Successful Marketing Strategies in The New Era of Condo Development
Fueled by demand from first-time homebuyers and millennials alike, condos are an extremely popular category within the real estate market, especially in cosmopolitan cities like Toronto. In fact, among major cities, Toronto is ranked as the highest number of homeowners residing in condominiums, with nearly a third of the population of Toronto either living in or owning a condo.
As land in cities becomes scarce and construction prices increase, condos offer an affordable gateway into the real estate market that are not only a popular choice for residents, but a meaningful one for developers, as well. However, with homeowners getting more knowledgeable by the day, traditional marketing strategies are no longer enough to entice purchasers. This is why developers are having to offer new and creative ways to gain the attention and trust of potential homeowners.
Strategic partnerships to elevate the brand and overall customer experience.
Real estate offers one of the most creative opportunities for brand synergies where different partners bring something new to the table, including the opportunity to tap into diverse audiences. Many developers are going down this route as a way to make their properties more enticing and appealing by partnering with individuals and groups that not only align with their goals and values, but will also bring a heightened sense of awareness, prestige and interest to the project, and ensure smart resale. An example of a developer who successfully integrates artistic partnerships into all their projects is Lifetime Developments, who have garnered acclaim due to the artistic component that is woven into every project. Lifetime partners with leading artists, including Lenny Kravitz, George Pimentel, Mr. Brainwash, and more, to ensure their projects have a distinctive market differentiator that not only makes them stand out, but also allows them to access audiences that are interested in arts and culture, while elevating the overall experience for the homeowner.
Creating community camaraderie and establishing local ties.
A condominium is more than just a building: it is an integral part of the larger community with significant impact on the neighborhood. Thus, it’s critical for developers to consider the long-term impact of their project and ensure buy-in from the local community, invest in fostering neighborhood camaraderie and forging local ties. Developers who are able to positively contribute to the fabric of the community gain a lot of goodwill, where their projects are embraced by the neighborhood and from a marketing perspective, this goes a long way in ensuring the popularity of the project and that purchasers of those condos don’t feel like “outsiders” and instead are made to feel welcome by the local community. While there are many examples of how developers are doing this, one that stands out is the Parkscape project in Cabbagetown, by CentreCourt Inc. where five beautiful parkettes were added to the public spaces as placemaking opportunities for the local community. By creating carefully curated and distinct green spaces, CentreCourt Inc. was able to not only beautify the area but also drive footfall to give local businesses a boost. A unique marketing opportunity to be seen for all the right reasons.
Reputation is everything.
There’s an expression that says “the cream rises to the top” and this is very true when it comes to credibility and reputation within the real estate market. Developers who really care about their customers put the customers at the heart of their decisions and consistently deliver on their word, will find that their values and ways of working resonate on a deeply personal level with customers, making them the go-to developer of choice. A strong and trusted reputation goes a long way when it comes to marketing, especially as it provides a solid foundation for all communication and offers a “proof-point” to anchor a narrative that will set that developer apart. In today’s day and age when property prices are skyrocketing, one of the biggest selling points and marketing tools for any developer is their reputation, which translates into peace of mind for customers, that they made the right choice.
Natasha Koifman founded Toronto-based NKPR in 2002 to combine her two passions: sharing stories of substance and championing important causes. Under Natasha’s leadership, NKPR has established itself as a full-service public relations, advertising, talent, marketing, and digital agency with offices in Toronto and New York, representing over 40 diverse national and international brands.
Comments are closed.