Dr.

Hilmi Masri
PhD Built Environment
 Real estate marketing deals with real estate
products
 It is necessary at the outset to obtain an
appreciation of features of real estate
products and what makes real estate
marketing a specialised discipline as opposed
to general marketing
 Real estate refers to land and buildings and
anything that is attached or affixed to them
 We often view real estate from its physical
perspective , that is, the physical building
which we can touch and feel
 The common interests in real estate are
freeholds and leaseholds which include all
types of real estate.
Unique features of real estate
a) Location
 It cannot physically moved, even a row of
terrace houses of similar design and finishes
constructed by a developer may be different
because of specific location of each house.
 The value of real estate therefore depends
very much on, and is affected by, the
physical environment in which the property
is in.
b) High price
 A large amount of capital is required to
purchase or invest in real estate
 A property purchase requires a substantial
capital outlay which includes high acquisition
costs, holding costs and disposal costs
c) Time lag
 The time taken to complete a property sale
is relatively longer than the purchase of
common goods and products
 Longer time is required to ensure that the
title of the property is property ascertained
 The development of real estate takes some
time.
d) Legal restrictions
 Real estate are controlled to a greater
extent by government policies and
regulations than other common goods and
products
 These control such as restriction on property
ownership and development control on the
use, will affect the supply and demand of a
property and hence , its value
e) Management
 Property needs to be maintained and
managed. Property is relatively more durable
than most other goods
 It has to be kept in a proper state of repairs
and upgraded or renovated when required.
 The property life cycle of real estate will
have implications on its marketing.
 Real estate products can be sold before they
are completed unlike most common
products, hence marketing can take place
even before the products are completed.
 Real estate products are unique as every
product is different from the others because
of its location.
 The pricing of real estate products can vary
depending on the characteristics of the
product and location.
 Direct marketing using personal selling is the
most common form of selling real estate
products.
 The marketing channel used is often very
short, from the owners selling directly to the
buyers or at most through agent.
 The transaction of real estate products takes
a longer time for completion to ensure that
the title and other aspects of the property
are in order.
The following are the three common methods
of selling properties:-
1. Private Treaty
2. Tender
3. Auction