The pandemic hit many businesses, making them shut shop or temporarily stop operations. With many companies trying to get out of the impact, it is very tempting to cut down on the marketing cost for your real estate business too, right? But, according to experts, the opposite is true. Marketing during an economic slowdown actually poses a lot of advantages.
Keep reading to discover why you should not stop marketing your real estate business.
During an economic downturn, when people are tight with their finances, they would have put their plans to buy their dream home on hold. When you continue to market your business by providing value through online marketing, customers will remember your name. When they are ready to purchase, they will come to you first.
Consider marketing now a long-term investment in increasing brand awareness and customer base.
Most real estate businesses will scale down their marketing efforts whenever the market is slow, and this is the right opportunity for you to stand out from your competitors. Get out there and show the world what you have to offer, and you will find a real estate space in your customers’ minds. Continuing your pre-crisis marketing efforts will also position you as a stable and reliable company.
According to the National Association of Realtors, 97% of people started their house hunt online in 2020. This behaviour shift is here to stay. This shift is vital for any real estate business to thrive. Moreover, millennials are comfortable making huge purchases online and deciding based on a company’s online presence.
When your business is slow, you can try to get new leads and nurture them to become your potential clients. You can market your properties to those who plan to invest in houses in the coming months. Buying a home takes time, and there’s plenty of that right now!
It is also the right time to build relationships with your existing customers. When customers get a sense of trust in your business, it will also help improve client referrals. Referrals are great as you don’t have to win them. They already know about you and are considering the next steps.
Online advertising allows you to target a group of people who are unaffected by the current economic situation. Marketing your company to individuals with a higher income and who are financially stable will help get your business going, as they are more likely to make a large purchase even when things are not going well.
Advertising prices drop during an economic downturn. Do you need a better reason to continue your marketing efforts?!
Do you want to grow your real estate business with online marketing? Do you want to see how marketing can help your business now? Contact the marketing experts at Iconica Communications. This creative and passionate team delivers impactful marketing strategies and other branding solutions to make any business achieve better results each day. Contact 416-921-7484 or click here to get in touch.