This past year has undoubtedly been a time of change and adaptation for all landlords around the world. Fluctuations in the real estate market and changes in how consumers see and engage with it have led to the development of new marketing strategies, which will continue to evolve during 2021.
Here are some do’s and don’t you should keep in mind to make the most of 2021 when it comes to real estate marketing.
Do Consider Emerging Opportunities
According to a report published by Pew Research, niche sectors are now more important than ever when it comes to generating income. An emerging sector is single-family homes. Due to the pandemic, many families now don’t integrate commute time as part of their considerations for getting a new home.
Therefore, they will be looking to rent a house where they have more outdoor space instead of an apartment in the city. While some will be looking to buy, others will be willing to rent, which is an exciting prospect for 2021.
Another emerging opportunity is in the more commercial sector. The COVID-19 pandemic has set the stage for increased interest and investment in life science laboratories. Therefore, renting this space to these labs can be a new opportunity for owners.
Do Embrace Digital Marketing
Before the pandemic even started, digital marketing was growing at a fast pace. Now, with social distancing, working from home, and health concerns, this pace has picked up considerably and you should evolve with it.
Some people think about selling their house fast and the first thing that comes to mind is placing it online at one of the numerous marketplaces that have been created for this purpose. Realtor.com and Redfin are a few examples of this. Therefore, it is important to make your presence known on such platforms to increase your visibility and appeal to a greater audience.
These days, there are even iBuyers, through which people interested in purchasing a home can completely bypass the real estate agent and get in direct contact with the seller.
Do Build a Social Media Presence
While this could be considered a part of digital marketing, social media it’s so important that it requires an entire section of its own. Realtors are now using platforms like Instagram and Facebook to offer virtual tours of places up for sale or rent.
Furthermore, you can create a YouTube channel in which you offer tours of the properties you have available. Spending on mobile-friendly content is expected to continue to grow in the realtor market in 2021. It doesn’t matter if what you have to offer is a commercial or residential space, this is where you want to be putting a great part of your marketing money. The key is to provide high-quality content and to be consistent with your posts.
Don’t Disregard Millennials
Millennials are the largest spending group, and they have embraced the use of social media to cover most of their needs. If you don’t have a presence there, your legitimacy might come into question. In addition, you want to grow your account and increase your number of followers, which might make you more competitive in the market.
Millennials have indeed been one of the demographics that has suffered the most with the economic impact of the pandemic; however, they still are looking to rent and buy. According to a report, Millennials will invest in at least 20 million households in the US by 2025. That said, they might be looking for cheaper options, which brings us to our next tip.
Don’t Ignore Your Lower-Priced Properties
It might be tempting to prioritize the big-ticket items you might have as part of your portfolio. However, in the context of the pandemic, demand for lower-priced homes has increased, and it is expected to continue to do so.
Millions of Millennials are now looking for their starter home but the offer might not be as wide as they would like. This is expected to be one of the challenges in 2021, as older people who might have wanted to sell before the pandemic will choose to stay in their homes due to health concerns. Don’t be surprised if you get multiple offers for those homes that have a lower price tag.
In addition, a recent survey published in August revealed that low-interest rates are one of the drivers behind the increased demand for house-buying. This demand has gone back to pre-pandemic levels, showing an incredible recovery for the real estate market. This is expected to continue during 2021.
Do Adopt In-House Technology
While you don’t have to turn your property into a smart home, including some smart amenities might make it more appealing to possible renters or buyers. This is largely driven by the increased use of technology derived from more people working from home as well as the time spent in lockdown.
People will want to be more prepared for spending large amounts of time at home, and they will want their place to be as tech-friendly as possible. In addition, making sure there is access to high-speed Wi-Fi will be a lot more important in 2021 than it has been ever before.
Do Invest in High-Quality Videos
As mentioned before, virtual tours will be of great importance in 2021. However, this goes beyond just the inside of the home. The use of drones to capture an entire neighborhood has been rising, as it allows people to get a sense of the community they will be entering.
A consequence of the COVID-19 pandemic is that people are valuing personal space much more than before. Therefore, they are preferring individual investments such as pools and patios over investments in communal spaces such as sports courts or clubhouses.
Using a drone to provide a detailed and high-quality view of the house and its surroundings is a great marketing tool to use in 2021.
Don’t Ignore Weather Concerns
With flooding and wildfires taking place around the country, you will want to include any safety features your property has in this context as part of any marketing you do. Also, for the sake of your property, you should get in contact with insurance companies and find out what are your options when it comes to weather-related risks.
At the time of renting or selling, it is also important to have this conversation with your buyers or renters. This way, you will also promote that they get the necessary insurance to be as safe as possible in this regard.
Do Keep in Mind Other Demographics
While Millennials are undoubtedly the driving force in the market, other generations have also changed their behavior during 2020. Members of Generation X have also seen the benefits of working from home and will be interested in renting or purchasing in an area closer to the outdoors. In many cases, commute time won’t be an issue as the work-from-home trend is expected to continue in 2021.
Also, Boomers continue to be a large generation, and the need for senior housing will continue to grow. Therefore, considering investing in this type of property and addressing this demographic as part of your marketing strategy can be a great choice in 2021.
Real Estate Marketing in 2021
The real estate market will definitely face changes and challenges in the upcoming year, however, there’s still space for optimism with 2021. The real key to successful realtor marketing means adapting to client behavioral changes and emerging trends, including advertising smart homes while keeping it on the colder side for luxury homes.
Victor Whittle is a real estate investment specialist, with more than four years of experience in the industry. He is specialized in real estate purchasing processes. Currently working as a Creative Marketing Specialist at Prospect Group.