Toronto’s pre-construction market has seen a steady, continued growth recently as buyers and investors have continued to purchase new inventory across the GTA and in the core. As anticipated, record-breaking condominium sale numbers are already being reported as freehold inventory numbers drop and prices reach all-time highs – creating a wide price gap that many buyers cannot bridge.
As the market continues its impressive growth, Austin Birch has announced the release of their latest volume of The Austin Birch Report. In it, the team leverages their industry knowledge and the considerable reach from their expansive broker network to help provide further insights into Toronto’s impressive real estate market and the current mindset for buyers in the city.
Effective marketing in 2022
Noting an uptake in inventory purchases and a slew of new launches throughout the year, the report delves into how marketing and advertising are affecting these new developments. We will be offering an overview of some of the report’s most intriguing points but, should you want an in-depth look, be sure to sign up for The Austin Birch Report at austinbirch.com.
Looking at Toronto’s current trends, Austin Birch notes that rising interest rates are having a slight impact on the market. However, they go on to say that this impact is exceptionally minimal, with new inventory being absorbed quickly and at new record prices. In conjunction with a steady stream of new launches at the beginning of the year, and a large portion of new inventory slated for the second half of 2022, the market looks to be keeping pace with 2021.
As such, the team at Austin Birch thought it prudent to investigate how marketing and advertising were being utilized to help projects sell within this busy market. What makes some developments more successful than others? What techniques are affecting buyer behaviours? What media platforms are the most effective? These questions are key for those looking to reach their audience.
What’s attracting buyers?
When asked which development’s branding campaign was the most attractive to buyers, the report found that many brokers spoke to projects that provided comprehensive marketing packages. Developments that created a strong story around the community and provided ample resources for customers to interact with (lots of branding, expansive presentation centres and plenty of graphics and videos) received more attention.
Early informational launches were also celebrated, as brokers felt these events set them up with the tools they needed to help create buzz for the projects. With this preparation and information available to them, the agents stated that they were able to able to sell projects much more successfully.
The push to virtual
Delving into these marketing packages, the report discusses the importance of physical vs digital pieces. Although older crowds may prefer something more tangible, the industry has moved to an online world – where everything is immediately and continually accessible. Plus, with the big shift to virtual over the past three years, this transition just makes sense.
Speaking to this, Austin Birch also explores the prevalence and utility of online marketing and social media platforms. Over 90% of developers and sales teams use social media as a marketing tool to advertise their projects. This is a considerable source of passive warm lead generation for brokers. Increasingly, digital marketing for real estate is at the forefront of the industry, getting assets in front of people quickly and efficiently while promoting buzz and engagement through powerful platforms like Instagram and Facebook.
Price per square foot, location and developer reputation have always been some of the most important information for buyers when making their final decision. In the new report, Austin Birch asks: “Which of these three is perceived as the MOST important?”
As one may have guessed, price remains paramount to the final decision for owners and investors alike, as this is an easily comparable factor against other projects and allows for calculating potential ROI. Of course, location shouldn’t be completely counted out, as certain sites will encourage buyers to act on a higher price point.
Developer reputation, though still in the top three, took a back seat according to the latest report. There have been some concerns among buyers to find reputable developers, as recent media reports have been highlighting cancelled projects, however, brokers found it was up to them to mitigate any fears. Though buyers appreciate the confidence that comes with an established builder, price and location are paramount in the current environment.
Considering this particularly active market, Austin Birch was very interested to explore what developers were doing to effectively stand out and stay ahead. Crafting the right story and positioning remains a powerful way to connect with purchasers while social media, digital marketing and ample materials go that extra mile to close the deal. This intermingling of message, media and sales teams shows tremendous results, and many are still hoping to dial into that winning combination.
At Austin Birch, the mission has always been to support clients, so they can do what they do best: develop superb real estate. Working alongside the GTA’s top developers, Austin Birch takes a collaborative approach to pre-construction sales, working through every step of the journey with their clients and creating custom strategies that serve the unique needs of each development.
Connect with Austin Birch today to discuss how they can help create effective and impactful sales strategies for you. Austin Birch: Unthink Real Estate.
Sign up to discover fascinating insider insights available in The Austin Birch Report. austinbirch.com