Black Friday: From eCommerce to the real estate market
Black Friday goes beyond eCommerce and there are more and more sectors that are starting to adapt to the needs of the consumers and the particular characteristics of this date. Discover how the Portuguese real estate market has moved forward in relation to this promotional event.
Black Friday: the Promotion of the Year
As the most acclaimed promotional event in the world, Black Friday originates from the United States of America and gradually made an impression in several European countries. This trade initiative has as a principle the creation of a day with discounts and attractive promotions, aiming to offer the best opportunities to the consumers with the most diverse types of products and also to ensure that the companies manage to sell their products in a more effective way.
Strategically placed before one of the biggest festive periods in the world - just before Christmas and New Year festivities - Black Friday reaches consumers on the last Friday in November. This was the agreed date that discounts were offered to the public.
As more countries and a wider number of sectors have been joining Black Friday, the very concept of this promotional event has undergone some changes. The incentive to shop has now extended to a greater number of days, with shops extending the initiative throughout the weekend and even sectors that take the opportunity to extend the campaign throughout the month. In addition, similar initiatives in online shops have been playing a key role and further reinforcing Black Friday's business incentive. Thus, right now this is considered in Portugal as the promotion of the year.
Black Friday and Its Arrival to the Real Estate Industry
Large shopping malls, eCommerce platforms, and many other shops have come to surrender to Black Friday and the way it delights consumers. In spite of this, however, other business sectors, where large transactions are carried out, have been somewhat more resilient to the restructuring and implementation of this type of offer.
Still, with the change of times and mentalities, it was inevitable that sectors such as automotive and real estate would also find in this type of campaign an appealing and profitable business potential.
The real estate industry is a good example of how Black Friday goes beyond eCommerce and also causes the real estate market to move forward in Portugal.
The effect that Black Friday has had on consumers makes November a propitious time for all sorts of purchases. Customers have become accustomed to relate this time of year and tend to find it an ideal time to define their preferences and buy the products they want at lower prices.
While the role played by price reductions at this time of the year is undeniable, the real challenge is to take advantage of the greater demand that is generated and maintain a high quality of service, where customer interaction, the ability to understand the needs and demands of each client, to present viable alternatives, are all of vital importance. In the background, Black Friday is, for the real estate market, the time to help customers who are about to make an important decision on buying their home.
The Black Friday Challenges and Needs in Real Estate
As the real estate market examines the transaction of residential and commercial real estate, which are, of course, high value products, Black Friday represents a pivotal moment that goes far beyond creating more viable business opportunities for customers.
Besides the promotions or offers inherent to this type of event, Black Friday represents, for the real estate market, the moment of greater demand by the consumers. For this reason, guaranteeing an agile and personalised service, customer-oriented and full of professionalism and competence is fundamental in order to guarantee the client's achievement and to influence the choice of real estate that the potential clients will want to buy.
The presentation of the best opportunities, given the demand created by Black Friday, can make all the difference in the moment of winning the confidence of the consumers. This is why, contrary to other businesses and markets, where fast service to several customers is desirable in the days of greater affluence; the real estate market (especially in the high-end and luxury sectors) should continue to focus on personalised, targeted, comprehensive and personal care to ensure complete customer satisfaction.
By not being able to detract from the characteristics that make it one of the main national markets, the real estate sector therefore needs to develop adaptation strategies that guarantee the application of commercial enticement generated by Black Friday, without losing the quality of the service provided to consumers.
The Luxury Real Estate Market on Black Friday
If the reality of the real estate market needs to adapt itself to Black Friday's promotional initiatives, the luxury real estate market will need even more to focus on the initiative to find the formula that allows it to maintain refinement and distinction while adopting the ideal promotional strategies.
As the luxury real estate industry moves to the level of specific customers with very particular and targeted customer service, commercial maneuvers such as Black Friday may seem unnecessary or ineffective. Still, it is worth remembering that the very dynamics generated by this type of initiative is responsible for the creation of new needs and impulses in the clients.
Thus, the real estate luxury sector must also be reactive towards this type of initiative and take advantage of the month of November, facing it as a critical period for business management. After all, now is the time chosen by many customers who want to make decisions about buying a home.
In Portugal, Black Friday goes beyond eCommerce. The truth is that the real estate market is also adapting and has already moved forward even before this type of initiative began in the country.