June 15, 2023
Why You Need to Pinpoint Real Estate Target Audiences
If you are a real estate developer or home builder ready to develop a marketing campaign, do you know where to start? The first step you should take is to identify your real estate target audience. Your marketing campaign will not be successful if you try to target the general public versus specific target audiences.
In today’s age, you need to narrow down the specific demographic that will be most interested in your community and homes. Home buyers are oversaturated with advertising, so focusing on specific demographics is often the most effective way to get through to the right home buyers and to produce more leads and sales for your home building company and communities.
Narrowing down your target audience can be challenging, 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 be consistent throughout your branding and marketing efforts 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 home buyers that don’t fit these demographics, but having an idea of what the majority of your home buyers look like will make a huge difference when it comes to the effectiveness of your branding and marketing strategies. When determining your target audience, think about things like age, gender, education, marital status, and financial background.
Why Do Real Estate Target Audiences Matter?
Not everyone looks for information about new homes in the same place. While older home 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 home buyers. 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 and advertise through omni channel marketing to reach them where they consume media. 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 reaching home buyers 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 new home communities from competing real estate developers and home builders that offer similar home designs, amenities and price points and see who they are attracting.
For real estate developers that are also homebuilders, 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 Home 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. Many young professionals prefer living close to the amenities of a big city if they can find a home within their price point. Due to higher home pricing and lack of options in the first-time home buyer price point, work-from-home opportunities offers first-time home buyers more home options if they do not need to focus on a home within close proximity to work.
- Move-Up Home 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 target 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 Home Buyers: 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 dig deeper by creating real estate personas to define and understand your target audiences based on individual’s values, lifestyles and needs. Defining your target audience and real estate persona provides with the tools you need to create an effective marketing strategy that translates into increased sales and happy homeowners.
At Milesbrand, we provide comprehensive branding and marketing services for real estate developers and home builders, and we can help you find your target audience. Contact us today to learn how we can take you from land to brand.