Digital marketing is highly dynamic and has become a significant tool for consumer and stakeholder engagement across sectors, including real estate. Customers have now evolved to make well-researched, informed decisions a brand’s digital presence and social media interactions have become a significant benchmark to create a positive impression, even before the first meeting or the site visit. This is especially true in the case of luxury real estate where a number of factors are at play. The global luxury real estate market has rapidly grown and developers have been aggressively identifying opportunities across boundaries and have entered into highly competitive zones at premium price points. Under such circumstances, digital marketing can become a pivotal factor to engage and retain a positive brand image to stand out and get customer attention.
The real estate sector drives 20% of its business from online channels and this is set to keep rising. Developers have realized that the reach of online channels is expansive and is a lot more cost-effective, with better ROI, as compared to traditional advertisement mediums. As per statistics, real estate developers today spend approx. 30% advertising revenue on online marketing. According to the National Association of Realtors, 97% of homebuyers used the Internet to find homes in the year 2020, and real estate developers have since started heavily channelizing digital marketing routes to reach their target audience.
4 trends to integrate into your real estate digital marketing strategy
- Video Marketing
Video content has been proven to be much more impactful than the written word and is thus the ultimate tool to develop effective customer engagement campaigns. And in the real estate domain, this includes a plethora of things, including watching walkthrough videos of luxury real estate properties that help HNI customers to make decisions about site visits or to even explore the property further. Existing customer testimonials is another impactful video marketing tool that especially works for luxury properties as it acts in healthy peer competition while also being highly credible, given an HNI is endorsing a project. Instagram reels, announcements of awards that are won, videos describing unique or state of art luxury-defining elements of the property, Interviews with designers, architects, or developers, etc. all go a long way in creating a successful video marketing campaign.
- Leveraging AI and Chatbots for real-time customer engagement
Modern tech innovations that leverage AI and ML, have been transforming marketing and customer engagement across sectors, including Real estate. From Facebook Messenger bot campaigns, which have recorded a staggering 88% open rate, to real-time chatbots on client websites to take them through a property, AI and ML are not only helping enrich the digital experience but also creating impactful interactions, collecting data, and generating better ROI.
- Virtual Tours of Properties
What started with 3D walk-throughs a decade ago are now virtual property tours that are effective in gaining the trust of buyers and helping a buyer determine their interests and understand the overall look-&-feel of the property. Many real estate developers, especially in the luxury space, have also been sharing upcoming plans and immersive walkthroughs to showcase the grand designs and luxe locals. Also, this is a quick way to showcase a property as it is accessible with a click on tablets, mobiles, and computers.
- Influencer marketing
Information is one thing but helping people make sense of it and analysing it is equally important. And that is where influencer marketing is catching up. This trend, which started with fashion and grooming and other self-improvement-related experiences, is now also catching up in the real estate sector, especially luxury properties. Collaborating with the right influencers who can provide value through insights, while also promoting the properties through a nonbiased, competitive perspective, can work in building brand credibility. Also, no one can act as a better brand custodian than Real Estate developers themselves. Consistent digital media visibility through a weekly or monthly blog post on the website to share market and industry insights or comment on trends, and sought-after amenities amongst particular target audiences such as pet-friendly things, senior citizen-friendly aspects, trending topics, and more, can help build a rich content-based narrative while also building a human face for the brand.
Conclusion
House hunting has surely gone digital, in the world of real estate especially, luxury real estate there are many chances to build marketing initiatives that can be converted into sales. However, that is possible when real estate developers put their chips in the right block of the digital marketing world. The focus must be on not only highlighting the USP but also addressing key concerns while driving engagement with a clutter-breaking content strategy. Leveraging the cost-effectiveness of the digital world is a smart choice to make and the best way to connect to a larger audience as compared to conventional marketing practices.
(This article is written by Rohan Shah, Co-Founder, of Realattê., and the views expressed in this article are his own)
