Real estate development marketing in 2023
A real estate Development promoter is at the initiative of real estate achievements that he intends for sale. Selling a product involves a relationship between a seller and a buyer. Therefore, it naturally leads to the notion of marketing. Applied to real estate marketing can be defined as the development by a promoter of a product. In this case in the following lines, of a real estate operation of housing capable of satisfying the needs, expectations.
The motivations of people wishing to acquire property or invest in real estate, to adapt the production. Marketing and provision of housing to them for their greatest satisfaction, while achieving the profitability objectives of the operation.
1. What are the Motivations, Expectations and Obstacles that Drive a Consumer to Acquire a Property?
Know the requirements, expectations, and motivations for buying a home and satisfy them knowing the obstacles to buying and remedying them are the basis of real estate marketing. Access to property is synonymous with freedom, well-being and therefore moral comfort, personal fulfillment. The feeling of being at home is paramount for many. Access to property is for some the symbol of success and social recognition.
If the financial motivation is clearly acknowledged for real estate development investors who wish to create additional income, particularly during retirement. It is just as present for buyers of a principal residence motivated not to pay rents at a loss.
To build up capital assets and therefore financial security as well as potential capital gains.
To these previous motivations, it is necessary to meet the expectations related to the occupation of the accommodation.
Which relate to security and physical protection, well-being and comfort for all the occupants. The barriers to purchase are due to the significant financial risk, complex legislation and product, and a poor image of the real estate professions. Real estate marketing should stimulate positive motivations and reduce barriers to buying a home.
2. What are the Specificities of Real Estate Marketing?
Buying a home is the commitment of a lifetime and sometimes even its culmination. It implements particularities that are not found in other types of purchase: high cost, particularity of its mode of acquisition. Particularly in the context of a sale in the future state of completion, length of the course of ‘purchase. In addition, for many buying a home is not just buying a material good but involves a strong symbolic dimension, housing involving problems.
That are not usually mentioned elsewhere, such as family life, neighborhood, social relations, children’s schooling, security of property and children, life in co-ownership.
As a result, it is the client’s personality that is involved, and the more it is involved, the more it is solicited. The more it is weakened and the more it is up to the real estate professional to reassure, secure, value and favor the client. . These are the four keywords of real estate development.
3. Has the Marketing of a Real Estate Development Transaction Evolved in recent years?
Even if it should be remembered that the fundamentals of real estate development hardly change. The choice of land that meets the criteria of geographical location is and remains the determining factor in the decision-making process of buyers. We must not forget the other imperative of a successful operation, namely to offer housing in type.
Surface area and selling price that meet the expectations and financial possibilities of potential customers.
Real estate development must also respond to many developments that modify established codes and orders. These developments are leading to greater segmentation of the real estate development market. Thus, promoters are moving from a commercial strategy focused mainly on the product, housing, to a more global approach including the product but also uses and services.
4. How Does a Real Estate Development Promoter Take These Changes Into Account?
Societal changes must be taken into account by the real estate operator during the design and marketing phase of his project. Today, real estate must be sustainable by reflecting the energy performance of buildings and the reduction of greenhouse gas emissions over the entire life cycle of the structures.
Real estate must also be mutable, adaptable, and customizable by integrating scalability. Flexibility or modularity from the design of buildings and housing, taking into account the evolutions and future needs of occupants.
Real estate also benefits from being plural by combining a mix of uses and functions on the scale of a building: shops, housing, offices, hybrid spaces, hotels. Housing for seniors or students, business tourism residences and by promoting exchanges between these uses. The operation thus responds to the imperatives of the collaborative economy, which is based on the exchange and sharing of spaces and services.
If these elements must be taken into account from the design of the project, the promoter must highlight them during the marketing.
5. How Can We Meet the New Expectations of Buyers in Practice?
They can provide a response to these developments. For example by offering accommodation with two living units: one dedicated to privacy and a space reserved for teleworking. They can provide separable or adaptable housing that meets the changing needs and changes in family life.
6. What are the Commercial Operations to be Put in Place?
The success of a real estate operation lies in its design in type and surface of housing, in services, in sale prices in line with the expectations and requirements of the target customers as well as good marketing.
Another particularity of the sale of a real estate program is to quickly obtain a certain quota of reservations.
During a so-called pre-marketing period, in order to obtain a financial guarantee of completion from a banking establishment. This guarantee allows the promoter to sign the authentic deeds of sale, trigger the first cash inflows from the buyers and launch the construction of the program.
7. How to Create Momentum Throughout the Marketing Period for Real Estate Development?
Between the first communications and the marketing of the entire program, it can take several months. It is therefore important to create momentum through event marketing actions. They can take various forms: foundation stone laying day and tree planting day ( Green Day ). “open house” days or weekends on the occasion of program events: start of work, opening model or decorated accommodation, special promotion.
8. How to set up a Quality Customer Relationship?
The purchase of a new home is on a long cycle. Between the time of booking and the time of delivery, 15 to 20 months have passed. Customer relationship management aims to satisfy the customer, who then becomes the promoter’s best ambassador.
The various satisfaction surveys show that the beginning of the journey, that of the reservation, is a positive moment. Once the reservation has been made, the level of satisfaction drops, with customers lamenting a lack of support for the signing of the notarial deed. Dissatisfaction prevails during the progress of the construction site: lack of information on the progress of the work, of relationships. It awaits its climax during the delivery of the accommodation, often linked to the delay in delivery.
The lack of restitution or even ceremonial during this important moment for the client, the deadline for lifting reservations following the contradictory inventory for note any imperfections noted.