In recent years in real estate, market dynamics have shifted significantly due to economic uncertainties, changing consumer behaviors, and technological advancements. Now, developers are facing unprecedented challenges, necessitating a reevaluation of their sales and marketing strategies. I often get asked, “What do we need to do to get this project to stand out and sell out?” My short response to this is, “More transparency and industry collaboration.”
Developers need to have complete transparency on their sales numbers and project performance, in real-time, to be prepared for a market appetite that is frequently changing. Additionally, collaboration among real estate developers, brokers, marketing agencies, and technology companies is essential for devising comprehensive sales and marketing strategies that resonate with today's buyers.
In this article, I’ve engaged some of my industry peers to share their views on how having more transparency and working collaboratively help developers create tailored strategies to position new projects for success.
The expertise of marketing agencies in understanding consumer behavior and crafting persuasive messaging is indispensable for developers seeking to effectively market their properties. Jeremy Gladstone, Founder of Gladstone Media, underscores the significance of digital strategies in today's real estate marketing landscape.
“In recent years, the real estate market has witnessed a significant transformation, driven by heightened competition and a pronounced emphasis on sophisticated marketing strategies. This evolution is marked by an increasing reliance on data analytics to understand and cater to the nuanced preferences of a well-informed buyer demographic,” Gladstone says. “These buyers, equipped with a keen ability to discern genuine value, demand marketing that transcends superficial appeals, necessitating depth and relevance in messaging.”
Gladstone further explains, “Effective real estate marketing in today's market hinges on the ability to weave authentic, compelling narratives that connect with individuals on a personal level, thereby driving engagement and conversion.”
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Jamie Sarner, Partner at Austin Birch, emphasizes the evolving demands of buyers in today's market. From the builder story to customer service expectations, Jamie has observed a growing supposition that developers should invest in robust sales and marketing strategies, in order to effectively reach and engage a (dwindling) buyer pool.
“The sales agency plays a pivotal role in understanding buyer preferences and market trends, to provide invaluable insights to developers seeking to optimize their sales strategies,” Sarner says. “One of the most important things to acknowledge in this market is that there is no ‘one’ way of achieving the goal. You have to do everything necessary. Every project requires a bespoke approach, and the way to successfully accomplish that is one of the fundamentals of our success: integration and collaboration. We always integrate with the full project team — be it Blackline, the marketing agency, PR, or the consultant teams — and ensure everyone is on the same page, to allow for a smooth process and successful launch.”
The developers who have embraced technology, leveraged data-driven insights, and are fostering personalized experiences are standing out in this increasingly competitive market. As principal of ADHOC Studio and Blackline, I have seen the evolution of pre-construction marketing and sales across Canada. And, now more than ever, it’s clear that developers need to buy into the transformative role of technology, and invest in a sophisticated sales and marketing program to position their projects for go-to-market success.
Buyers have become savvy, and want information at their fingertips. It is to a developer’s benefit to have more transparency with their sales numbers, programs, and project performance. From product development to experiential sales strategies, developers who embrace collaborative approaches, maintain transparency, and adapt to changing market dynamics will position themselves for success in this increasingly competitive landscape.
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This article was produced in partnership with STOREYS Custom Studio.
