The Covid-19 pandemic has undoubtedly gripped the entire world, crippling economies and industries as it continues its warpath. To put this in perspective, economic losses can amount to as much as $8.8 trillion in the next 6 months. And as any world with minimal economic movement would dictate, a substantial blow of this pullback is set to be absorbed by the global real estate sector.
Traditionally, real estate companies advertised their properties in local newspapers, magazines, billboards, TV, etc. The idea was always to capture the attention of whoever sees it. This meant that anyone who found the advertisement interesting would call the company, but would not necessarily convert into a buyer. The sales team wasted a lot of time on calls without knowing who is the real potential buyer. The entire process was so time-consuming that sometimes they would lose the potential home buyer to their competition.
Until the last decade, real estate marketing revolved around advertising your property in newspaper classifieds. You had to pay more to get a coveted position in the newspaper to grab the attention of the buyer. If you had more money, you could advertise on the front page of the newspaper and do outdoor advertising in the form of hoardings and banners.
Advertising was expensive, untrackable, and rarely guaranteed marketing qualified or sales qualified leads. Real estate companies had to rely on agents - the greatest influencers in the real estate industry to sell properties.
Today the scenario has changed dramatically.
Agents still play a significant role, and listings have moved online, but real estate companies have finally found a way to connect with the home buyers directly.
Real estate companies are using these digital marketing trends to reach buyers directly.
Why do you need real estate digital marketing?
In 2017, Real Estate Webmasters surveyed to know how the real estate industry does marketing. The survey revealed that just 26% of the respondents advertised in local newspapers and 10% advertised through magazines and flyers. 70% of them had a website, and 38% of them actively advertised on social media.
Real estate industry has undergone quite a lot of changes in the past few years.
Earlier the real estate developers would list or advertise their property on newspapers, radio, TV commercials, and even hoardings.