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A few days ago, Governor Cuomo marked 100 days since the first confirmed case of COVID-19 in New York State. This week also saw the return of some semblance of normalcy for select Capital Region organizations as they re-opened as part of Phase 2. However, not all businesses will return to the traditional brick-and-mortar manner of conducting affairs.
As companies transitioned to work-from-home landscapes roughly three months ago, there was speculation about the efficiency and effectiveness of such a workforce, particularly for organizations to which this was a new or foreign concept. There were articles written to provide guidance on new technology usage, articles about maintaining productivity, articles about ensuring proper work-life balances remained intact and many more (like ours!) While the transition may have been bumpier for some compared to others, we’re going to make the blanket statement that individuals and organizations knocked the execution of this new normal out of the park. Employees remained connected, engaged and invested in their futures and the future of their companies. We thank Zoom and Zoom thanks us (seriously, their latest earning report is impressive).
So, as with many other aspects of the pandemic lifestyle, this begs the question of “What’s next?!” for the future of the workforce. We’re going to take a stab at predicting the future:
Yeah, you heard us right. With companies like Google extending the work-from-home policy offer to at least the end of the year, and companies like Twitter announcing “work-from-home forever” options, the era of the traditional office may just be obsolete.
Such a workforce revolution or evolution, however you choose to view it, may give way to another one. A real estate evolution.
Just last week, The New York Times reported on the inkling of an exodus from New York City. While tracking nationwide relocations is difficult, existing data and anecdotal evidence suggest a COVID-19 effect. For example, according to FlatRate Moving, between March 15 and April 28 of this year, moves from New York to Connecticut increased 74% over the same period a year ago. Wilton, in Fairfield County, Connecticut, experienced 19 lease signings between March 1 and April 29, versus 10 in the same period last year. Westport, Connecticut had 63 new rentals, up from 36, in the same period and Greenwich, Connecticut had 200 new rentals, up from 158, also in the same period.
In a newly released survey, the Zillow Group found that 75% of Americans working from home due to COVID-19 would prefer to telecommute at least 50% of the time once the pandemic subsides, and 66% said they would consider moving if their job allowed them to continue telecommuting. As a result, Economists are predicting that real estate trends might shift and cause a “suburban boom” in the housing market as work-from-home policies are not only extended, but become a more permanent fixture within organizations.
As a result of these trends and such predictions, Capital Region Real Estate Companies, Brokers and Agents must be on the offensive in implementing a strategy to attract individuals who are looking to leave either metropolitan areas, move to an area they have always dreamed of living or temporarily locate in the form of a lease now that they have the opportunity to do so as a result of the changing workforce landscape.
Staying up to date on the latest real estate market trends is critical to formulating and implementing an advertising strategy that incorporates a diverse marketing mix to ensure that you are targeting the correct buyer (or renter!). Without data and insights, it is exceptionally difficult to know who to target. (Need such data? We have it – local, regional and national.)
As 93% of all home buyers use an online website in their home search, we will focus on digital marketing strategies. However, we would be remiss not to note that print advertising serves a large role in real estate marketing, particularly in the Albany DMA. According to Scarborough data, 41.5% of the population within the Albany DMA is 55 years old or older (463,951 residents) and 55% of these individuals use print newspaper advertisements in their home search.
However, that will be a conversation for a different time. Below we’ve highlighted 3 select strategies to attract your ideal home buyer who may not be in your metaphorical backyard (yet!):
1. Targeting on Display and Mobile App Networks
We provide four targeting solutions to reach your target audience efficiently and cost-effectively with our data-driven approach:
• Geotargeting – Geotargeting, or geofencing, is the practice of delivering content to a consumer using geographic location information about that individual. Geotargeting can pinpoint the locations where your ideal customers currently reside and deliver your brand directly to where they are already digitally engaged.
Geofencing works particularly well in walkable areas and areas that feature events that draw an ideal consumer crowd (i.e. Saratoga Racetrack for perspective Saratoga Springs residents!).
• Contextual Targeting – Based on the type of content on a website or a specific section.
• Retargeting – In a nutshell, site retargeting is the process of delivering ads to consumers who have already visited your site. It works like this:
1. A consumer visits your site.
2. The consumer is then shown your ads on other websites as they browse the internet on the same device.
3. Ads shown will pertain to the specific pages they viewed on your site.
4. The consumer can click the ads on the other sites and return to your website.
• Behavioral Targeting – Advertise to specific audiences based on their web browsing history.
2. Targeted Emails
According to eMarketer, emails from realtors and people within the real estate industry have some of the highest click through rates.
Our Email Marketing solution offers one of the largest and most comprehensive databases in the marketplace today containing more than 300 available selects and filters and over 134 million unique email records.
Our targeting options include:
• Household Income
• Net Worth
• Purchase Behaviors
• Interest Targeting and more!
Timesunion.com is the Capital Region’s leading media website. It reaches more than twice as many adults as any other local media website. Each month, timesunion.com sees more than four million highly engaged unique visitors who consume over six pages of content and over three minutes on page with each visit.
Last year, timesunion.com consumers engaged with over 318M pages of local media content, making timesunion.com the #1 place in the Capital Region to receive breaking news, entertainment, real estate listings and local sports updates.
Our approach of blending custom content and targeted media will showcase you and your property listings in an organic way throughout timesunion.com. Check out a couple of timesunion.com advertising options below:
• TU Homes
The user-friendly design of timesunion.com/homes features powerful online tools that introduce your homes and neighborhoods to more readers ready to buy. We let visitors tour your listed homes without ever leaving their desks. They can research neighborhoods, calculate their mortgages and meet you as educated buyers who are ready to move.
• Section Targeting
Section targeting is a way in which advertisers can choose specific page placements or sections to run their ads. This digital strategy can target sections such as News, Sports, Business, Entertainment, Living, Blogs, Jobs, Homes, Cars, Obituaries, Weather, Table Hopping, Capitol Confidential and more. The ads will appear on Timesunion.com desktop, tablet and mobile versions. Want to know how many impressions your ad will receive within our Homes section? Contact us today!
So how do you know who to target? Investing in local marketing and advertising is a good place to start. At the Times Union Media Group, we utilize third party data to assess prior real estate buying behavior, current real estate buying behavior and future real estate buying behavior to create a multi-pronged marketing approach to help organizations find the right buyer.
We work with you on creating deeper brand awareness while strategically and efficiently leveraging your business across key opportunities to drive potential buyers to your featured properties. Reach out to learn more on ways in which we can help you and your business.