Looking forward to 2020 and beyond, the real estate industry will find itself at the centre of rapid social and economic change, which is revolutionizing the built environment. It is going to be a great year ahead for real estate developers and marketers to build an empire. But as a real estate investor or marketer, where do you stand at the moment? What’s your strategy for 2020?
From the ongoing difficulties in the world economies to the surge of technology, real estate developers and brokers have been in the centre of all chaos. Developing and growing your real estate business has become far more challenging than you could have imagined earlier.
The most important pillar to strengthen your real estate business is the right Growth Strategy. A clear vision for the company with a well-defined plan to achieve the same, and conveying the same with the all in the hierarchy.
You need to have a growth-driven marketing plan for your real estate business. While there is no scarcity of potential ways to real estate promotion, like any other marketing discipline, exposing yourself to the targeted customer base is posing more and more difficult.
That brings us here with this simple to follow guide for 2020. In this post, we will discuss the opportunities real estate professionals have and how they can leverage these opportunities to make the best out of their real estate business in the coming 2020.
Let’s get started.
Real Estate Marketing Landscape
Initiatives such as “Golden Card” residency permits or long-term visas, Central Bank’s exclusion of 20% cap on real estate loaning as a percentage of total deposits, and flexible regulations in overseas possession of the business, all are expected to help the further demand generation for real estate. The landscape is clear to investors and marketers. They just need to find the right marketing strategy.
With growing penetration of social media and increase of online marketers in the space, real estate has seen a unique shift in the industry. Getting customers’ attention requires more creativity and care than ever. You cannot expect to leverage the same old traditional style of using digital media for promoting your business without facing the backlash from your competitors.
Today, it is not all about just reaching out to millions of the targeted customer base, it’s time to go niche, it’s time to target the highly interested people and keep engaging with them on a regular basis.
It all starts with understanding your audiences for personalizing marketing strategies
Understanding your audience is the key to success with your marketing campaigns. You need to have custom strategies for each of your target group. Create personas, analyze your existing data and look at who behaves how.
In order to have a better understanding of your audience behaviour, you can use social media tools like SocialBakers & Meltwater. But above that is your website analytics. How your audience engages with your content. Where do they go, what actions do they take?
Let’s stop working in Silos
If your marketing, sales and services teams are not aligned, you can’t understand your audience, you can’t take right decisions for your marketing. Consider your salesperson has communicated with one of your clients giving a specific rate for the property, and the same day your marketing team sends same property with different pricing or discount to the same client. The client will start to doubt your integrity.
This is a very small example if you work in silos. From understanding your audience to creating the right content, giving right offers to have right followup emails. Everything can work perfectly only if you have an all integrated system.
It’s no more Mobile-First, You need to think Mobile-Only Campaigns
You already know that where do people spend most of their time. How much time people spend watching videos on YT or Netflix. You need to have mobile-driven campaign strategies.
Make use of technology, AI & interactive 360 technologies to give next-level experience to your consumers. Buying a property is not an easy decision. For home buyers specifically, you need to include experiential communication.
Facebook offers an amazing tool called Facebook/Instagram Experiences considering the mobile-first approach. Same ad style was called Facebook Canvas in earlier days. This has not been utilized to the full extent yet.
Using Instagram Stories, Snapchat & TikTok to demonstrate interior and exterior of the properties. Communicating the experience you would get as a customer is crucial to be included in your strategy.
Encourage Two-Way Communication
The beauty of digital lies in listening & understanding to your customers. As said earlier, it is not all about just reaching out to millions of the targeted customer base, but to also make strong personal connections as well. As a real estate company, this is a high time for you to create a two-way conversation channel. This not only helps with building consumer engagement but will also help in retaining your existing customers.
You can start by highlighting the real values and benefits of investing in real estate. Instead of just talking about the luxuries and beautiful architecture, you can explain to them why they actually need to invest in real estate, such as for investment purposes, resale value, and the importance of owning a home.
Let’s sell the Destination not just the Property
Property buyers want to know every detail about the destination, benefits of investment in that area, about city or town they are considering buying the property, whether for business or for residential purposes. As a real estate developer, promoting the features and specifics of the property is not enough now. You need to help them how beneficial it would be as a resident or as an investor.
Detailing every aspect of the destination, from the idea behind the location to the nationalities living already. You need to maximize the potential of your social media helping all the important aspects of the destination.
Use your social media channels to give your potential customers a more affluent understanding of the markets you serve as a real estate developer, letting them know the advantages and disadvantages of each neighbourhood.
Try to connect your vision to the country’s vision of development.
Expo2020 is playing a very important factor in UAE and markets around. Maximize on the opportunity to promote your properties along.
Concentrate on what UAE Govt is trying to promote, support their vision with your communication, in the end, it is a win-win for all.
Leverage Instagram location tags and create maximum posts around your destination to provide a better view to your audience.
You need to Educate your Buyers
Thanks to the changing economies, we all see a difference in buying behaviour, not just in real estate but across industries. People are exposed to 1000s of marketing messages every day. They know what to ignore and what is actually valuable.
It’s high time Real Estate Marketers look into sharing more educational stuff than just sharing property benefits like an advertisement. Consider your customers as your friends or colleagues who are seeking help with their real estate investment.
Provide the information that helps them to manage their investments, give them a better understanding of the market, help them to plan their wealth and grow accordingly.
Share simple blogs or videos where you can show or share everything related to real estate, investment tips, best locations in Dubai to invest, best locations in Abu Dhabi to invest, how to get max from your real estate investment, what are the laws for expatriates who are buying properties in UAE etc.
Buying real estate is one of the toughest aspects that an individual has to go through, and people are always seeking answers. If you cut the chase and provide your potential buyers with the answers they are looking for; you will have them trust you forever.
Hyperlocal & Hyperlingual Targeting
If you know who is your audience, if you understand who is going to invest in your property, you need to make use of the right tool to target your customers, based on their location & their languages.
In order to attract investors, you need to use hyper-lingual and hyper-local strategy. If you want to attract investors from Russia, it doesn’t make any sense for you to run ads in English or other languages. You need to go local with local languages.
Influencer marketing is an online word-of-mouth promotional strategy that can prove effective in helping you better your marketing & sales. Real estate needs experiential communication, and what better than having an Influencer that people trust to talk about the property and give them a tour.
It is not an optional activity anymore if you are not doing it, your competitors will do it and be ahead in the game.
It’s time to have a Single Dashboard for Marketing, Sales & Services
Just imagine you have an existing customer, who has a complaint about a specific apartment and he is really annoyed at this time. Your service team is working to solve his issue but you are not aware. You as a marketing manager, sell a marketing communication just in this time when he is pissed with your service. You want to sell him more, you want him to invest in another property with you.
Do you think, he would be all happy receiving your email? Do you think he would consider your email as valuable? Even if you have written the best marketing email ever, he would not like it. Because the timing is wrong.
Let’s not waste the time, resources just because the teams are not aligned. Bring them to a single dashboard, from your marketing to sales & service teams. So everybody knows what’s happening.
Sales don’t complain about the quality of the leads, as they have complete intel of the contact they have received, from where it has come, how much time they have spent on the website, which type of properties they have browsed on the website.
At the same time, the marketing team also knows what each of the salespeople is doing, how many emails and calls they have made to each of the contacts.
Not just that, you will be able to plan better marketing campaigns and nurture your leads with the right content and help them convert into your customers and finally your promoters.
Do you know what tool can make this happen? It is Hubspot, that can help you to automate your complete marketing. Check this out:
We have seen 100s of businesses losing billions of dollars in revenue because their strategies were limited to the years of operation. Your marketing plan should not just be for this year, you should have a clear vision and strategy for 2030 in order to survive. And it starts from here.
You can’t predict the market after 5 years, but you can have a vision that can help you create strategies based on market conditions even then. If after 10 years you are going to have customers of age 28 to 34 for some fast-moving real estate, you need to understand the mentality of 18-24-year-old people today and have a plan to connect with them for a longer period of time. So when the time comes, they go with you with their investments.
The road ahead is filled with bumps and ditches, and in order for your real estate business to see elevated growth in 2020 and ahead, you need to pay special attention to your marketing strategies, think for a bigger goal, plan activities well in advance. Look at the data, make use of the tools and you will be ready to lead the market.