Reimagining real estate marketing: Unlocking untapped potential in a digital world

It’s not very often I’m at a property conference and find myself in a discussion on my field of expertise. I’m typically the one furiously scribbling notes amid conversations around policy reform, housing delivery and global markets. But I was not only treated to such a panel event at this year’s RESi360, but ended up being part of it.

The Reimagining Real Estate session looked at the rapid evolution of marketing as a practice and posed the question as to why this industry continues to remain so far behind. It’s one that has stayed with me, circling my mind in the weeks since. I’m not sure why. Having worked at this end of the industry for the best part of 20 years, I’m starkly aware of the vast potential that remains unutilised. Perhaps after all this time, I’ve simply become immune to the fact. But, as it gears up for some tougher times ahead following last week’s announcements, can it really afford not to be top of its game in engaging with consumers and investors?

Property marketing is certainly not broken. Quite the contrary. In the context of other consumer industries, like automotive, fashion and travel, it’s barely out of the starting blocks. 

In particular, it’s prowess within digital media and content, which remains at stark odds with the world’s insatiable appetite for it where, each day, the average person’s social media scrolling is equivalent to the height of the Statue of Liberty. There has been more, often tentative, movement into this space but the PDF brochure still prevails. 

Perhaps the lag is down to a lack of investment rather than appetite. The average marketing budget across the majority of consumer-facing industries is around 10% of turnover. While there’s no formal research into the property sector specifically, the estimated average from a specialist consultancy in the room is circa 0.5% (across both the B2B and B2C sectors combined). 

Is this because it’s not deemed as vital? While a clear and undisputed need in areas like FMCG with Coca Cola investing some $4bn each year to maintain interest and loyalty in its fizzy drinks, the property sector seems to rely more on external drivers. At one end of the residential market, property is a needs-based market - people always need somewhere to live and inevitably need to move up and down throughout life stages. And the three Ds keep it suitably fuelled. So, people will proactively seek out property in the specific postcodes and price brackets of their circumstances. At the top end of this market, it’s very much referral based and perhaps assumed the value is in who you know as opposed to how you present your brand or product. However, competition is rising, there are currently more properties on the market than in the last decade and values are under pressure, so this may soon prove a false economy. 

Conversation during the session also acknowledged a lack of appetite to try and test new things. In the rapidly evolving consumer and media landscapes we’re now working in, we need to test – continuously - to learn, not to win. An inherent tendency to try once and disregard if it doesn’t immediately deliver on the bottom line misses all sorts of opportunities to engage more effectively with audiences for the short and long term, leaving the door wide open for those that stay curious.

Regardless of the hindrance, the consensus among my fellow panellists was clear. Marketing and communications are the driving force of awareness, engagement and, essentially, action. If there was ever a time for the sector to put them at the fore of business priorities, realise their potential and get ahead, surely this is it.