The housing market is hot right now, and there’s no doubt that buyers are ready for new homes. What are the current market challenges in real estate business? But actually, reaching those eager new home buyers is more challenging than it sounds. In a world riddled with marketing messages, buyers on the house hunt rarely see advertisements for new apartments, hotel suites, shops, executive offices, and underdeveloped neighborhoods among the hubbub of currently on-market homes.
What are the primary real estate marketing challenges for property developers? What is standing in the way of reaching your ideal new clients, and what are the solutions to these challenges? That is exactly what we’re here to explore today. Join us as we spotlight and solve the factors holding back your real estate marketing.
Challenges In Real Estate Business
here we will discuss what are the current market challenges in real estate business, what are their impacts on real estate industry.
Weathering Market Volatility
Every member of the real estate industry knows that good housing markets don’t last forever. Various factors in the housing market and the greater economy have significant influence over clients’ choices. Rising interest rates and economic recessions both cause buyers to become more cautious and less receptive to the casual in-town marketing traditional to real estate developments.
It’s vital that your property development company’s marketing be prepared for market volatility. Your campaign should be strong enough to withstand times when the market is low and coast comfortably through times when the market is hot.
Solution: Build A Robust Marketing Campaign
Design a complete and robust marketing campaign that will not falter as the housing market fluctuates. A strong brand and unified brand message are a good place to start, as you will quickly build buyer recognition whether the market is up or down. Make sure the volume of your marketing is enough to tide over low times in the market so these hiccups don’t catch your business with too few buyers.
Unfocused Buyer Targeting
In a perfect world, real estate marketing can target all potentially interested buyers equally. In reality, every campaign needs a target audience so you can hit your mark and see success with your campaigns. Without a focus audience, your marketing will appeal to no one. While you may be trying to be open-ended and welcoming, buyers who can’t figure out a clear message and don’t feel like they’re being spoken to personally are less likely to be enticed by your marketing.
Solution: Define Your Target Buyers
Use your neighborhood location and home style to help narrow down your target demographic. Who will love the houses you’re building? How can you target them specifically? Build buyer personas to represent the types of people you expect to sell to, then build a marketing campaign that will delight your target audience on the channels where they spend their time.
Maintaining Social Media Pressure
Of course, online marketing doesn’t stop at real estate sites. The most engaging form of digital marketing today is social media marketing. With a combination of inbound content marketing and attention-grabbing visuals, social media marketing helps your brand build a following — including potential buyers or brand advocates. We’d recommend also including networks like WeChat to reach a Chinese audience — it is the world’s 6th most popular social network after all.
However, it can be exceedingly challenging for a non-digital brand to keep up with the pressure of regular and engaging social media posts. Most property developers hardly have their own social media team on board, despite the need for a strong online presence.
Solution: Work with A Social Media Manager
Don’t let your social media fall by the wayside. An experienced social media manager can coordinate assets and make sure they fire at a steady pace into the social sphere, keeping your project top of mind for your target audience. Your social media manager will arrange for the marketing assets they need and ensure your content launches at times of day most likely to build a live response from your audience. Social ads are also a great option to explore if you have the budget a lot of our clients see great success from Facebook and Instagram ads.
Disorganized Or Over-Budget Marketing
Some real estate marketing takes a great deal of effort (and budget) without the results you’re looking for. Throwing money at a problem (in some cases) isn’t going to make it go away. Disorganized marketing and sloppy targeting can be almost as bad as no marketing at all, as there’s a chance you could send the wrong impression to your target audience. A haphazard approach to sharing promotional materials and building campaign assets can also confuse your audience and fail to convey your brand message appropriately, ensuring their eyes glaze over to your more engaging competitors.
No business should go over budget on marketing that isn’t having the desired effect.
Solution: Unify Your Marketing Campaigns
Bring all your marketing efforts together into a few well-timed campaigns. Have them managed under a single marketing or project manager and then delegated to your broader marketing team. Better yet, contract SHR 360 Marketing agency to handle your marketing initiatives so you can focus on handling your business operations. Central coordination and focused campaigns will both tighten your budget and increase the results of your marketing efforts.
Building A Buyer Community
Lastly, your marketing challenge faces building a community as you entice new buyers to homes in the developing neighborhood. Property developers can and should try to use marketing to connect with those who will soon be neighbors. Building an early sense of camaraderie between home buyers can nurture your neighborhood’s good vibes before the homes are even complete on each street. But how do you bring disparate buyers together to form the basis of the community?
Solution: Host Pre-Community Events And Virtual Events
Get your community together through events! With things beginning to open up again, start hosting small meet-and-greet events that encourage buyers to mingle and form the beginnings of a community. When your HOA clubhouse goes in, invite everyone to cookies and punch to celebrate the new space. You can also host virtual events like video meetings and invite your current buyers to chat and open the long-term unneighborly conversation.
Marketing is a complex task for real estate property developers, but it’s one you can tackle with the right marketing strategy. Contact SHR 360 marketing today to explore the current state of your property development marketing and learn how we can boost your initiatives to attract high-quality leads, and ultimately sell more homes.
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