Blog post #03
The Step-by-Step Guide to Project Marketing
Project marketing is the process of marketing newly-built properties. It is used by realtors and developers to attract buyers to a new development. This process involves conducting research, defining project direction, creating design and marketing materials, and attracting the attention of the intended audience. By working as an extension of the realtor’s team, we help provide the missing pieces of their service offering.
In this post, we outline the step-by-step guide to project marketing and discuss the features of each step.
What Is Marketing In The Real Estate Business?
Marketing in the real estate business is all about creating and executing a plan to sell a property. It starts with an analysis of the property, including its location, condition, and price.
A marketing strategy is then created that takes into account the target audience, the competition, and the budget. Once the strategy is in place, it’s time to start implementing it.
This might include advertising the property online or in print, holding open houses, or working with a real estate agent.
The goal is to generate interest in the property and ultimately get it sold for the best possible price. With a well-executed marketing plan, selling a property can be a smooth and successful process.
What Is Project Marketing And How Is It Used By Realtors And Their Clients?
Project marketing is a type of marketing that focuses on the sale of a specific development project, rather than on individual properties. This approach is often used for large-scale developments, such as residential complexes or mixed-use projects.
While traditional real estate marketing typically involves promoting a property’s individual features, project marketing instead focuses on the overall development, its location and amenities, and its potential resale value.
This approach can be beneficial for both realtors and their clients. For realtors, project marketing provides an opportunity to sell a high-value development before it is completed, which can lead to significant commissions.
For developers, project marketing builds buzz and excitement around a new development, which can result in higher prices and more interest from buyers.
The Step-By-Step Guide To Project Marketing
Whether you’re a realtor looking to get involved in project marketing or a developer needing to implement this process for your new homes, it’s important to understand the process.
Let’s discuss the step-by-step guide to project marketing.
Research The Development And Its Location
Before you can start marketing a development, you need to have a good understanding of the project features and its location. This research should include an analysis of the development’s target market, its competition, and its potential resale value.
You should also know the developer’s backstory. Research their past developments and understand their design style, approach, and estimated completion times. Promoting the developer’s successes will help create trust between you and the buyers.
And of course, always have a solid grasp of the local real estate market and trends. This research will help you create a targeted marketing strategy that is based on data and that has a good chance of success.
Develop A Marketing Strategy
You will also need to decide which marketing channels to use for reaching your target market. Some common channels for real estate marketing include online advertising, print advertising, e-mail campaigns, and social media. Some time must be invested to determine which channels will work best for your business and target market.
Once you have developed your marketing strategy and chosen the appropriate marketing channels, you will need to implement your plan. This will require some budgeting and planning. Funds will need to be allocated for each channel and a timeline created for when each aspect of your plan will be executed.
Executing the marketing plan is important, and equally as important is measuring its success. This can be done by tracking the leads that come in as a result of your marketing efforts.
Create Marketing Materials
Once you have a solid marketing strategy in place, it’s time for the fun part: creating the marketing materials. These should be professional, cohesive, and should highlight the development’s key selling points.
A crucial part of this step is having a strong brand identity and applying it evenly to your marketing materials. Telling a consistent story will keep your audience engaged and clear on what you’re selling.
Marketing materials should also be designed to appeal to the development’s target market. Some common materials that are appropriate across the board include a development website, flyers, brochures, site signage, and online ads.
Implement The Marketing Plan
After creating the marketing materials, it’s time to start implementing your marketing plan. This crucial phase needs to be planned out in advance to ensure your message is reaching the right people.
Sharing the marketing materials with the world might involve things like placing ads in online and print publications, sending direct mailings to potential buyers, and holding open houses. Once you begin executing the marketing plan, it’s also important to track your results so that you can adjust your strategy as needed.
Monitor And Adjust The Marketing Plan
As the development progresses, it’s important to monitor your marketing efforts and make adjustments as needed.
This could involve changing your ad placements, altering your open house schedule, or increasing your marketing budget. By continually monitoring and adjusting the marketing plan, you are ensuring that the chances of success are maximized.
Project marketing is essential in selling high-value developments before it is completed. By following these steps, you can create a successful marketing strategy that will help you to reach your target market and sell your development.
Do you have a development that you need to market? We can help. Contact us today to learn more about our project marketing services.