The Importance of digital marketing in the property industry

We know from experience that most luxury property marketing strategies fail to acquire traction in the marketplace when they rely solely on agents’ sales. Property sales finance an increasing number of mixed-use projects, with 80-90% of upmarket and luxury hotel developments include some sort of residential component.

What digital marketing can do for the property industry

Property developers who are worried about sales risk should investigate whether digital marketing could help reduce those risks. Marketing your property online properly will allow you to:

·      Create a lot of buzz before you even start building.

·      Take charge of the narrative by communicating with your target consumer directly.

·      Build and manage a sizable pool of potential customers.

 You are contributing to the hotel’s future prosperity if your project includes a hotel. A digital marketing campaign that brings in new customers is a sure-fire way to ensure the long-term success of your project.

Online advertising for property

There are six important facets of online marketing for property.

1. Property advertising in a dying field 

Property as a whole has been sluggish to adopt digitization, despite the fact that proptech pioneers like Rightmove have been changing parts of the business since the mid-2000s.

 The majority of agents just don't have what it takes to ensure your internet success:

·      According to a US poll, 46% of property agencies find it difficult to keep up with technological advancements.

·      Consumers who are "completely satisfied" with their agent's technology make up only 29% of the total.

 Even though 47% of agents reported receiving the highest quality leads from social media in 2018, just 29% reported using Instagram, a highly visual medium that has just started to reach 700M monthly active users.

2.  Agents do not engage in property marketing or digital

Your agent probably isn't investing enough time or money online, even if they have a respectable internet presence and are computer savvy. In 2019, 65% of agents surveyed reported spending less than $250 monthly on technology and marketing. To put this into perspective, the annual marketing budgets of the bulk of top producers range from $20,000 to $80,000. 

 Agents are understandably hesitant to commit to out-of-pocket investments like digital marketing because they are not encouraged to do so. Most property agents (46%) admit they don't know how to advertise a new property development, proving that agents are not marketing experts.

 How much time do you have to wait around and cross your fingers that your agent is one of the minorities that might truly use digital marketing to your advantage? The success or failure of a property development often hinges on the quality of its marketing. 

3. Take charge of your property's online promotion

You will never be an agent's only client, no matter how good they are. They could be exceptionally skilled in their field and a crucial partner in achieving your sales goals. But what if they work for a major percentage or organization that is experiencing problems within? What if they have to prioritize another, more costly project?

Having more say over your sales outcomes can be achieved by simply making and funding contingency plans. Any leads generated directly through your web channels will not incur any commission fees, thus reducing the net cost of your property development advertising campaigns. When compared to the possible 8-10% cost of using an international agent, this is a significant savings.

4. Make use of your skills and knowledge.

Your agent could be fantastic, but there's a good possibility they don't know as much about your project as you do. You are in the best position to define and create reasonable customer expectations, as well as speak to the project's unique selling points.

You can influence how people perceive your property project and business by taking charge of its digital marketing. Your advertising and marketing activities will have a lot greater impact if you create a formidable visual presence and consistently convey brand message that speaks directly to your ideal customer. This will improve the visibility of your agent and lead to direct sales. 

5.  Put money into a robust Property Lead Generation system.

In the long run, your customer database will be grateful that you spent the time and money developing a memorable brand and an effective digital marketing strategy. While maximising sales of each individual unit is obviously crucial, it's also important to attract customers who aren't quite ready to make a purchase.

If you put money into building a list of interested parties, you'll have a captive audience ready to buy when you release your next product. This target demographic will already be familiar with and comfortable with your brand thanks to your ongoing marketing efforts.

6. Continually revise your property's advertising materials

Direct communication with prospective customers allows you to learn more about their needs and objections. Because of this, you can make immediate changes to your property development marketing strategy in response to challenges.

If you discover that location is a top priority for your ideal customer, you can appeal to them by showing the special qualities of your community or the "hidden gems" that can be found there. Removing buyer resistance increases conversions along the sales funnel and ultimately leads to more closed deals.