Product and Marketing Strategy - Urban Real Estate | CASE BRIEF
CHALLENGE
Innovative real estate developer preparing to build first project in urban condominium market needs clear understanding of target customer’s wants, needs, and price point for renovation, rehabilitation, and reuse of ideally located, but rundown classic structure.
SOLUTION
- Work with client to clearly define target customer.
- Facilitate product development meetings with client, target customers, and real estate agents defining product strategy: unit size, features, benefits, and price point.
- Collaborate with client, architects, engineers, and designers refining design and materials for compact, high feature, high detail, mid-priced urban living spaces.
- Innovative structural enhancements - Expand parking capacity to space for each unit. Roof mount AC compressors enabled high-efficiency HVAC in 80 year-old structure on narrow inner-city site.
- Develop marketing and sales practices and materials - Dedicated on-site sales agent, promotion to real estate agents, customer information materials, and pre-arranged mortgage financing.
RESULTS
Sold-out initial project in one week at 23% above average local price per square foot. Developer received multiple investor inquiries about upcoming projects.
The challenges and opportunities are before us… The time to act is NOW... Seize the Day.