Adapting to Changes in Real Estate Marketing in Bangkok.
The real estate market in Thailand hangs in a delicate balance. Prior to the COVID-19 pandemic, property developers swept through Bangkok streets, knocking down old, decrepit buildings and erecting skyscraping condominiums in anticipation of Bangkok growing in size.
The estimated the Thai capital would continue to attract workers from around the country as well as many Chinese nationals looking for investment properties. Those visions have yet to manifest, leaving thousands of vacant apartments to collect dust while the global economy recovers.
The struggle to fill empty apartments has turned many property developers towards real estate marketing in hopes they can separate themselves from the competition.
With a restriction on incoming travel, property developers and real estate companies have turned their focus to attracting locals. Over the past handful of years, the rental market for condominiums in Bangkok has skyrocketed to unsustainable levels. Even without the pandemic, the bubble of success was bound to burst.
During this time, one of the most popular real estate marketing tactics was to promote luxury and opulence in favor of space and function. This was clearly targeting international clients who were looking for an investment piece as well as wealthy young Thais who wanted to stray away from tradition and live on their own.
This strategy yielded minor success, but enough that it created imitation. Sadly, those luxury properties are now in low demand as most in the market for an apartment search for size and functionality over luxury.
New Trends in Real Estate Marketing
Even if the COVID-19 pandemic were to end in 2021, the real estate market has changed for the long term. Companies in some industries are realizing that working from home can be just as efficient as working in the office, and are therefore encouraging their staff to do so if possible. This reality has a two-fold effect.
First, employees no longer need to be in a comfortable location to make their commute easy, nor do they intend to be outside their home for ten successive hours per day. Small, cramped apartments in convenient locations are valued lower than larger spaces in more comfortable neighborhoods.
There is an opportunity for real estate marketers to understand what these types of potential customers are looking for and to create marketing materials that showcase an apartments’ space and functionality.
On the other hand, with fewer employees in the office, many business owners are looking to downsize their office space and save costs.
Real estate marketers need to get creative to attract businesses to remain in their units or to attract replacement tenants. It will be a challenge to figure out how to attract new tenants, though a good place to start is identifying which industries are growing and also need to have staff in the office.
Keeping Ahead of Trends
One of the more difficult challenges for real estate companies is staying abreast of trends outside their industry. By working with a digital marketing agency specializing in real estate marketing, companies can focus stay up to date with what is happening across different industries and work with an agency to tailor marketing appropriately.