Back in December of 2019, the NAHB Housing Market Index reported a 20-year high in homebuilder confidence — thanks to low existing supply, low mortgage rates, and a strong labor market with a 50-year low in the unemployment rate and increased wage growth.
We all know what happened just a few months later.
If we’ve learned anything from 2020, it’s this: homebuilders must be more nimble and strategic than ever. Remarkably, after a wobbly Q2, the homebuilding industry has been one of the few economic bright spots in 2020, with new home sales surging 32.1% year over year as of late October. Coming off Q3’s big push to make your numbers, this time of year offers homebuilders the chance to take stock, regroup and prepare for next year.
Now is the perfect time to update messaging and tactics across all media.
A lot has changed since early 2020, and a lot of that change happened very quickly. Take the time now to give those fast changes a stronger framework for 2021. Keeping your language, imagery and approach fresh and appropriate to the times will help your buyers feel positive and confident about moving forward.
Homebuilder Punch List For Year-end Marketing Updates
- Normalize your messaging around COVID. Nobody wants to hear “in these unprecedented times” or “the new normal” anymore (or possibly ever again). This language should go away if it hasn’t already. At the same time, COVID safety protocols have become business as usual, so make sure they’re front-and-center at all touchpoints that could involve in-person contact.
- Update content to reflect the long-term shift towards multi-functional homes. At this point, it’s no longer a trend. Many people will be working, learning and exercising from home for the foreseeable future. Make sure that your floor plan descriptions, model photography and merchandising, blogs and other materials emphasize flexibility for multiple uses.
- With inventory at historic lows, prioritize content that helps buyers make quick, confident decisions. With high competition for a limited number of available homes, buyers are under a lot of pressure to decide quickly. You can help by streamlining the research, consideration and decision-making part of the buyer journey as much as possible using digital media. Make sure your website and social media presence emphasizes helpful information such as community fact sheets. You should also implement digital tools such as interactive floor plans and personalization studios, virtual tours, mortgage calculators, etc. If you have, make sure these are polished to the highest possible degree. If you haven’t, time to get busy.
- Give extra TLC to first-time homebuyers. Everyday life has become pretty complicated and stressful for most of us. Embarking on a first-ever homebuying journey may feel especially overwhelming this year. Even so, low interest rates and the desire for more space will encourage renters to make the leap. Homebuilders would be wise to revisit their FTHB user experience at this time, making sure that they are providing plenty of education and resources — and keeping the tone as relaxed and empowering as possible.
- Update (and learn from) your FAQs. With so much change going on, it’s a good bet that your buyers are asking new questions (and putting a different slant on the usual questions). Pulse your sales team across every community to find out the questions they’re getting the most. This can tell you a lot about what buyers are thinking and feeling, which can provide great topics for your blog and social media — as well as insights about the right tone to take on different subjects.
As we roll into the last weeks of 2020, keep in mind that the competition isn’t sleeping. That means the goal isn’t simply to make every touchpoint more valuable than it was before. Homebuilders should aim to make their website, social media, emails, phone calls, video chats, and in-person interactions better than what the competition is doing.
Need a little help with that? Wick Marketing has helped homebuilders and developers craft incredible buyer journeys for more than 25 years. We’ve got the experience and expertise to help set you up for an amazing 2021. If that sounds great, reach out to barbara@wickmarketing.com or call (512) 479-9834.
