My business is a rental property agency, based out of Detroit Michigan and also has a target market in Grand Rapids Michigan. Project: Welcome Home specializes in managing renting and leasing properties. The Company offers a variety of rental properties, listed below:
- Transitional Living (Returning Citizens)
- Rooming Homes (Students, Graduates)
- Single family homes (Average to high income families)
- Multi-unit buildings (Low income families)
- Short-term rentals (Vacation, Holiday gatherings)
Project: Welcome Home, located in Detroit Michigan, is a rental property agency focusing on providing short-term and long-term rentals, as well as leased properties to the local community. Project: Welcome Home rental properties have a clean and modern appearance that appeals to the current renter’s market. Project: Welcome Home properties will be fully furnished and include high-end technology and modern accessories.
The Company will primarily target the following customer segments:
- High-Income Individuals: The Company will attract individuals with higher incomes who are looking for a rental property with modern furnishings and technology.
- Students: The company will attract students who prefer to live off campus and can not afford the average dormitory prices offered by that individual’s school.
- Families: The Company will attract families looking for turn-key properties that are furnished and offer an array of amenities to suit their busy family life.
- Returning Citizens: The Company will work alongside the local law enforcement offices to assist in offering affordable living opportunities to those citizens returning to their communities.
- Working Professionals: Project: Welcome Home is located along a well-traveled commute route, by offering a smart property to working professionals with walking distance (not more than 10 minutes) to a means of transport.
The market size of the rental property industry in the US increased immensely, and the market size, measured by revenue, of the rental property industry, is $174.2 billion. Rental income units are an increasingly important part of the US housing market. The return on expenditure in the property market is much better than in many economic sectors.
With tenant demand in the US increasing last year, this is thought to be related to tenants looking to downsize or move further out to save money. Most rental housing in the US is developed, financed, and owned by a diverse group of private, for-profit companies.
As the economy of the US began to grow and demand for rental apartments rose, industry revenue grew at a rapid pace, hence opening vast opportunities for rental property companies.
Project: Welcome Home’s Brand
Project: Welcome Homes’s brand will focus on the company’s unique value proposition:
- Offering homes/apartments for rent suited for families, students, working professionals, landowners, foreign investors, returning citizens and international migrants.
- Offering a diverse range of rental homes in a prime location.
- Providing excellent customer service.
Promotions Strategy
Project: Welcome Home expects its target market to be students, international migrants, the working population, returning citizens and families mainly from surrounding locations in Detroit Mi. The Company’s promotions strategy to reach these individuals includes:
Phone Prospecting
Project: Welcome home will assign salespeople to contact and work with clients to help them buy, sell or rent real estate properties. Salespeople will use their in-depth knowledge of the real estate market to help clients find rental properties and execute all the required formalities.
Advertisement
Advertisements in print publications like newspapers, magazines, etc., are an excellent way for businesses to connect with their audience. The Company will advertise its offerings in popular magazines and news dailies. Obtaining relevant placements in industry magazines and journals will also help in increasing brand visibility.
Public Relations
Project: Welcome Home will hire an experienced PR agency/professional(s) to formulate a compelling PR campaign to boost its brand visibility among the target audience. It will look to garner stories about the company and its offerings in various media outlets like newspapers, podcasts, television stations, radio shows, etc.
Referrals
Project: Welcome Home understands that the best promotion comes from satisfied customers. The Company will encourage its clients to refer other businesses by providing economic or financial incentives for every new client produced. This strategy will increase effectiveness after the business has already been established.
Additionally, Project: Welcome Home will aggressively network with useful sources such as home contractors, real estate development companies, and businesses. This network will generate qualified referral leads.
Social Media Marketing
Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. The Company will use social media to develop engaging content that will increase audience awareness and loyalty. Engaging with prospective clients and business partners on social media platforms like Facebook, Instagram, Twitter, and LinkedIn.
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