The real estate industry knows women influence real estate buying decisions, plain and simple. In fact, we know they are the major influencer in the purchase of a whopping 91% of new homes. And not only do they influence the home purchasing decision by being a part of it, today they are a growing portion of the market in their own right. Specifically, many reports have shown young professional woman and divorcees as key portions of the market shaping the condo boom. Moral of the story: When we consider the two sexes, women are at the forefront of real estate purchases.
Now let’s link this to buying behaviour. With a growing 90% of home buyers researching online and with women having surpassed men with both their online social networking and online shopping presence, how do you plan on capturing the female buyer’s attention in the future?
Read on as this Blueprint outlines: 3 Principles to Keep in Mind When Marketing Your Real Estate Project to Women.
1. Social factors and the influence of others.
Women are online browsing and shopping for their next home right now. Your team’s mission is to make the browsing experience as social as possible. Similar to when women shop in stores, they still want to know what their friends and family think.
Start by being where they are. Think about expanding your network and digital presence by focusing on where they spend their time.
1. Actively participate in your market’s relevant social media platforms. Understand that your presence is creating brand awareness and building new relationships with potential clients. As you grow your network, others will see you fostering these new relationships and be drawn to your brand. Remember, people like to do business with people who they know others are also doing business with. This is one way to foster trust and is key to generating referral business online.
Hint: Focus on women specific platforms like Pinterest where “Homes” is one of the top ranked search terms. It’s as if you’re creating your own, sharable and visual social media storefront.
2. Create digital products that people want to share with each other. 92% of women pass along information they find about deals. Create links and promotional material clients want to share like save-the-date invites, contest details or engaging digital products like an Online Home Design Centre. Women love this type of product because it allows them to visualize their future home with others by sharing their tastes and preferences through design concepts.
Bring it all together. As women buyers share these links and promotional tools through their own social media and digital channels, the buzz around your projects will sharply increase. Furthermore, this digital-social-sharing-frenzy increases the amount of people that will view your property online, supporting broader SEO initiatives and building out your remarketing audience. Sounds good doesn’t it?
2. Rome wasn’t built in a day. Be the right story for when they’re ready.
Forget pushy sales tactics and big budget advertisements, these are things of the past. Women are smart and complicated and are full of all sorts of feelings and instincts. When we begin to consider making one of the largest financial decisions of our lives, like buying a property, we need to understand all the details in order to make an informed purchase we feel confident about. Moreover, we don’t want to just simply know the property, we want to genuinely understand the lifestyle and benefits that comes with the location and community.
The key is in the details and understanding the tangible and intangible. Think of these three items when branding your next project: values, beliefs and core philosophy. Ask yourself, do your developments resonate with your targeted female buyers?
How can you hone in on this principle better? Dig into the personality of the project by understanding the story behind the brand. Let the story explain how this property will help accomplish her lifestyle goals.
Now you can’t simply share this story once and expect it to stick. Women are busy and have lots on their minds! It’s about being there consistently over time. We know the average sales campaign should have at least 15 touch points, does yours? Your team needs to create your marketing drip sales campaign around the project story outlined above. This means being there through direct emailing, social media marketing, Google targeting, online advertising and a variety of other digital strategies. It helps her recall where she could be, when she’s ready to be.
3. The key is in the details. Help women understand your project.
Women want to understand the property inside and out. Educate them through your website and visual tools. There are so many exciting ways to generate further engagement with clients digitally and the possibilities are really up to your imagination.
Allowing clients to see the interior through a walkthrough, or research the development through a video flythrough solution are all important elements. But take the buying experience even further and consider what you can do with augmented reality! It’s up to you how you want to allow your audience to engage with your project, before it is even built.
The bottom line is these tools bring the cliché to life - seeing is believing. By allowing women to look into and view the space, your project creates trust with buyers in order for them to further understand and get excited about what they are buying!
We know it’s important to provide women with details and you can easily provide them now with customized digital solutions outlining all your project's features. Once you get them to your website or sales center, what is going to make them stay? Show them why they should call your development home.
Resources: Sheconomy, Nielsen, comScore