There are almost 43,000 entities in the database of property development companies. Competition in the property development market is enormous. Therefore, the key element of success is building a positive image, including winning the trust of customers and investors, through well-considered PR activities. How to do good PR in the property development industry?
The property development industry in 2024
The situation in the property development industry has been changing dynamically in recent years. In 2022 and 2023, developers maintained a solid financial performance. The gross profit rate in 2022 stood at 13.6% and 13.5% a year later. We saw a particular upturn in the property market in the second half of last year. During this period, developers in the six largest markets sold 2.5x more flats than in the same period a year earlier. The reason for the higher demand for flats was the launch of the government's 2% Secure Credit programme in July 2023. The response to demand was to accelerate the launch of new developments. In the second half of 2023 alone, developers started construction of 67,000 flats (48,000 in the first half).
The good run continued until early 2024. Within the framework of the 2% Secure Loan programme, 82,000 loan agreements were concluded by February 2024, of which around 32,000 were for flats on the primary market. However, the spring brought a cooling of sales. Anxiety is growing in the property development industry, and thoughtful PR measures are gaining importance to help the industry operate effectively, even despite unfavourable market realities.
How to do good PR in the property development industry: communication first
Open communication with all stakeholders during the development process is of particular importance in the property development industry - especially in the face of the difficulties associated with large-scale construction projects, i.e. changes to urban infrastructure or attention to aesthetics and safety on construction sites. Developers not only build flats, but also create public spaces that affect the comfort of residents.
Effective communication with different stakeholder groups - from the media to local communities to future purchasers - is essential to maintain a positive perception of a company. Developers who engage in communication with customers at every stage of a development build an image of a reliable and professional company.
Developers should organise press meetings and conferences to report on project progress, new developments or innovations. It is also useful to have articles in the press, TV interviews or publications on the internet to promote projects and also to help build a reputation as an expert in the property industry. It is also worth considering working with journalists, both locally and nationally. This is a good way to maintain a positive media presence.
Importantly, in order for the communication strategy to be truly effective, it must be tailored to the specifics of the real estate sector. This means that it should take into account the benefits arising from the specific activities of the development company - the development of infrastructure, the attractiveness of the investment for local communities, etc.
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What do customers and investors expect?
Customers, investors and local communities expect property developers to be more concerned about the environment and the impact on the social environment. Therefore, there is much talk today about the importance of sustainability, social responsibility and ecology. Developers who use green technologies such as solar panels, rainwater recovery systems and building materials with a lower carbon footprint, invest in green areas around their developments, promote public transport and cycling, and engage in initiatives to support local communities are better perceived in the market.
Importantly, it is not only the declaration of certain values that counts in PR activities. Evidence must be provided. In what way? By, among other things, creating campaigns that communicate the environmental, social and economic benefits of development projects.
Examples of PR activities in the property development sector
Thoughtful public relations is also an important part of crisis management. In the property development industry, unforeseen delays, problems with the quality of materials or misunderstandings with residents can occur. Well-organised PR allows such situations to be managed quickly and effectively, minimising their negative effects.
PR campaigns in a property development company should include cooperation with the marketing department. Marketing and public relations together are a powerful tool to help achieve image and sales targets. Combining these two areas is the best way to create a coherent strategy for promoting new investments, including organising open days, project presentations or creating visualisations of future buildings.
Public relations in the property development industry combines strategic communication, reputation management and the creation of a positive image. Effective PR activities in a property development company make it possible to build lasting relationships with investors, clients, the media and local communities - and this is the basis for the success of each subsequent project and the foundation for the company's growth!