We are no longer in control. The consumer is. The real estate market faces new dynamics, not just in terms of financial readjustment, but shifts in values and behaviour.
We’ve gone from an era of mindless consumption to an era of mindful consumption. Consumers, irrespective of age, ethnicity or income, are more cautious than ever before. More cautious and better informed—a powerful combination.
One vital trend is evident in every successful project: Everyone who buys a property will start on the Internet.
• 80% of consumers research real estate online
• 50% of Internet users read blogs once a month
• 65% of Facebook users are fans of at least one company
In my experience, I know homebuyers will start their real estate search with a project’s website. That is, if they can find it. Unless you prepare your website for the long haul, you will lose vital prospects and influencers. All activities must nurture this website, as it is now the primary gateway to your brand.
New McKinsey research supports this belief. The company highlights a dramatic increase in the intensity with which people use digital devices and platforms and narrows digital consumers into seven distinct groups characterized by the types of digital experiences they prefer. See the charts below:
Together, we need to refine our real estate marketing plans, so they reflect this new behaviour.