Why you should invest more into property marketing during a downturn
“Banking royal commission could trigger biggest housing bust in three decades”
“Australian property prices facing longest downturn in decades”
“Australian property prices set to fall further”
Anyone who’s been paying attention to the Australian property market would have seen the headlines.
Times like these might have some developers frantically pulling back on their marketing dollars to try and cut their losses. But times like these are exactly when you should be ramping up your marketing investments.
Why you should invest more into marketing
Headlines like above can be a self-fulfilling prophecy. If everyone buys into them then the market will likely follow suit. Rather than following the herd, however, this is a time to be more strategic.
In a stable market where there is lots of competition, your marketing efforts can be muffled by all the noise around them, so you need to cast as wide a net as possible in order to be heard. In a less stable market the opposite is true. Your marketing needs to become more focussed to target your buyers more effectively, which can require more investment into marketing than what might be needed in a more stable market.
The result is that even though people are less likely to buy property overall, the strategic targeting of your sales campaign still reaches the buyers you are interested in.
How to improve your marketing
The investment you make into your marketing should always start with the brand that carries it. If a luxury brand fits with your target demographic, invest the money to make it so. But even if a luxury brand does not fit your target audience, you should invest more into the quality of your brand assets.
The brochure is amongst the most important of these. Everything from the tone of voice to the paper it's printed on should make buyers feel as though your project is one of quality. The 3D renders in particular are crucial - the more realistic these are, the more likely that buyers will see themselves living in the homes that you are selling.
If you have a realestate.com.au project profile, you can also invest in display advertising to supplement your profile. This will help you reach highly-qualified buyers who are searching for property in your development’s suburb.
Facebook is also a great option to begin with but its real benefit comes from retargeting. Facebook’s data on its users is very sophisticated and once you lock in on your audience, it can be fine tuned to reach only the most qualified buyers.
Your project website could make or break your campaign.
To ensure that your website does its job at capturing your leads, it needs to meet a few criteria including:
Responsive on all devices
Multiple, compelling, calls to action
Quick load speeds optimised by compressed scripts and images
HTTPS security to protect your leads’ personal data
Backup schedules to safeguard against server crashes
Integration with Google Analytics
The sales suite is where your marketing investment ultimately pays off. It should support your agent’s sales pitch through renders, video presentations and more. The design and feel of the space should live up to the design of your project. It should use quality installations and furniture that a buyer might desire themselves.
Interactive masterplans are also a great tool for engaging buyers. These give them an overview of the project and individual floorplans.
Don’t believe everything you read
An unstable market presents risks but also great opportunities. With the right strategic guidance, you can capitalise on the hesitation of your competitors and develop a winning marketing plan that will target your buyers efficiently and effectively.