As the wrath of COVID-19 is felt around the world, the real estate industry is being impacted in various ways, largely dependent on region and asset class. The real estate executives are concerned with preserving value and liquidity.
Due to the major economical hit, these business owners and investors are scaling back their marketing efforts which could prove to be a potential mistake in the near future. Founder of RentUp.io, Dylan Vanas is here to demystify real estate investing and marketing.
Dylan Vanas seems to have observed a pattern of curtailing marketing budgets by several real estate executives which could lead to a grave problem in times to come. These companies often see marketing as an “optional” expense. However, without a proper marketing strategy, brand growth and lead generation could be at stake.
He decodes “Companies are not at fault for wanting to cut back on advertising and marketing. They usually do this to have the lowest impact on their workers. If they make cuts in other areas, they might need to furlough employees. Having said that, in most cases, there are ways to cut back on overhead expenses without reducing your workforce. Cutting back on marketing will only hurt the company more in the long run.”
In order to curb down this problem, Dylan Vanas has come up with few robust plans that would help companies in this business to do more than just merely adapt to the aftermath of COVID19.
Major focus points should be strategizing marketing plans, strengthening business agendas and making budgetary cuts without negatively impacting workers or marketing.
Thus, striking the right balance between capital preservation and fortifying competitive differentiation can lead to sustainability in these rash times.
Marketing during a recession may seem like a difficult or futile task but tackling this with a smarter approach can really help. Tapping different consumer demographics can modify the way you approach advertising.
Transitioning to remote work in distributed teams and carrying out business operations across Virtual sphere would be a disruptive and beneficial approach to fight challenges.
Vanas puts forth “While I don’t believe that there is completely recession-proof marketing, but there are ways to improve your existing strategies. To do this, you need to really get into the mind of your consumers. What are they willing to spend money on during hard times? How can your business provide them with value when the economy is down? These are the questions you need to be asking.”
Dylan Vanas has surely presented the Real Estate companies with guidelines that would not only ensure viability but also build sturdy digital marketing strategies that would prove to be a game-changer in years to come.