MBK In the News

How U.s. Home Builders Can Attract Global Buyers

In 2007, California-based builder MBK Homes was building a community of three-story live/work townhomes in Gardena, Calif. When it came time to devise the project's name and vision, Rick Fletcher, MBK vice president of operations, suggested the name "Four Gardens" after the four parks incorporated into the community plan.

Not long after, the builder's market research found that the community had a high chance of attracting Asian buyers. MBK executives believed that this buyer type would respond well to communities designed in accordance with feng shui design principles and culturally auspicious numerical choices. The firm conducted weeks of research into feng shui and numerology in order to determine how to appeal to this group, and discovered that the number four signifies death in Chinese culture. "This [name] would have been a huge marketing flaw had we not understood our potential customers' beliefs," says Fletcher. "We went on to educate ourselves on what each number or combination of numbers means in the Chinese culture and arranged our street addresses to exclude the number four and lean toward numbers seven and eight, which are favorable and believed to represent good fortune."

The company named the community after its street address, 1600 at Artesia Square, and went on to develop two other successful and well-received neighborhoods in the area, including 1500 Artesia Square next door. The number 1 signifies new beginnings in Chinese numerology, Fletcher says, while the number 5 represents resourcefulness and 6 represents calm.

Depending on where you build, you may also find that a certain portion of your buyer demographic is from outside the United States. They might be recent immigrants, prospective residents, vacation-home seekers, or overseas real estate investors. According to a recent National Association of Realtors (NAR) report, foreign buyers purchased more than 284,455 U.S. residential properties for a total dollar volume of $153 billion from April 2016 to March 2017. Florida

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[ Posted January, 4th 2018 ]