Marketing Estate Management and Valuation Services in the 21st Century: Challenges and Prospects

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MARKETING ESTATE MANAGEMENT AND VALUATION SERVICES IN THE 21ST CENTURY: CHALLENGES AND PROSPECTS

ADEWALE ADEYINKA. A (B.Sc Hons, Lagos)

ABSTRACT
This article takes a critical look at the challenges and prospects of marketing estate management and valuation services in the 21st century. In doing this, the various forms and means of marketing adopted by estate surveyors and valuers in the 21st century were deeply evaluated with the challenges and prospects carefully drawn from them.

INTRODUCTION
The American Marketing Association defined Marketing as "the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals." Another definition, perhaps simpler and more universal, is the process of moving people closer to making a decision to purchase, use, follow, refer, upload, download, obey, reject, conform, become complacent to another person's, society's or organization's value. Simply, if it doesn't facilitate a "sale" then it's not marketing.

However, the most widely accepted definition of marketing on a global scale comes from the Chartered Institute of Marketing (CIM) http://www.cim.co.uk/cim/index.cfmin the UK, which is the largest marketing body in the world in terms of membership. The definition claims marketing to be the "management process of anticipating, identifying and satisfying customer requirements profitably".

Real estate marketing like every other type of marketing is a four step process that begins with analyzing and defining a qualified universe of potential users or buyers. After this first phase in the marketing process, a true marketing effort succeeds in capturing the attention of the intended buyers within the targeted universe. Third, systematic effort must be put into getting the prospects to accept the concepts or propositions being offered via the marketing effort. Finally, with all three of the previous steps achieved, the marketer must convert the prospective buyer into an actual buyer by getting them to take the desired action (purchase, rent, call, download, subscribe, refer, sell, follow the law, become a member, etc.).

Various strategies and techniques of marketing have emerged in the 21st century and are being adopted by estate surveyors and valuers to sensitize the general public and indeed the whole world about the services they render. The paramount aim of marketing estate management and valuation services is to get better patronage from the public both home and abroad. This is the more reason why over time, Marketing Strategies and Marketing Tactics have been suitably adopted just for this purpose. A marketing strategy serves as the foundation of a marketing plan. A marketing plan contains a list of specific actions required to successfully implement a specific marketing strategy. An example of marketing strategy is as follows: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service." A strategy is different from a tactic. While it is possible to write a tactical marketing plan without a sound, well-considered strategy, it is not recommended. Without a sound marketing strategy, a marketing plan has no foundation. Marketing strategies serve as the fundamental underpinning of marketing plans designed to reach marketing objectives. It is important that these objectives have measurable results. TECHNIQUES OF MARKETING IN THE 21ST CENTURY

Various forms of marketing have been adopted by estate surveyors and valuers in the 21st century to market their services. These include: 1. E-MARKETING:
E-marketing is a type of marketing that can be defined as achieving objectives through the use of electronic communications technology such...
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