Product and Place Strategy

This chapter covers topics related to product and place strategy in real estate development. Product strategy is mainly about home design (in residential real estate) and corporate real estate (in commercial real estate). Home design focuses on issues such as the layout and floor plan of the residential structure, the residential site, and energy conservation. Corporate real estate is essentially designing the commercial real estate structure to serve the core mission of the business. Place strategy is about site selection and the many factors real estate developers use to guide optimal site selection decisions—both residential and commercial. Although these topics seem to be the domain of professional builders, marketing managers in real estate development firms should have a general understanding of product and place issues to guide builders in meeting customers’ property needs and preferences. Similarly, real estate agents and brokers must have a thorough understanding of product and place strategy to guide buyers and sellers in making effective transactions. This chapter is designed to help students of real estate marketing learn: what housing design is and the elements of housing design what a floor plan is and how one judges the quality of a floor plan quality standards in the design of the living area of a residential structure quality standards in the design of the sleeping area of a residential structure quality standards in the design of the service area of a residential structure how to judge the type of architecture of a residential structure how to judge the style of architecture of a residential structure how to judge the quality of topography of the residential site how to judge the quality of the site orientation how to judge the quality of landscaping surrounding the site how to judge the energy efficiency of a house how to select a site for development