Defining the target audience for real estate businesses is instrumental in shaping successful marketing strategies. By honing in on a specific demographic, real estate professionals can allocate resources more efficiently, tailor marketing efforts to resonate with potential clients, and communicate more effectively.
This focused approach not only increases the likelihood of conversions but also fosters stronger client-agent relationships. Moreover, understanding the unique needs of a target audience allows real estate professionals to differentiate themselves strategically, adapt to market changes, and maximize the return on investment in their marketing endeavors.
Let’s dive into it and identify the main factors of finding the target audience for commercial real estate websites.
Identifying Your Target Audience in Commercial Real Estate
Finding your target audience is like using a compass on an adventure. You know you need to move, but without direction, your efforts might lead nowhere. In real estate, the key to effective marketing begins with identifying who exactly makes up this ‘target audience’.
A diverse group of people are interested in buying properties for various reasons; young professionals eyeing their first home, growing families needing more space, or investors looking for lucrative opportunities. Each has unique needs and preferences that influence their decision-making process.
The Role of Social Media in Identifying Your Target Audience
Social media’s influence on major decisions, such as buying a home, has grown significantly.
Research 1 showed, about 81% of older millennials found their homes through mobile apps while research 2 revealed, Facebook remains the most popular platform across all age groups with over 69% usage rate amongst adults.
This indicates different age groups rely on varied forms of social media during the home-buying process, emphasizing its significance when determining your real estate target audiences. So next time you’re planning a digital marketing campaign don’t forget these numbers.
Analyzing past business can help identify trends too: What type of property did they buy? Where was it located? These patterns give valuable insights into what works best for reaching potential customers effectively and efficiently.
| Key Statistics from Research: | |
| Older millennials finding homes via mobile apps | 81% |
| Facebook usage rate amongst adults | 69% |
When targeting your real estate clients, it’s crucial to keep their tastes and habits in mind. This includes everything from how they hunt for information online to the kinds of properties that grab their attention. By doing this, you’ll be better equipped.
The Importance of Creating a Customer Profile
Creating a customer profile helps you tailor marketing materials and content that speak directly to your audience. It’s much like designing the perfect suit – understanding measurements (or demographics) ensures it fits perfectly.
Match your message with their interests. According to research, this targeted approach can lead to four times higher engagement rates.
- Create Content: These buyers might be interested in topics such as commute time, nearby amenities, or cultural attractions.
- Tailored Messaging: Discuss flexible payment options since many may still be paying off student loans.
Social Media Strategy: Consider using platforms popular among this demographic such as Instagram or LinkedIn.
7 Steps of Understanding Your Commercial Real Estate Target Audience
1. Identify Demographics
The first step in defining your target audience is to identify their demographics. This includes factors such as age, gender, income, education level, and location.
Demographic data can be obtained from a variety of sources, including online surveys, government statistics, and industry reports. For example, if you’re a real estate agent in a suburban area, your target audience may be families with children who are looking for a larger home with a yard.
If you’re in a more urban area, your target audience may be young professionals who are looking for a condo or loft in a trendy neighborhood.
Let’s look at some statistics on different demographic targeted groups for Real Estate:
Home Renters
| Age 25-34 (Millennials). The average Age is 32 |
| 55% of renters live in an apartment building. The typical rental unit has two bedrooms and 1.5 bathrooms 68% of recent renters moved from a previous rental. The typical recent renter submitted two applications. 68% of renters paid an application fee, between $40 and $59. 87% of renters reported paying a security deposit, between $500 and $999. 64% of renters say they are considering moving within the next three years. 45% of renters say they plan to buy their next home. 51% of renters are single and have never married. 21% of renters live in a single-family detached house. Only 15% of renters plan to never move. The top rental concession renters reported was free parking |
| First Home Renter’s General Traits |
| Spend a lot of time on phone/laptop/devices Tech Savvy – they like the newest tech Work from home regularly Masters of Multi-tasking Work-life balance is important Strong sense of Community Environmentally and Health Conscious |
| How to Market to First Home Renters |
| Consider an interactive format to boost engagement. Use more than 1 type of media – Video, Images, gifs, 360 photos, Virtual Reality. Use refreshingly honest copy. They digest large amounts of info at a time. It’s important to make sure your content captures their attention and keeps it! Focus on word of mouth– they seek advice from family and friends & online reviews. Fast response times – they expect it. Make your product Instagram-worthy. Young people use multiple devices to access media. Make sure your brand touchpoints are screen-size responsive. |
Young Professionals
| Age 25-45 |
| 58% are single. 42% are couples 64% move homes every 5 years 90% are full time employed 80% have a tertiary qualification 71% engage in social media daily 23% spend more than 3 hours on social media per day |
| Young Professional’s General Traits |
| Spend a lot of time on phone/laptop/devices Tech Savvy – they like the newest tech Spend long hours at work Environmentally and Health Conscious Expensive tastes Regular Gym Users Eat out or get home delivery food regularly Look for low-maintenance homes Security is important for single females |
| What Young Professionals are Looking for in a Home |
| Location – inner city, close to work and entertainment precincts Low Maintenance – apartments and townhouses with little maintenance required Luxury – they want a nice space to relax and unwind Security – a large proportion of young single people who need to feel safe/secure Shared Gym / Pool |
Upgraders
| Age 40-59 (Generation X |
| Upgraders General Traits |
| Typically families with 2 or more school-aged kids Busy daily lifestyles – work/school, drop-offs, sports, cooking, cleaning 2 cars, multiple bikes, sports equipment – need for storage space Often have a family pet or pets Kids spend a lot of time with screens/technology A clean environment is important Security is important |
| How to Market to Upgraders |
| The happiness of their children is paramount to most parents. Focus on this emotion. They consume media in various forms so to be seen, you will need to be present on multiple platforms. Upgraders are busy people. They don’t have a lot of time so make sure you’re using their time efficiently. HUpgraders are protective of their families. They want to know exactly what the deal is. They appreciate honesty and transparency. |
Find more about demographic groups of real estate buyers here
2. Identify Psychographics
In addition to demographics, it’s important to identify the psychographics of your target audience.
This includes their interests, values, attitudes, and behavior. Psychographic data can be obtained through market research surveys or by analyzing social media behavior.
For example, if your target audience is families with children, they may be interested in school districts, parks, and family-friendly activities.
If your target audience is young professionals, they may be interested in walkable neighborhoods, restaurants, and nightlife.
3. Identify Pain Points
Next, it’s important to identify the pain points of your target audience.
What challenges do they face when buying or selling real estate?
What are their biggest concerns? By understanding their pain points, you can create marketing messages that address their specific needs.
For example, if your target audience is first-time homebuyers, they may be concerned about the home-buying process and financing. If your target audience is empty nesters, they may be concerned about downsizing and finding a home that meets their changing needs.
4. Develop Your Buyer Persona
Once you’ve gathered demographic, psychographic, and pain point data, it’s time to develop your buyer persona.
This is a detailed profile of your ideal client, including their age, income, education level, interests, values, attitudes, behavior, and pain points.
Use this buyer persona to guide your marketing messages and strategy.
5. Choose Your Marketing Channels
Once you’ve defined your target audience, it’s important to choose the marketing channels that are most likely to reach them.
This could include social media, email marketing, direct mail, or other channels. Choose the channels that align with your buyer persona and are most likely to generate leads.
6. Create Your Content Strategy
Once you’ve identified your marketing channels, it’s time to create your content strategy.
This includes the types of content you’ll create (such as blog posts, videos, or infographics), the topics you’ll cover, and the tone and style of your messaging.
Make sure your content is aligned with your buyer persona and addresses their pain points.
DesigningIT has tailored step-by-step social media marketing for real estate businesses that includes Research, Targeted Strategy, and SEO-based content plans.
Check out the plan here and contact us for consultation.
7. Test and Refine Your Strategy
Finally, it’s important to test and refine your marketing strategy. Monitor your results and make adjustments as needed.
This could include changing your messaging, adjusting your marketing channels, or creating new types of content.
Conclusion
Knowing your target audience for real estate is a game-changer. It lets you craft tailored content and compelling messages that hit home.
Reach out to potential clients through social media for more effective target marketing and establish yourself as their go-to expert. But remember consistency builds trust; keep branding and messaging consistent across all platforms.
Create stronger connections with customers through target marketing, establishing yourself as their go-to expert. With the right approach, every post will resonate with those who matter most: Your targeted homebuyers!
FAQ
Who is the target audience of a commercial real estate company?
The target audience for a real estate company varies. It can be first-time homebuyers, seasoned investors, renters, or even commercial businesses. Your specific market will depend on your area and niche.
What is your target market in commercial real estate?
Your target market in real estate refers to the group of people most likely to buy or rent properties from you based on their needs, preferences, and demographics like age, income level, and location.
How do you target commercial real estate?
To effectively target real estate, define your ideal customer profile. Then tailor marketing efforts such as social media campaigns and SEO tactics towards that group’s interests and behaviors.
Who is a good target audience?
A good target audience aligns with your services’ offerings closely. They have an interest or need related to what you offer; they’re accessible via marketing channels; there’s enough size to drive business growth.