How Public Relations can strategically benefit the Real Estate sector?
The real estate sector is one of the key sectors for the growth of the country and its economy. But due the Covid 19 pandemic there was an economic slowdown in the sector and affect in its growth. In spite of the post-pandemic gloom and a general sense of unease about investing, India’s real estate market is starting to trend upwards again. Indian real estate recovered from the effects of the pandemic, compared to the rest of the world. The construction segment’s rise, which has reached 7.5% in the current quarter of FY22 after contracting by 7.2% during the same period last year, is an intriguing development due the marketing and advertising done by the real estate sector. According to recent research, the Indian real estate market is predicted to reach $1 trillion by 2030 and contribute close to 13% of the country’s GDP. The real estate industry is characterised by fierce competition, and management looks for the slightest competitive advantage for their company. Because of this, more and more reputable real estate companies are using PR agencies. Contrary to popular assumption, a successful PR campaign does much more than only assist a real estate company in enhancing its reputation in the marketplace.
Public relations are one of the essential components for success in today’s cut-throat competitive real estate environment. In order to enhance your company’s brand image, the real estate sector will require a PR agency as it will be concentrating on establishing a reputation that consumers will recognise and trust. Building brands for real estate companies depends greatly on their ability to take advantage of media opportunities, both traditional and digital. Thought leadership, Industry story participation, interviews, are some of the most important tools for reaching the general population. Additionally, PR agencies have the necessary networks and relationships to assist the brand image from such media operations.
Let have a look at strategical benefit of the real estate sector with PR:
- Brand Awareness
One of the main advantages of public relations is that it expands the potential audience for your comprehensive communications and marketing plan, which ultimately results in greater public knowledge of your business. Because PR strives to spread a brand or company’s cutting-edge, inventive, and forward-thinking concepts, the stories frequently garner more media attention. For developers, PR initiatives like virtual events, health fairs with free vaccinations, and radio broadcasts are immensely helpful in enhancing their brand image.
- Brand Credibility
The credibility of the business is closely related to the strength of the brand. When someone else speaks favourably about the brand’s, the brand’s credibility is strengthened, which is another important advantage of PR. To generate favourable conversation (from the media and the general public) about the brand, so that credibility is increased, is the goal of PR initiatives. Basically, this is done to help developers reach out to potential customers.
- Thought Leadership
A PR strategy aids in the development of a brands view for the sector. This enables the companies to communicate their point of view as part of a bigger narrative through thought leadership. This lends the company legitimacy and enables brand engagement through PR tools for the audience. Additionally, it allows the brand to position itself as an industry authority, which enhances audience familiarity and perception of the brand.
- PR helps in Crisis Management
When it comes to the real estate industry, there is intense rivalry. Builders and real estate developers engage in numerous scandals as a result of postponing project completion or problems with land and banks. A successful PR campaign boosts consumer perception of real estate and aids in brand development. The PR firms specialise in promoting the client’s brand utilising both traditional and digital media. A professional PR agency makes excellent use of these venues for corporate promotion through their relationships and networking, including industry story participation, interviews, social media, and public events both in person and online. PR is less expensive and has a greater credibility than advertising.
- PR assists in Digital Marketing
A variety of tactics are used in PR strategies, such as Press release which have backlinks, SEO integration in the image, advertorial, media outreach that focuses on the project benefits and the developer’s outreach to foster understanding. PR helps in digital marketing of the brand by increasing the SEO of the website and also by creating media presence of the brand. PR strategy and PR tools uses newspaper, magazine and thought leadership article, website and social media which help real estate sector to stay on top in this fierce competitive digital world.
To develop a bridge to the brand and boost its credibility in a competitive sector like real estate, brands need expertise. Another benefit of working with a PR firm is that it can divide up the chores required for the real estate business to expand. To win the public on a brand’s side during a crisis, you will need a strategic mind, which is only available in a PR agency. If public relations strategies are carefully managed by professionals, they can have a significant impact on the real estate market.