How to craft targeted marketing strategies with real estate analytics and big data
Written by Rachel Ann Kreis ·
Today’s Real Estate Marketing Managers are tasked with two distinct and yet equally vital aspects essential to a firm’s core growth strategy. These responsibilities are two fold: build the brand’s reputation and lead marketing efforts that contribute to the individual sales success of properties. To Real Estate Marketing Managers, these objectives go hand-in-hand. If the company’s core marketing strategy is successful, the brand value increases as do the properties within the firm’s portfolio. When a real estate firm has a positive reputation amongst its stakeholders, the likelihood of making a sale drastically increases. In a nutshell, Real Estate Marketing is the epitome of a causal relationship—where one element (reputation) has a direct effect on the outcome of the other element (sale). And, who doesn’t like to buy products (especially properties) from firms they know and trust? However, finding a balance between reputational marketing and individual property marketing is no easy feat. Many Marketing Managers in the sector are turning to big data to give them an extra competitive edge. But what exactly are the benefits provided by real estate analytics and how is this data used to fuel both types of marketing strategies? We are going to tell you all about it in this article. Let’s dig in!
Accelerate the market research phase with real estate analytics
Part of what makes real estate firms successful is having the ability to see an opportunity in a not-so-obvious situation—like finding a “diamond in the rough.” A Marketing Manager’s role during the property identification process consists of performing heavy market research and analysis of available properties in certain neighbourhoods that meet the requirements specified by the client. After the initial investigation, the Marketing Manager comes up with a list of qualified properties that the firm will later present to the client as possible options. However, this process is extremely time consuming. And, as everyone in the real estate industry knows, if you are too slow to act, you often miss out. This is where real estate analytics tools and big data come in—once you know the client’s criteria, you can automatically pinpoint the right locations and generate a list of properties that fit within that scope. Accurate data is power.
Tailor marketing messages to fit buyers’ needs
If the firm is selling the property for a client, the Marketing Manager is involved in creating marketing messages that resonate with potential buyers. With just the click of a button, Marketing Managers can create reports and obtain key insights about the various demographics of people located in the area. Knowing more about who the target audience is and their behavior makes it easier to craft promotional strategies they can relate to. In the property market, the ability to develop solid relationships with potential buyers is what eventually leads to a sale. Would you ever buy a property from a real estate firm that you didn’t trust? This is why personalizing the message to fit the buyer’s needs is so important (and you need to have the right information to do it).
Increase the marketing ROI for each of your properties
Cutting costs is one of the quickest ways a Real Estate Marketing Manager can increase the ROI on their properties. To do so, it’s important to think about what factors make the cost rise. Many times, higher costs are associated to the amount of time it takes to sell a property. When a property sits on the market for long periods of time, its perceived value begins to decrease while the cost to maintain it increases. According to Mirror, the majority of potential buyers who purchase a property at it’s highest value do so within the first 12 days of it being put on the market. If the property is inaccurately priced, the seller is then later forced to slash the price so drastically that it’s often sold for a lot less than what it’s worth. This makes it the Marketing Manager’s primary goal to stay on top of all growth rates and market trends as a means to adequately price the property and help the field agent sell it as quickly as possible to get the highest return. In this industry, time is equal to money, making the benefits of real estate analytics ever more appealing to streamline the sales process.
From increasing brand value to property sales
Real Estate Marketing Managers play a major role in a variety of different touch points on the customer journey. They act as liaisons between corporate and field objectives; striving to increase the firm’s reputational value whilst also working to increase sales success across the entire portfolio. The need for reliable data is growing—where location, time, and strategic insights mean everything to shorten the sales cycle and maximise profits. This is where real estate analytics platforms and big data become a competitive advantage, helping marketing teams efficiently manage risk and maximise profits.
Are you interested in finding out how real estate analytics can shorten your property listing to sale time period? Ask for a demo and we’ll be happy to show you how.