We saw a slew of challenges in many industries in 2022. The real estate market was no exception. We witnessed firsthand the effects of rising interest rates, inflation, and record consumer demand last year. Developers delayed project starts, and as a result of these macroeconomic factors, national home sales slowed significantly.
With the Bank of Canada not expecting a return to the 2% CPI inflation target until the end of 2024, we expect project and home sales to move slowly throughout 2023. As a result, if developers and real estate brokerages want their projects to stand out and pique consumer interest, they must be more creative.
Our team at Talk Shop works with some of Canada’s top developers in the residential, commercial, and industrial sectors. We also collaborate with other industry professionals such as brokerages, architects, and construction firms. Now, one month into 2023, I’d like to share some predictions and marketing trends for the coming year.
Events Are Back, And Developers Are Stepping Up Their Game
Pandemic restrictions halted in-person events beginning in 2020. Only in the third and fourth quarters of 2022 did we see an increase in demand for events. Requests for event management services have increased significantly in the last six months. Furthermore, attendance at these events has been incredible. We have outperformed pre-pandemic participation, demonstrating a desire to connect in person, share ideas, and learn from one another. This is a trend that our team at Talk Shop expects to continue. With the arrival of warmer weather, creativity will be essential as events move outdoors to entertain the masses.
Hosting a customized event is only one part of the bigger picture. Clients are going above and beyond to create customized invitations or branded VIP boxes for media, influencers, realtors, and prospective clients. We’re seeing branded boxes with our developer clients that give consumers a sense of the neighborhood they might be moving into. Gifts from neighborhood shops and boutiques include locally sourced items with chocolates, local wine, candles, custom cocktail kits, or wellness gifts. These items will be in keeping with the amenities of the building, giving potential buyers a sense of the lifestyle they may be embarking on.
Influencer events remain popular, particularly in the rental industry. We’re working on campaigns such as hosting influencers for a weekend getaway in a rental project or hosting an exclusive dinner party to showcase the design and functionality of a new development while creating high-quality, unique content for social media that can be distributed across channels such as Instagram, Facebook, Twitter, and LinkedIn.
As we plan events for the coming year, creating unique content creation opportunities is a top priority for our developer clients in order to maximize an event’s digital reach. Realtor events, for example, provide an excellent opportunity to bring a professional videographer on-site to capture the top realtors as they tour a project site. This footage can be used to create short 30-second videos to share on social media, emphasizing their personality and authentically introducing the project to their audiences. The content can then be re-distributed by developers, allowing them to maximize their investment in organic content creation.
Thought Leadership is Fundamental When Building Your Profile
Brand trust is more important than ever before. The environmental, social, and governance (ESG) performance of organizations is on many people’s minds in 2023, according to the most recent Consumer Insights data from PwC. To establish trust, developers and players in the real estate industry must first understand what ESG issues are most important to their prospective buyers, investors, and partners.
Experts in the real estate industry can raise their profile through earned media opportunities, market commentary, sharing their thoughts on an industry topic in an opinion piece, or even strategic award submissions. As a result, this can help to increase brand awareness while also building strong SEO to support web traffic and drive organic, inbound leads. This content can then be repurposed on social media, assisting high-profile leaders in expanding their network and connecting with potential investors or partners.
The Importance of Reviews and Seamless Customer Experience
Buyers and consumers are doing their homework more than ever before in this saturated market, and they are taking the power into their own hands by researching companies online before they even step foot into a PC. Many of our clients have already expressed an interest in implementing a well-thought-out review generation strategy this year. This typically includes an audit of current platforms and sentiment, identification of opportunities for positive reviews, training PC and sales staff on how to create and deliver a great customer experience while effectively collecting more positive reviews, creating more consumer touchpoints, and implementing processes and guidelines to effectively and consistently manage these reviews online.
Humanizing Your Brand Through Digital Marketing is Key
Social media continues to provide a channel for brands and consumers to connect. This year, we expect to see an increase in the number of buyers using social media to find a home. However, real estate and development firms require a well-established online presence that humanizes their brand and moves away from a stiff corporate culture, and we’re seeing our clients embrace this. Developers have traditionally been slow to make this transition and meet consumers on an approachable level, but by focusing on branding, the result can be twofold. Interested buyers can quickly determine whether their values align with those of the organization, and prospective employees can gain insight into the inner workings of their future employer in terms of philanthropy, culture, and their body of work.
According to Wyzowl video marketing data from 2022, 96% of marketers continue to value video as an important part of their marketing strategy. Video content can benefit developers, consultancy groups, brokerage firms, and the majority of other real estate organizations. As you decide where to invest your marketing dollars in 2023, consider video; video content with the highest potential for engagement includes direct testimonials from clients or buyers, a behind-the-scenes look at corporate culture, or even a quick snippet that shows the detail that goes into a design feature helps to build a rapport and engage your online community. We’re still seeing a lot of static photography on real estate social feeds, but transitioning to quality video content should not be overlooked at this time.
Actioning Change with Strategic, Thoughtful Strategies
The Bank of Canada raised interest rates again on January 25. Developers, on the other hand, must look beyond 2023 and ten to twenty years ahead to ensure project success and smart marketing strategies are implemented. They will remain successful and a major driver of the Canadian economy through experiential events, thought leadership, and a firm commitment to ESG initiatives. My team thrives on a challenge, and we’re excited to continue collaborating with our clients to support this vital industry at the heart of our economy.
