Hussain Ayoob
General Manager
Property Inn
There are a number of challenges facing the real estate market on a local, regional and global level that have been affecting the market for a number of years now, and that were amplified with the COVID-19 pandemic.
This includes strong competition, a market that is headed towards a recession, partial closures and restrictions and a fear of buying, renting and investing.
However, there have been a number of encouraging signs of recovery over the last few weeks in various commercial sectors, with real estate being on the forefront, which is known for being one of the “safest” sectors for investments, a notion that encourages those who are willing to invest to continue pumping money into a sector that is stable and secure, in the long run.
This creates opportunities for real estate professionals to take, especially when it comes to the advantages that properties in Bahrain poses, and the factors that support this sustainability and stability, which encourages investment decisions. Essentially, prices are still low compared to previous years, with the high possibility that prices will begin to rise once we begin to live our “new norm” with the consequences of the pandemic. This idea on its own incentives a golden opportunity to invest in real estate.
Which brings me to my next point; real estate and property marketing, which is ever-evolving and requires the constant need of development, and utilizing the vast number of technological solutions that are within reach.
There is no doubt that the pandemic has steered almost all industries to move online and rely heavier on technological advancements to continue their business. When it comes to advertising and marketing for properties, companies should take this opportunity and invest more in their brand and companies, allocating higher budgets in order to keep their brand visible and top of mind.
However, caution is key. Many accounts and real estate platforms do not have an authentic customer base, or a following whose interests are not related to real estate or property investments. For example, what benefit would I have advertising on a platform with thousands of followers that were gained by either competitions or even by buying followers, or other unethical methods that include grabbing the attention of children, and then in turn selling these followers or changing the account ID according to the activity in which the buyer operates.
The necessity of conscious planning and careful consideration of media promotion platforms should include a clear and solid plan based on a healthy mix of traditional and new age media platforms, and also maintain a strong network of demographics. In addition to diversifying marketing methods where your message reaches a wide audience, keeping in mind market trends, themes and tone of voice. But perhaps, this is a discussion for a later time.
This article was published as part of the sixth edition of Property Finder Bahrain’s Trends Report.
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