Today as I stroll around the resort camp grounds, I’m taken by the beauty of what I see. I’m also taken by what a great example of how well the owner of this property knows his customer. He doesn’t even live here in Lithuania. He lives in the U.S. Yet he’s done a fabulous job of creating a specific experience for his customer. In this case, people like me. I love it here.
That’s what you need to do in your Real Estate deals. If you buy a property, you need to understand your customer and his/her needs. That way you can be sure to create the experience they want. Whether it’s a single-family home, apartment building or commercial property like this cool camp resort, you have to make the property fit the customer.
Even when wholesaling, you will have to understand whom you serve. It’s a theme I revisit time and time again, because it is the most important part of the process. Once you know whom you serve, the rest follows. If you don’t know your customer and what he/she needs, how can you invest in the right types of property? How can you serve these individuals? Think about it.
A Nordstrom shopper isn’t going to be happy with a Wal-Mart experience. That’s all I’m sayin’.