How U.K. real estate companies can promote their brand abroad
In this article, we will discuss how you can promote your real estate company and brand abroad. According to an insight article by Bloomberg Tax, the U.K. government is trying to boost foreign investment in the real estate industry through a tax holiday. It pointed out that international real estate buyers play a significant role in reviving the real estate industry. Because in 2019, 55% of the transactions for prime central London(PCL) consisted of non-UK residents, and the pandemic has not affected this demand. If you want to learn more about the current U.K. real estate industry and the considerations you have to make when globally promoting your real estate company and brand, then keep on reading!
A brief overview of the 2021 U.K. real estate industry
An article published by Man Institute pointed out that British housing is constricted due to limited space and high population density compared to other European countries. The U.K.’s housing market would ideally be able to offer the house to all income levels. However, median properties have risen to 4.5 times the household income in 1996. The current British model does not serve those below earning a median salary. Those that are earning below-median income are usually young people who are still starting out in their respective careers and those in the field of arts, nursing, and other less-earning employment. Due to this, U.K. homeownership has gone down while the demand for renting has significantly increased. However, according to an article by Bloomberg entitled, “Red Hot Housing Market Is Creating a Fresh Risk for U.K. Economy,” the U.K. property marketing is experiencing double-digit growth in prices. This has raised some concern as it’s creating an unsustainable bubble. Market growth is okay, but it’s problematic if a crash were to happen. The Nationwide Building Society has said that the growth is up to 11% which has gone down due to the U.K.’s lockdown. The U.K.’s real estate market is at risk of decline. It’s evident in London but can also be noticed in other regions.
And with the U.K. currently facing post-Brexit, it has drastically changed the laws and policies surrounding foreign real estate buyers. Due to the current volatile state of the whole U.K. economy brought by Brexit, many are unsure of the state of the U.K. real estate industry and the subsequent years to follow. This is why the U.K.’s government is enticing foreign real estate buyers through a tax holiday. However, is it enough? What can you do to further promote your real estate brand to foreign real and things to look out for?
Considerations when globally marketing your real estate brand
When it comes to marketing your company or brand globally, there is always a possibility that your marketing campaign could fail. Because of this, we’ve listed some considerations you have to take into account when you’re creating a marketing strategy for your real estate company, as follows:
Is it within your company’s budget?
Let’s get real. International marketing is expensive. There are risks when it comes to marketing abroad. You might be thinking that after you do this and that, you’ll be able to get back the money you’ve invested into marketing internationally. There are a lot of factors in what makes a marketing strategy successful. And so, if you’re planning to market your company abroad, be sure that it is within the range you can afford.
Collaborate with a translation agency
When you’re planning to create an international marketing strategy, be sure to collaborate with a translation agency because frequently, marketing strategies fail due to translation and localization becoming an afterthought rather than being part of the plan from the start. Look for a translation agency that is adaptable in implementing several languages in all aspects of your marketing plans, from traditional to digital marketing.
According to these experts, their language services play an essential role if you want to go global. Tomedes, a translation agency, translates several eCommerce websites and apps locally in the UK and abroad. For William Mamane, the CMO of Tomedes, the demand for translation services in eCommerce websites and apps has increased, and it’s unsurprising because more and more companies realize that only English content causes you to potentially lose prospects in the long run. This was made more explicit when Slator’s managing director, Florean Faes, stated that the language industry has “shown great resilience” and has proven how essential it is. Slator has stated that more than a third of the customer spends was due to buyers’ needing access to new markets, which is where those in the language industry are needed the most. Lastly, in an article written by Forrester Research, they advise that if you ever plan to make a global marketing campaign, you should understand your buyers and gather information about your target audience’s country. Don’t create assumptions about the international market you’re planning to enter but prioritize researching and strategizing your campaign.
Identify your foreign buyers
As Forrester Research mentioned, understanding your buyers is an important part of the research. We advise that you consider who your previous international clients were and find if there is a pattern. There are several reasons why foreigners would like to buy real estate property in the U.K. For example, you might have noticed that foreigners are buying houses near universities. Why is that? Maybe it’s because the buyer is studying in the U.K., and it so happened that the property they purchased is near their university. They could be wealthy individuals looking to have a place to stay for the holidays, or they want to own real estate property to rent them out. This is why you should look at your previous sales before and during the pandemic of the foreign nationals who inquired or bought from your listings and what country they are from. By doing this, you’re not wasting resources by making a one-size-fits-all model but creating a marketing model that is specifically tailored to the culture they come from.
Conduct research on the foreign market you’re planning to enter
Now that you’ve identified your target audience and the country they are from, you can now start researching the culture, language, customer behavior, foreign market, competitors, and more. You may also make a feasibility study about your target locale and study the marketing tactics that would work in the country your target audience is from. For example, you noticed that the foreign buyers who bought from you are from Hong Kong. You want to market your listings online, unlike other countries that use Google as their most used search engine website. Netizens from Hong Kong primarily use Yahoo as their search engine website. Knowing these bits of information will help you understand where to position your marketing.
Create a flexible marketing strategy
After you’ve conducted research on your target locale, you can now talk with the translation agency you employed to discuss the marketing strategies you have in mind for the company, from digital marketing strategy to translating subtitles of your commercials. In creating a flexible marketing strategy, you have to incorporate all that you have learned in researching your local target in a way that fits your brand as a real estate company. It’s easier said than done, which is why we suggested that you collaborate with translation agencies because they can provide insight that would be useful to your marketing campaign.
If you can, personally connect with the locals.
Before the pandemic, some real estate agents would establish relationships with high-end shops like jewelry stores. These shop owners would refer them to their clients who would look for luxury listings. With travel restrictions slowly being listed in different parts of the world, you can visit the country and start networking with the locals to make it personal.
Got luxury listings? Showcase them.
This is why we encourage you to network and build up relationships with locals that sell luxury items because they often attract luxury clients who are most likely interested in buying a house within PCL. If you have a website, you should showcase your luxury listing and have it at the heart of your website.
Due to the pandemic and Brexit, the current U.K. real estate market is trying to recover by enticing foreign buyers. However, the challenge now for real estate companies is how they will effectively market their real estate brand across different countries. This all depends on their marketing research and strategy. Hopefully, with what we’ve written in this article, you will be able to create a successful marketing strategy.