The Top Four Benefits of Digital Marketing in Real Estate
It is without a doubt that buyers in today’s real estate market are tech savvy individuals, utilizing apps, online services, and search options to help them find their new home. These online search options and mobile apps are often the first step in the homebuying process nowadays. According to recent data from the National Association of Realtors, 52% of homebuyers look online for available properties when beginning the hunt for their dream home.
The real estate industry, and more specifically real estate development, is fast-paced, competitive, and risky. It is absolutely necessary that property developers and real estate development companies keep up with how new buyers are utilizing the technology available for property research. With an increasing number of digital platforms available and an increasing number of users, it is imperative that real estate developers develop and execute a full digital marketing campaign to establish an online presence. What’s more, a digital marketing strategy can come in handy during times of crisis, when in-person property tours and traditional advertising campaigns are not an option.
Real estate digital marketing provides real estate developers and professionals an edge in driving sales. But, how exactly is this edge achieved? We’re here to highlight the top four benefits of digital marketing for real estate developers that will give their brand that edge!
1. Brand awareness
In this age of connectivity, everything is one search bar and a click away. The buyers in today’s market can easily filter their needs and wants into a search engine and have a list of their ideal properties appear before their eyes. If property developers were to take advantage of online marketing for real estate, it would increase their visibility to a target market and demographic of buyers. Establishing an online presence will grant the developer the ability to generate more leads for potential prospective buyers, thus increasing the possibility of swiftly converting those leads into actual sales.
2. Identifying a target market
By integrating digital marketing benefits into the business plan, developers can gain control over who has access to their properties. You decide the geographical reach of engagement and give yourself the capability to tailor the target audience to a specific age, gender, income, job title, education level, and so on.
“Narrowing our scope is still the most effective way to build sustainability for the long term,” explains Larendee Roos, founder and CEO of Roos Advisors. In another blog post tackling the topic of marketing versus selling, she discusses the importance of targeted marketing and why it is vital to your company, so you can learn more details on this benefit there.
3. Understanding the target market and their demand
Buyers are just a click or a tap away from all their home requirements. With digital marketing being mostly search driven, most of these search engines collect business analytics. These analytics allow developers to get an idea of what their target audience is searching for, what keywords they are using, and what is currently trending among homebuyers. This information will give developers a detailed picture of their target audience’s budget and property checklist, which they can use to optimize their own social media and web content to fit the buyer’s market.
4. Cost efficiency
Digital marketing budgets are comparably lower than the costs of traditional marketing. According to an article by Medium, the cost-per-lead for leads generated by digital marketing campaigns is comparatively lower than that of traditional outdoor advertising campaigns. This information is especially important in cities where running a traditional advertising campaign can be rather expensive. As digital marketing campaigns are measurable, developers are given the option to tweak their messaging mediums and online platforms at any time to decrease lead generation cost.
The bottom line
There are countless strategies of implementing a digital marketing campaign that will allow developers to reach their sales goals — from boosting SEO and client engagement to video marketing and pay-per-click advertising. With the amount of homebuying apps and online services continuously increasing with today’s growing real estate market, it would be smart for all real estate developers to utilize these digital tools and media channels to market their properties.
If you need assistance crafting an effective digital marketing strategy for your real estate business, reach out to Roos Advisors to schedule a free, 15-minute consultation to see how we can help. We’ve got years of experience working with the real estate industry and implementing emerging concepts for real estate professionals, and we can support you in boosting your business to expand your reach.