Real estate has seen many new changes post-COVID. Consumer preferences have now moved toward luxury living as they want more peace and safety for themselves and their family.Also, the real estate industry has seen a jump because of the rise of PropTech. Technology has enabled people to connect with real estate agents who can help them find the right house. People today are looking much beyond living their regular lives. They want to have an experiential living experience.The real estate industry today is influenced by multiple factors, and several trends have emerged recently. In 2023, more and more people will look for houses that will give them a therapeutic experience. We will explore some real estate marketing trends in this blog.
Trends in Real Estate Marketing
Several new trends in real estate sales and marketing have emerged recently. It would be best if you tried to make the most out of these trends in the real estate space. Let’s understand some of these trends to thrive in the real estate industry:
- Steep Rise in Home Prices
There is a steep rise in the rates of homes and similar properties. The rise in the price results from increased demand as more people wants to own a house. Also, the cost of raw materials has increased. Hence, the cost of constructing a home has also gone up. As a result, the additional cost is being passed on to the buyers. Currently, a housing bubble is building up as the prices exceed regular rates. Therefore, home buyers should buy a home before the prices go sky-high.
- Millennials as Home Buyers
Currently, the real estate industry is seeing high demand from millennials. The millennials are too picky about their choices. Hence, they will only buy a house if they find everything according to their checklist. Millennials are currently driving the real estate industry as they are at their peak buying age. They have brought about a generational shift in buying behavior, and real estate companies will have to change their selling patterns based on the needs of the millennials. Many millennials work across different sectors and have the purchasing power to drive the industry. They are looking for properties that are luxurious and also give them a taste of experiential living.
- Development toward Affordable Homes
The real estate industry wants everyone to have a piece of the pie as the house demand increases. The Government has taken several steps to make homes more affordable for the Indian population. Also, the financing options for potential home buyers have increased considerably. Several real estate developers are now entering the affordable home segment to cater to a larger audience. The number of real estate projects has increased in Tier 2 and Tier 3 industries, where low and middle-income groups dominate the population.
- Shift to Second-Tier Cities
People used to move to tier-1 cities for jobs and better living. However, post-covid, companies have shifted to remote working, enabling people to work from anywhere. This has made people comfortable in their hometowns. Hence, they are looking for a house upgrade in their city. This has increased the demand for homes and properties in tier 2 and 3 cities. Therefore, several real estate industry companies have started projects in these cities.
- Rise of PropTech
PropTech refers to Property Technology that helps buyers find homes per the requirements. Also, these technologies help real estate businesses to manage and sell their properties. With the emergence of digital marketing trends in real estate, PropTech has also become popular. PropTech has transformed the way stakeholders view the real estate industry. Several companies are contributing to PropTech. They take care of aspects like automation, mortgage, lending, brokerage, etc., making the industry more lucrative.
- More Listings for Luxury Homes
People want luxurious homes. A house is a statement of a family’s standard of living. Hence, people are looking for luxury homes that meet modern living requirements. Today, more and more properties have amenities like gyms, swimming pools, etc. This is because the demand for these amenities has increased. Experiential living has become a priority, so people prefer luxury homes.
- More Development in the Suburbs Away from Cities
A section of the population is looking for a break from the hustle and bustle of the city. The real estate marketing trends suggest that people are looking for homes in the suburbs to enjoy their life after work with their families. Also, suburbs have a better natural view than the main city. Also, the land rates are pretty low in the suburbs, and people get the best of both worlds.
The industry is seeing a significant shift, and the trends in real estate marketing are here to stay. All the points discussed above are shaping the real estate industry today, and you need to understand your buyers and act accordingly. If you are in Pune, try understanding the real estate digital marketing in Pune and then capitalize on the opportunity accordingly.