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. Often these online search options and mobile apps are the first step in the home buying process. According to a 2017 National Association of Realtors report, 44 percent of buyers looked 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.
Digital marketing provides many benefits to real estate developers as it provides an edge in driving sales. But, how exactly is this edge achieved? We’re here to highlight the top four benefits of a digital marketing campaign to real estate developers that will give their brand that edge!
With today’s internet, everything is one search bar and a click away. The buyers of 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 a digital marketing campaign, it would increase their visibility to a target market and demographic of buyers. Establishing an online presence will grant the developer access to generating more leads for potential prospective buyers; thus increasing the possibility of swiftly converting those leads into actual sales.
Identifying a Target Market
By integrating a digital marketing campaign into one’s business plan, developers are gaining control in who has access to their properties. You decide the geographical reach of engagement and allow yourself the capability to tailor the target audience to a specific age, gender, income, etc.
“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 her blogpost entitled “Marketing vs. Selling,” she discusses the importance of targeted marketing and why it is vital to your company.
Understanding the Target Market and Their Demand
Buyers are a click 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 with home buyers. 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.
Digital marketing budgets are comparably lower than the costs of traditional marketing. According to an article by Medium, the cost-per-lead of leads generated by digital marketing campaigns is comparatively less than that of the traditional outdoor advertising campaign. 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.
There are countless strategies to implement into 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 home buying 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.