understood that if they wanted to generate more revenue, they should not overlook the potential of economic class Forbes advisor mentions airlines are struggling to fill business and first-class travellers and may continue to struggle for years. They cannot sit back and wait for the situation to change. Instead, they decided to introduce a different idea to help them in the long run.
Introducing this premium economy class was a win-win situation for the airlines and the passengers:
- Frequent fliers got to enjoy the luxuries of business class.
- The airlines charged these passengers a slightly higher premium to increase their revenue.
As a broker, we understand you want to grow your pool of VIPs to make some big money. But an intelligent approach would never neglect a significant section of society. Every agent’s dream is to generate high-paying VIP leads. This is justified for several reasons, the most important being money. Many leaders within the industry realize this is a risky strategy. By focusing so heavily on affluent customers, the industry alienates significant sections of our society. Since the market for high-end clients is relatively small, brokers should consider creating premium plans for economy class.
the bottom line
The MEC workshop will assist you in developing distinctive real estate marketing strategies with a diversified approach. We build creative approaches encompassing the unique selling proposition that helps you draw in more leads in the age of connections. Our customer-centric campaigns and initiatives will help you expand your VIP pool and also target the economic class.
Targeting economy class is an approach not many industry leaders care about. Let’s not underestimate their potential. Let’s seize this opportunity by formulating a unique and diversified lead generation strategy. MEC workshop has worked with top business titans in the real estate industry to help them expand their businesses and revenue. If you are ready to create robust marketing plans for your real estate business that gives you a competitive advantage, get in touch with us today.