As a real estate agent – and a very proud and passionate one – I have met many people who wanted to buy a property. Inevitably, they would ask me for my opinion.
If they didn’t, I would find good ways to ensure they asked me. Obviously, I wanted to market my services to them.
Over the years, I have formulated what I called the Basic 5Ps Checklist to connect with my clients and help them evaluate the feasibility of their decision.
In a nutshell, let me share it with you.
1. Purpose. Why do you want to own a property? For example, is it for use as a living space, working space, or as an investment asset?
The principle is simple. If you don’t know what you want in your life, no property investment will satisfy you.
Lesson To Startups: Why would you need our product or service? How would it serve to improve your life better? What would you be using it for?
2. Passion. In the final analysis, life is for living. Will the property help you to enjoy your life and live it to the fullest?
The principle is simple – The property investment must serve you, and not the other way around.
Life is short and there is no dress rehearsal. Please acquire a property so that it will add value to your life.
Lesson To Startups: Will our product/service help you make your life simpler and help you to enjoy it more? We are here to help improve your life.
3. Priority. Is property investment the most important thing to do?
The principle is simple – The property investment decision must be made in an objective, balanced and pragmatic way. It is a decision that will influence and affect other decisions.
Acquiring a property is not the only thing to do in life.
There are other decisions and actions that may be just as important, if not more important. It is a decision that has to be seen in proper perspective and from a holistic point of view.
Lesson to Startups: How much of a priority is solving this problem to you? If it is high there is a more likely chance that you would purchase our product. If it is lower on the customer will try to wait, before making the purchase to look at more pressing issues.
4. Performance. Do you have the K.A.S.H. (knowledge, attitude, skills and habits) to invest wisely in a property?
The principle is simple – Most consumers have transacted an average of about five properties in their lives. In other words, they may not have the experience and expertise to make a sound judgement.
Prior to making a decision, you may wish to further your real estate education. You may even want to sign up for a real estate agent’s course so as to know the tips and traps of property investment.
Lesson To Startups: Does your customer understand what they are buying into? Do they understand the problem they are facing and the technology you are selling to help them dispel their issues? In certain cases, you may have to educate your target customers on the issue and the solution, to get them to buy in.
5. Profiling. What is your risk-reward appetite?
The principle is simple. Don’t fall in love with the property, fall in love with the numbers.
For example, can you afford the property? Can you support the future cashflow? How secure are your current and future career and financial positions?
To do a proper analysis, you need to use your head – not your heart – to make a wise decision.
I wish you the best returns for your property investment. It includes both financial as well as non-financial returns.
Lesson To Startups: It is important to understand the customer’s situation before selling them your services. You may have a product targeted at the masses, but 1/3 of your market may not be able to afford what you are selling.
The understanding of your customer cannot be any less crucial than any other part of your business. You may have the best product on the planet, but if you do not cater it to the customers who are paying the money to buy your product, it will not sell at all.
Take the time to understand as much as you can of the person on the other side(customer). Talk to them and also put yourself in their shoes. Once you understand their situation, needs and mindset, you will be able to cater to them better, leading to more sales of the solution(product/service) that you have provided to them.