Integrative Process-Oriented Real Estate Marketing

Real estate marketing is still focused on McCarthy's 4-P or marketing-mix approach. In today's volatile markets the 4-P approach will no longer lead to satisfying results. It neglects an inherent strategic approach, lacks a process-oriented view and is rather focussed on the product than the customer and the customer's needs. Therefore, the author presents an integrative process oriented real estate marketing approach. Firstly, this approach is aligned with the property's position in its lifecycle. It distinguishes between property marketing (1) before and during the development process, (2) the phase while the building is rented ñ at this stage in the property lifecycle the marketing focus shifts from product to services and relationship marketing ñ and (3) the situation when the building suffers from functional obsolescence and is no longer lettable. Due to the fact that the stakeholders and target groups, all with diverse demands and claims, differ enormously in each phase of the property lifecycle this distinction is essential. Secondly, the approach provides a four stage marketing management process, which is applied in each phase of the property lifecycle. The process consists of a preparation, an initiation, a closing and a realisation phase. This strategic approach provides marketing managers with a plan of procedures to market real estate in each phase of the property lifecycle. Thus, it overcomes the shortcomings and the strategic lack of the marketing-mix approach.