The P's of Real Estate "Success Principles"
The Success of Real Estate and Property Investments lie in the knowledge of the Principles of Investing in Real Estate. The Principles of Real Estate are time-tested truths of how one can be successful when these principles are learned and applied.
The principles of Marketing, in many management studies since the 1960s right up to the final decade of the last century, have always used the 3 or 4 P’s of Marketing which are Product, Place, Price and Promotion, to be the principle pillars of Marketing Success.
That has changed. A Harvard Business Review article said that the old P’s of Marketing has its weaknesses. The customers of today have far more say in business-customer relationships. Businesses now have to seriously look into embracing frameworks that care more about what their customers want. They need to focus on the ‘Solutions’ their products can provide to the customers, rather than the Product itself. It’s about what solutions and satisfaction the Product provides to the customers, and not just how good the Product is. It is about ‘Accessibility’ of the Product rather than the Place. How easy and convenient your customers can get your Product. To your customers, it is about what ‘Value’ does your Product offers, rather than the Price. And finally, ‘Educating’ your customers of the value of your Product rather than Promotions. In short – S.A.V.E. which are Solutions, Access, Value & Educate.
The Principles of Real Estate Success ventures into the realm of the P’s of Property Investments with the same analytical approach with each of the principles explained in detail.
The principles of Real Estate success are categorised into three separate sections starting with ‘Understanding the Market Place’, the ‘Development of Self’ or the Human Factor and finally, the ‘Success Principles of Real Estate Investing’.