While many companies were forced to pivot dramatically during the COVID-19 quarantine, the real estate market in Vancouver, BC remained largely stable. It lulled to a brief pause, before skyrocketing back during phases 2 and 3. In BC, construction was deemed an essential service, and developments continued as planned, despite the province-wide lockdown in the spring.
With multiple offer situations occurring daily on the market, the lowest mortgage rates in decades, and developers looking to expand throughout Lower Mainland, there is little doubt that the real estate market was able to adapt quickly to the changing times and thrive with effective forms of real estate marketing.
The Vancouver market has always been a bit of an anomaly, however, there are some interesting channels that agents leveraged to market themselves and their listings during this global pandemic. Let’s dive in and explore some of the key real estate marketing tactics Vancouver professionals used to capture an audience of interested buyers remotely, effectively convincing them to buy homes which they had never set foot in.
1. Remote Video Tours
With open houses out of the question and strict social distancing measures in place, the real estate market needed to adapt and cater to a completely online home buying experience. Video real estate marketing was already in use, as several listings included 3D tours before COVID-19 occurred.
During the quarantine, buyers could not go to open houses and sellers were hesitant to show their homes. It became the new standard to include a 3D walkthrough of all listings that were posted during the first phase of the pandemic. 3D rendering software like Matterport created an immersive experience for interested buyers. Sellers with 3D tours had a competitive advantage when buyers were no longer able to visit their listings in person.
Realtors leveraged 3D tours and remote video software to give buyers a sense of the home, simulating a traditional open house. Buyers were able to make decisions based on these virtual viewings which generated offers on properties, site unseen.
2. Social Media Marketing
Realtors and developers also turned heavily to social media channels to not only promote themselves and their personal brands, but also to communicate remotely with prospective clients. During the midst of the pandemic, different firms and independent realtors posted video updates, virtual tours and full photoshoots of homes to their social media channels in order to engage viewers and sell homes remotely.
Social media strategies helped to build local awareness and established a sense of community and human connection during the quarantine. Social media channels saw a sizable increase in active users in general and realtors were able to use these platforms to place themselves directly in front of their active, interested audiences.
Paid social media campaigns were and still are excellent resources for realtors. At ElementIQ our team has extensive experience in high-end luxury real estate and developer marketing and one of our recent projects focused on growing clients for a boutique luxury development in Nanaimo, BC. The campaign focused heavily on paid social media marketing campaigns, which in turn fuelled a lengthy list of interested subscribers.
3. Email Marketing
Email campaigns became a vital part of communication between realtors, clients and pre-sale developments in the Lower Mainland during phase 1 of the pandemic. Websites like Vancouver New Condos continued to email detailed market reports and updates on upcoming local developments available. Emails acted as a constant reminder that the market was still moving forward. Likewise, websites such as REW allow buyers to subscribe to email notifications which let them know as soon as new listings become available within their price range.
In the case of our development project, our client wanted to gauge interest in their presale condos in order to predict their potential sales. We used an email campaign in order to communicate with interested future buyers and connect those ready to purchase with a sales team.
Our client saw a 43% increase in leads in just a few short months as a result of tailored email marketing campaigns.
4. Website Creation
Most companies that did not have websites prior to COVID-19 jumped to set them up quickly. Realtors and developers were no different and they used websites to convey their brand, listings and message during COVID-19. Some presale developments even utilized simple landing pages to monitor interest and traction, and collect emails from interested prospects.
At ElementIQ, many clients have reached out during COVID-19 with web design projects. We completely transformed the website for a luxury real estate development. The client’s website was not up to the standard of its competitors and the team at ElementIQ helped the client revamp and launch a website that rivalled competitors in the market. There has never been a better time to create your digital presence online as a realtor.
5. Content and Market Updates
Monthly market updates kept buyers interested, informed and confident in uncertain times. The Real Estate Board of Greater Vancouver released monthly market reports and blog content updates that kept their audience informed. Many reports mentioned the positive outcomes of the pandemic, including historically low mortgage rates. This spiked interest and buyer confidence in a time of financial uncertainty.
They communicated the changes caused by COVID-19 and helped to educate buyers and sellers so they could navigate the market in changing times. Despite the drop in inventory, the market was still buzzing as buyers encountered multiple offer situations in the early summer months. Buyers were feeling confident, equipped with knowledge and reassurance from the market reports.
6. Paid Advertising and Remote Lead Generation
Pre-sale developments and real estate firms often use a combination of paid advertising as well as signage and traditional marketing in order to spread awareness and generate leads that are interested in buying. With the onset of COVID-19, paid advertising took the lead as an incredible tool for remote lead generation. This highly targeted form of recruitment created awareness in order to generate interested prospects and subscribers. This is an excellent tool moving forward for those looking to generate interest and capture potential buyers online.
Contact ElementIQ for Real Estate Marketing
Unfortunately, this global pandemic is not yet over. Despite moving into phase 3 of COVID-19, the numbers are still rising in BC. Moving forward, a second wave is entirely possible and realtors must be ready to adapt their marketing efforts further to thrive in these changing times. Now is an excellent opportunity to look into real estate marketing services for your business. Whether you are an independent realtor, a builder or a developer, the right marketing team can put you in front of your desired local audience using safe, remote and digital marketing tactics.
Our team of consultants are ready to assist with your marketing goals. We streamline the marketing process, saving you time and money while generating data-driven, tangible results for your company. Real estate marketing tactics are shifting in these changing times and with ElementIQ you can rest assured, you have an entire team to help you succeed. Contact us or call (604)-909-3750 for a complimentary consultation.