December 08, 2020
Why You Need to Pinpoint Real Estate Target Audiences
So you’re ready to develop a marketing campaign as a real estate developer — but where do you start? The first step you should take is to identify your real estate target audience. It’s no longer enough to market just to the general public.
In today’s age, you need to narrow down the specific demographic that will be most interested in your homes. Modern consumers are oversaturated with advertising, so focusing on a specific demographic is often the most effective way to get through to them and translate ads into sales.
Narrowing down your target audience can be tricky, but it’s an important conversation you should have with your team before launching your marketing strategy. Once you pinpoint your real estate target audience, you’ll need to stick to it throughout your branding to ensure a strong and cohesive brand identity. Here’s why target audiences are so important and how to find yours.
What Is a Real Estate Target Audience?
Your target audience is the demographic of people you are selling your products to. In real estate, these are the people that are going to be most interested in your homes and are most likely to buy them.
Of course, you will occasionally get consumers that don’t fit these demographics, but having an idea of what the majority of your customers look like will make a huge difference when it comes to the efficacy of your marketing. When determining your target audience, think about things like age, gender, ethnicity, and financial background.
Why Do Real Estate Target Audiences Matter?
Not everyone looks for information about new homes in the same place. While older buyers have largely adopted the use of the internet during the home-buying process, there are many subsets of digital marketing to consider based on the audience. For instance, buyers of different ages may rely on different forms of social media to assist with their efforts. Realistically, you can’t advertise everywhere, so if you know where your target audience likes to spend time, you’re more likely to reach them.
Additionally, different messages may resonate better with certain groups of people. When you have an idea of whom you’re advertising to, you can really get inside their head to develop a message that connects emotionally. Ultimately, big purchases like homes are emotional decisions. Your advertising needs to build that emotional connection with the consumer to create a sense of trust and loyalty.
What Are the Consequences of Unidentified Target Audiences?
If you don’t take the time to identify your target audience, it could hurt your brand in the long run. The biggest negative consequence is that you could be spending marketing dollars in places where they aren’t really making an impact. Marketing can get expensive, so you need to make sure that the money you’re spending on it directly correlates to the eventual sales you’re making.
Additionally, if you’re marketing to an incorrect target audience, your message will be far less likely to land. This makes it harder to develop a positive brand reputation and build brand loyalty. Trust and connection are so important when it comes to making sales, so taking the time to make sure your message resonates will be financially beneficial in the long run.
Types of Homebuyers — Which One Is Your Target Audience?
To find your target audience, look at the demographics of people who have actually purchased your homes. Connecting with your customers directly is often the most effective way to learn what they are looking for and what will resonate with them. You can also look at developments from competing developers that offer similar designs and price points and see who they are attracting.
For real estate developers that are also builders, there are a few common target audiences to consider. Each has different priorities when it comes to buying a home, and it’s crucial to understand these priorities to show them why your community is the best choice for their needs. Here are some of the most common target audiences in the real estate market and what they’re looking for.
- First-Time Buyers: These are typically young buyers in their 20s and 30s making the leap from renting to owning. They may be single or they may be young couples, but don’t always have kids just yet. This is likely the largest purchase they’ve ever made, and one of their biggest concerns will be finding a home that fits their budget. In recent months, trends have changed for this audience. Whereas first-time buyers typically valued proximity to work, COVID-19 and work-from-home capabilities have made that less important. Instead, they are looking for homes with extra living space to make room for home offices without cramping their living space. Still, many young professionals prefer living close to the amenities of a big city, so keep this in mind with your development location.
- Move-Up Buyers: These buyers are going to be slightly older and either already have children or have a child on the way. Similar to new-age first-time buyers, they are more concerned with having plenty of space, especially bedrooms for their growing family. They may put more emphasis on features like a yard or a garage and are likely concerned with the safety of the area, nearby recreation, and schools. This audience may value luxury and status more than younger home buyers — they often want their home to make a positive impression on their friends and family.
- Active Adults: These are older couples or singles whose children have moved away and need to downsize. They are concerned about quality over quantity, looking for homes that are comfortable and sophisticated without being too large or difficult to manage. They often want to live in a quiet and safe area, but may also value having a supportive community with friendly neighbors.
Once you know who your target audience is, you can use it to develop an amazing marketing strategy that translates into increased sales. At Milesbrand, we provide comprehensive branding and marketing services for real estate developers and builders, and we can help you find your target audience. Contact us today to learn how we can take you from land to brand.