Source: Forbes —
In recent years, real estate has dominated headlines as the industry emerged as a victorious player during and after the Covid-19 pandemic. Since the pandemic, the rules of real estate sales and development have changed. Consequently, PR firms have responded, focusing on key trends such as changes in lifestyle, global nomadism, demand for larger properties, low inventory, rising prices and the rise of wealth. These trends have led to historic real estate expansion.
Today, rising interest rates have many current and potential homeowners rethinking future home purchases. 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. Sales and rental prices are equally affected by rising interest rates.
Now in a moment of transition, real estate is being affected across the board, whether it’s launching a new listing or a new development project. There are signs of a “reset” as market conditions are starting to shift in the buyers’ favor.
Why Is PR So Integral To Success In Today’s Real Estate Market?
Considering a looming recession, when PR and marketing campaigns may already be in place, an even greater emphasis on PR is necessary. While many developers and real estate firms may sway toward instinctively cutting PR and marketing budgets, this is not the time to do that, as times of uncertainty are key for PR.
If you want to weather the storm, you must make an investment in PR. During economic slowdowns, opportunities are still present for developers and residential real estate firms to create awareness for their properties. However, they must understand how to leverage these opportunities and make public relations work harder. Now is the time for planning and being proactive. As 2023 unfolds, it will be necessary to work with knowledgeable PR professionals who are nimble and who quickly respond, pivoting to the rapidly changing market.
Developers should spend more on research, development and advertising during recessions, according to the Journal of Marketing, which has published a number of white papers on the effectiveness of proactive communication and marketing during sluggish market conditions.
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