Property development is a challenging industry with a constantly changing environment. Property developers must always pay attention to the new emerging trends and technologies to adjust their property marketing strategy.
So how can you stand out in this competitive and ever-changing industry?
Here are a few tips to get you started.
#1 Identify the right buyer for your property development project
A common mistake is to market the property development to every kind of potential buyer. No property development can be all things to all people.
Instead, once we have identified the target market, we should tailor the message to emphasize the factors they will consider important when they make their purchase decision.
Be sure to communicate all the unique selling points of your property, such as the unique neighborhood lifestyle, distance to major highways, proximity to local eateries and shops and distance to major attractions.
For instance, young families will likely be interested in schools or easy access to day-to-day living conveniences, whereas elderly retired couples will properties close to health services and quiet surroundings. Make sure you highlight these details in your property brochures and website to make your property development more appealing.
#2 Keep an eye on the latest property trends
Oversupply of Brisbane apartments
The number of apartments built in Brisbane has been increasing over the past few years, which may lead to potential oversupply problems. Property development projects may not proceed to the construction stage, given the emerging oversupply in the property market, which may have an impact on the property developers’ resources. In addition, the price of the unit will likely decrease, leaving less margin to make in the future.
A great way to make your property development stand out is to conduct thorough market research. Identify where the opportunities are and avoid potential pitfalls. This involves a careful SWOT analysis to determine strengths, weaknesses, opportunities, and threats internally on the property development.
Good market research provides you with the information you need to attract your customers. For example, the market research might indicate that certain areas are favored by Chinese buyers. This is an opportunity to use Mandarin property brochures and Mandarin real estate websites to attract Chinese buyers to your property development. In addition, market research might show that there is a major government infrastructure development coming up in the area, which you can then use as a selling point to attract more customers.
Due to the skyrocketing real estate prices in Australia, young Australians have begun to favor “Rentvesting”. Rentvesting is seen where people will rent and live in a property that they can’t afford to buy but in the meantime, they will invest and purchase property to rent out to other people.
For example, a young couple who work in the city will decide to rent a city apartment and choose the rentvesting solution to buy a property in the outer suburbs where prices are more affordable. They can then rent the property they bought to help cover their own rent and later use the property for equity or sell it for a capital gain.
In order to respond immediately to any property trends, make sure you manage your customer database effectively. You can react to trends cleverly by sending tailored messages to the selected demographic. In this case, sending marketing material to people interested in investment properties can be an effective communication strategy.
#3 Integrate digital marketing into your property marketing plan
Besides traditional marketing channels such as TV, radio, and billboards, you can also promote your property development by maximising the potential of digital marketing. Digital marketing offers measurable data that provides you with more insights:
- You can know where your leads and sales are coming from.
- Effective calculate your ROI (return on investment) from digital marketing campaigns.
With the transparent data across your digital marketing efforts, you can now use different testing methods to improve your cost per lead and cost per sale, meaning getting more sales and reach at a lower price.
So, what are some other benefits digital marketing can provide for property developers?
Select customers you wish to target
For example, you can target people living in a specific suburb, shown an interest in property investment before or even with their employment level.
Once the target customer is selected, you can acquire real-time data that tells you information such as how many of them click on your advertising, visit your real estate website, and the amount of time they spent on your page.
Bringing customers back to you
Since not everyone is ready to buy or enquire about a property when they land on your property website, they can still be your potential leads in the future. Retargeting is a smart marketing strategy that allows your ad to appear on the page your potential customers are searching. The strength of this method is that it shows the ads to the ones that have already shown interest in your property development, so you know you’re spending your real estate marketing budget effectively.
When your potential customer is ready, the retargeting campaign takes your customer back to your real estate website so that they can further get in touch with your company.
Keep your customers engaged
Since different customers favor different property projects, a property developer can use direct marketing such as e-mails to contact them about future property developments that will suit their needs.
Provide value and build a relationship with potential leads through content marketing. Regularly keep leads informed and engaged with useful and intriguing blog links from your property website with topics like “Potential Investment Areas in Brisbane” or “What are the Invisible Traps of Investing in Property”. Try to see things from customers’ point of view and satisfy what they want.