Real estate, a leading economic indicator, has experienced historic expansion in our post-pandemic world. As we settle into 2023, real estate continues to be an area of great speculation. Uncertainty became a lingering theme for 2022, says Coldwell Banker’s The Trend Report 2022. After witnessing record high prices in recent years, there has been data indicating that the market is slowing down. But what does that mean for PR?
At Fort Lauderdale- and Aspen-based public relations agency Durée & Company, we are experts in marketing and publicizing new real estate development clients to achieve the success and visibility they are seeking, and this includes proactive outreach even during times of uncertainty or market slowdowns. When launching a new development project, our team knows how to build multifaceted public relations campaigns incorporating media relations, community relations, marketing, advertising, event planning, cross-promotional initiatives, and social media.
In November 2022, the National Association of REALTORS stated that more potential homebuyers were unable to qualify for mortgages in October 2022, as mortgage rates increased. With current signs of a “reset” and market conditions shifting in the buyers’ favor, many developers are considering cutting back on budgets. However, this is the time to do just the opposite and lay the groundwork for a proactive public relations campaign. Below are 5 top PR strategies for new real estate development projects in an uncertain market.
- Prioritize education. It’s important to have a solid understanding of factors that affect new development, including rates, construction lead times, industry news, trends, cost of materials, financials and more. Conducting research and understanding the current market conditions is the responsibility of the public relations team so that media outreach is succinct and well-informed. Developers and PR teams need to work in tandem to ensure both sides understand all the facets to a project that can affect PR messaging. PR teams also must understand the industry well enough to ask the right questions and anticipate the next steps in a new development project. Media that cover real estate news and trends rely on accurate messaging and expert insight from the developers of these projects. An informed and educated PR partner can help craft this information and secure timely stories.
- Create a strategy. From pre-sale to completion, new development projects span many months, even years, and require a communication plan for each phase. Within each phase, there are often a number of angles and storylines, each requiring their own public relations messaging. This creates an opportunity to control the narrative at every step of the process. In times of uncertainty, have a plan for the worst-case scenario and devise ways to pivot quickly. Remember, the competition is always tighter in a recession.
- Identify Points of Distinction. Public relations can amplify the competitive offerings of a new development project. Whether the project offers resort-like amenities, is technology-focused, or boasts a celebrity architect or luxury designer, these are all angles that can be shaped into PR stories. It’s important to note that public relations can help amplify messaging and create trends that are relevant and timely for media.
- Start Strong. It goes without saying that competition these days is fierce, and positioning is critical. As each phase of the project affects the next, time must be invested to develop a plan from start to finish. Every stage is important, starting with the project announcement. From there, every milestone can be leveraged for press opportunities. If not done properly, opportunities can be missed to establish the project in the market. It’s important to be fully prepared even before the project is launched. Media will ask many questions and oftentimes developers don’t have the answers because they launched too soon. From announcing the project to sellout, it’s important to capitalize on the window of opportunity for each stage of the project.
- Adhere to timelines. It’s critical to be quick to adjust to market changes, and there will likely be a few over the course of a new development project’s completion. The project’s marketing initiatives must also be timely and well-informed, as this information feeds into the public relations messaging and strategy. With a marketing plan in place, the public relations team can then establish a calendar and build in lead times for pitching and securing press as well as executing events and brand partnerships. Timelines ensure successful workarounds for obstacles and changing market conditions.
For leading strategies and industry expertise, our experienced public relations agency can assist with planning a successful public relations campaign. Call us at our Fort Lauderdale office at 954.723.9350 or Aspen office at 970.452.2195 or email us at firstname.lastname@example.org.
About Durée & Company
Founded in 1999, Durée & Company is a full-service, well-respected and highly creative public relations and marketing agency serving a diverse client base of local, national and international consumer brands, landmark industries, business leaders and philanthropists from its offices in Fort Lauderdale, Florida and Aspen, Colorado. Practice areas include nonprofit, hospitality, business, lifestyle, health and wellness, legal, real estate, yacht and marine as well as cannabis, psychedelics, and other emerging industries. Durée & Company is a member of some of the nation’s most elite professional organizations including PR Boutiques International™ (PRBI), The Florida Hemp Council, The Cannabis Marketing Association and is a corporate partner of Cannabis LAB. To learn more, call 954-723-9350; go to dureeandcompany.com; cannabismarketingpr.com; or psychedelicpr.com. Join the social conversation and follow Durée & Company on Facebook, Instagram, Twitter, YouTube and LinkedIn at @DureeCoPR.