There’s no doubt that the Real Estate market has changed. While we all got comfortable with demand comfortably beating supply, leading to increased prices and commissions, in the last couple of years the market has shifted beyond recognition. Let's take a look at the factors behind this transformation and the path moving forward:
Market evolution
The COVID-19 pandemic precipitated a rapid shift towards digital experiences over traditional ones. This digital evolution dramatically altered the way we live and work, and consequently, the real estate landscape. As remote work emerged as the new norm, people began to seek out larger homes and new locations, often situated away from bustling city centres. This shift created a dynamic market with increasing volumes of buyers and vendors. Eventually market activity began to slow down as a response to government-initiated interest rate hikes aimed at managing the spiralling cost of living.
Market slowdown
With many potential vendors sitting tight knowing it’ll be difficult to finance their next move, the market has slowed significantly leaving many agents without leads, and many smaller players shutting their doors. Yet it’s not all doom and gloom – with plentiful buyers still in the market, listings sell quickly for prices that seem to keep creeping up.
Where are the vendors?
In this new normal, our lives are predominantly digital. People are constantly online, whether they’re socialising with friends, dining out, waiting for coffee, or unwinding at home. They’re checking emails, the news, or social media - scroll, scroll, scroll. When we think about it, potential vendors are easier to locate – online. Still, traditional advertising methods like signboards, letter drops, and bus stop posters continue to be prioritised, mainly due to comfort with these formats, rather than their effectiveness.
The cost of complacency
A rapidly evolving market demands swift adaptation. Businesses must adapt or die. In many industries, change can be slow, but real estate agents can no longer afford to lag. The shift towards a digital-first approach has seen a decline in print marketing budgets. Combined with a challenging market, fewer listings, and higher interest rates, the focus must now be on efficient marketing - reaching buyers and vendors where they are - online.
Embracing digital marketing
Online advertising platforms like Rex Reach offer an excellent avenue for targeting content directly at your target audience. These platforms are secret weapons that allow you to deliver personalised content to potential buyers, sellers, renters, landlords, or businesses seeking commercial assets. Digital campaigns via Reach ensure that your brand and listings appear in front of more people, more frequently across the sites they visit most, like social media, news sites, sports portals and entertainment hubs.
The top 5 Benefits of investing in digital marketing
Get in front of more prospects:
The average person spends 6 hours a day online, including 2 hours on social networks versus barely 8 minutes on property portals. Digital campaigns ensure higher visibility for your brand and listings.
Grow your database and insights:
Using targeted digital ads on Facebook, Google, Instagram, and websites with Reach, you can grow your database and begin to leverage valuable insights. Reach makes this super simple with a user-friendly campaign report & dashboard. And, unlike REA’s Audience Maximiser, you own the data.
Streamline your tasks:
It is no secret that agents have 101 things to do. Reach helps simplify digital marketing, enabling you to focus on other critical tasks. Even non-marketers can launch a campaign within minutes:
Win and use VPA wisely:
Securing the right VPA during the listing presentation is crucial, especially considering the longer days on the market forecasted across Australia. Platforms like Rex Reach make this easy with simple relatable examples that get the vendor over the line 90% of the time.
Engage throughout the customer Journey:
To hold a potential buyer or vendor’s attention, multiple touch points throughout their journey are crucial. Even in a lean lead situation, your Reach ads still garner thousands of views. And while not everyone will be ready to buy or sell today, you are more likely to be the one they think of when they are.
In summary, despite the current market being among the most challenging in recent years, it presents an opportunity to surpass competitors. To seize this opportunity, investment in brand awareness is essential, particularly in the digital realm where the majority of buyers and vendors spend their time.
With Rex Reach, you can get started today and position yourself as the first agent that potential buyers and vendors think of. Login to Reach or book a demo here.
