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The Canadian real estate market shifts in 2023, as rising interest rates and high consumer demand drive a need for creative marketing strategies
February 03, 2023 | Megha S Anthony | Canada | Real Estate
The Canadian real estate industry is experiencing changes in 2023 due to macroeconomic factors such as rising interest rates, inflation, and high consumer demand. In response, real estate brokerages and developers are turning to creative marketing strategies to remain competitive.
According to a recent report, several key trends are shaping the real estate marketing landscape this year, including the return of in-person events, the importance of thought leadership, the emphasis on reviews and customer experience, and the use of digital marketing to humanize brands.
In-person events have seen a significant increase in demand after being suppressed due to pandemic restrictions. Developers are capitalizing on this trend by hosting events that engage the public, while also showcasing their projects. From branded invitations and VIP boxes to hyperlocal gifts and influencer events, developers are getting creative to stand out.
Thought leadership is becoming essential for real estate companies as consumers become more conscious of ESG performance. Companies need to understand the ESG issues that matter most to their buyers, investors, and partners and build their profiles through earned media opportunities, market commentary, and strategic awards submissions.
As more consumers turn to online research before visiting a property, real estate companies must have a strong online presence, including a review generation strategy, positive reviews, customer experience training, and review management processes.
To connect with consumers and drive sales, real estate companies must focus on building trust and humanizing their brands through digital marketing. This involves focusing on branding, aligning values with consumers, and offering a look into the company's culture, philanthropy, and body of work.
In conclusion, the real estate industry in Canada is shifting, and real estate companies must implement strategic marketing strategies to remain competitive. From in-person events and thought leadership to customer experience and digital marketing, companies must focus on building trust and humanizing their brand to connect with consumers.
