As many other sectors, real estate, too, has been affected by the Russian invasion of Ukraine, which has led to energy and other commodity prices to skyrocket. In the light of a moderate recession, high inflation and rising interest rates, 2023 promises to be a battle for the real estate sector. With the right marketing strategies, however, real estate businesses might have a better chance staying afloat for the time being, depending in the process on traditional as well as creative ways of advertising.
The Foundation Block of the UK’s economy
Some argue that the real estate sector constitutes the foundation block of the UK’s prosperity, as it remains a prime destination for international capital investment. According to the Department for International Trade, the property sector contributes £1.7 billion annually to UK GDP.
In fact, the UK seems to be a leading force in:
- green building design
- green construction
- green asset use
- repurposing of existing assets
Despite all that, the economic uncertainty must be navigated cautiously. As many other sectors, as e.g. the retail industry, entertainment, or fitness and nutrition, the real estate sector depends also on advertising and will rather persist with the help of appropriate marketing strategies. This concern particularly small and medium-size real estate agencies that rely not only on the overall real estate market and its numbers but also on individual clients.
Top 3 Strategies for a Successful Real Estate Business
Combine Online and Offline Marketing
In today’s world, no business will flourish without a suitable internet presence. This includes a professional business website as well as being available on social media. The realm of online marketing offers, at that, many opportunities. One could for instance issue an exclusive newsletter that will inform VIP-clients of special offers sooner than other clients. Or you might inform your clients about interesting news in the blog section of your business website. Indeed, content marketing might help establish yourself as an authority in your field, gaining clients’ attention and trust. Offline marketing should, however, not be neglected. In fact, offline marketing is believed to create more trustworthiness as it is featured in ‘the real world’, addressing in the process people of all ages and professions. In addition, offline marketing is said to bring tangibility, engaging people’s tactile memory. This could involve a billboard in the centre of the city, or quite suitably also flags to position outside your estate agency or outside available properties.
Enhance your Portfolio
In order to succeed in the real estate business, you will need to establish the right relationships. This comprises relationships with your employees as well as relationships with current and potential clients. After that, you might also focus on relationships with community members as these will have an impact on your reputation. For this matter, networking events and promotional opportunities might help make a name for yourself and increase your agency’s presence, possibly bringing in new clients. Such events can, however, also be used to give back to your community. You could, for example, organise a local event and collect money for a school or a charity, or you might want to sponsor free community workshops. If you give some of your energy to your community, it will give back to you, too.
Don’t Underestimate the Importance of Exceptional Customer Service
To ensure your clients are satisfied with your services and feel taken care of, there are a few simple ways to offer great customer service. You might want to:
- provide updates to customers without them having to ask first
- have in-depth conversations with customers to counteract misunderstandings
- handle all issues in a timely and professional manner
This might also include sometimes, to work outside your regular working hours as most of your clients will also pursue a profession.
Outlook
With the right marketing strategies, the real estate sector might, indeed, recover from this period of uncertainty, as pricing will likely stabilise again. However, conditions might remain challenging for a while longer as investors are hesitant to spend. This is why small and medium-size real estate agencies should focus on their image, their internet presence and their services that will ultimately lead to satisfied clients.