How PR can build thought leadership & stakeholder engagement programs for real estate

In the last 10 years, PR has taken a different dimension, especially after the entry of social media and the rapid shift to digital during the pandemic period. At the same time, the industry has been facing stiff challenges, moreover client expectations have also increased, with more emphasis being given to digital and online reputation management. The industry has undergone a radical shift and the current times have pushed the industry to change gears.

In conversation with Adgully, Akshita Agrawal, Senior Communications Manager, Magicbricks, speaks at length about how the real estate PR industry has evolved and the emerging trends, how PR is helping the real estate industry reach newer heights, and more.

How has real estate PR evolved since the pandemic, especially as customers realised the importance of owning a home?

The real estate industry has undergone notable transformations since the onset of the pandemic, leading to the evolution of public relations (PR) strategies within the sector. The pandemic has underscored the significance of owning a safe and comfortable home, prompting real estate PR campaigns to emphasise the long-term value and benefits of homeownership, creating a strong emotional connection with potential customers.

The shift towards a digital-first and tech-savvy customer base has been evident, necessitating a reevaluation of traditional real estate practices. While in-person visits, word-of-mouth, and referrals remain important, technology has assumed a more prominent role. Virtual engagement and technology-enabled tools, such as chat features, virtual property tours, virtual assistants, and comparison tools, are assisting customers in their property search and shortlisting process, empowering them to make informed decisions before conducting in-person reviews. Additionally, virtual property fairs during auspicious occasions have gained popularity, enticing potential customers with attractive discounts and deals.

Moreover, safety and health have become paramount concerns, leading builders to promote initiatives such as enhanced cleaning protocols, contactless transactions, and virtual document signing to ensure the well-being of buyers and renters.

As PR professionals, we recognise the significance of thought leadership initiatives, and their importance has only grown during the pandemic. Creating opportunities to share insights, provide market analysis, and offer authentic advice across earned, paid, and owned channels remains a key aspect of real estate PR.

What are some of the hottest real estate trends that you have observed since you took on this journey?

One of the most significant changes I have noticed is the growing interest amongst millennials to invest in real estate and own a home. Driven by ambition, higher spending power and growing consciousness towards mindful living, the contribution of millennials to this industry has been rising since 2020. According to a survey by CBRE, 50% of homes bought in 2020 were by millennials and they continue to be a major stakeholder in the Indian real estate market, crossing 54% in 2022. As a result, real estate companies are also tailoring their offerings to suit this generation’s preferences – larger homes, development in peripheral areas, societies with world-class amenities, homes with in-built office studios, work-from-home-friendly residences are some of the influential factors in modern day’s design.

The second big development is the growth of investment corridors in Tier 2 markets. A report by Magicbricks in 2022 identified Nagpur, Coimbatore, Bhubaneshwar, Indore and Jaipur as emerging real estate growth engines as there was an evident increase in demand for real estate investments in these cities. This was aided by several factors… reverse migration in the work-from-home scenario, infrastructural boost provided by the Government, availability of land, lower cost of construction and improved connectivity.

I am also fascinated by the emerging concept of mixed-use developments that combine residential, commercial, and recreational spaces within a single project. These integrated communities offer convenience and a holistic living experience by providing access to amenities such as retail outlets, offices, entertainment venues, and green spaces within walking distance. The co-existence of office and retail spaces is the most bankable feature of mixed-use projects as together they make for a sound investment vehicle for investors as well as developers.

Finally, the introduction of Real Estate Investment Trusts (REITs) has opened up new avenues for investors to participate in the real estate market and with proper regulation, they have the potential to make real estate investments more lucrative.

Real estate PR may not be considered as fast moving or dynamic as compared to some of the other industries. How can PR professionals continue to innovate in such a scenario?

While it could be true that real estate is not as fast moving or dynamic as compared to some of the other industries, one cannot undermine the fact that it is the bellwether industry of the economy and hence, a crucial one. This itself motivates and challenges us to constantly innovate and be at the forefront of discussions. Also, I strongly believe that innovation doesn’t always mean rapid changes or groundbreaking ideas. It can also involve finding creative solutions within the industry’s unique context.

For example, the sector can play an important role in India’s commitments to net-zero carbon emissions. Numerous media reports estimate that more than 50% of India’s real estate stock for 2030 remains unfinished, and buildings account for one-third of global emissions. Consequently, the real estate sector has a significant potential to embrace climate-positive practices, simultaneously mitigating rising energy demands while experiencing exponential growth. This gives PR an opportunity to build thought leadership and stakeholder engagement programs.

Real estate has also evolved beyond construction and infrastructure, to find intersections with technology. Buyers are increasingly looking for properties equipped with home automation systems, intelligent security features, energy-efficient appliances, and advanced connectivity options. That gives us enough room to talk about integration of technology in the B2C space of smart homes. Similarly, technology is helping streamline the customer-journey in real estate with frequent innovations such as chatbots, virtual tours and lots more. These advancements also keep us on our toes, as a lot can be discussed around this topic.

Similarly, engaging with the local community and demonstrating social responsibility can be an innovative PR strategy. In fact, there is a close association between real estate, urban infrastructure and city planning. Initiatives around these create positive brand associations and resonate with customers who value ethical and socially conscious businesses which is crucial in an industry like real estate.

Communicators of today have a lot of tools and channels at their disposal, from influencer marketing to data-driven PR, which can be explored for real estate PR. And that is the beauty of PR… It finds a playground in every industry and makes it dynamic.

How has technology changed the way public relations is practiced in India, and what new trends do you see emerging in this field?

A very evident technology trend in PR is the use of generative AI to optimise efforts across the value chain- from media monitoring to audience targeting, content generation and strategic planning. While ChatGpt made waves for its ability to produce content with only a few prompts, AI tools specially for PR such as PressPal.ai is designed to generate press releases. There will continue to be a wave of new tools like Prophet.ai and GregoryAi, which show promise in assisting communications professionals.

Data analytics was always an important part of PR, but as we become more digital, data analytical tools are assisting us in identifying trends, measuring campaign effectiveness, and making strategic decisions. Technology is also powering the future of work by making augmented and virtual reality (AR/VR) technology more affordable and scalable. While these tools were always available, the pandemic accelerated its adoption and when I was working at PR consultancies, we saw accelerated adoption, especially during the pandemic. Today, augmented reality such as Metaverse is accepted as a viable space for human connection.

What is the biggest challenge the real estate industry is facing? How can it be solved from a communications standpoint?

I feel that there are two primary challenges where PR can play a pivotal role in the real estate industry. One to bring authentic, credible and dependable advice to customers so they can make informed decisions, and second to build credibility and trust with transparent communication and awareness activities.

Through data driven insights and knowledge leadership, communications can address both these challenges to some extent. By assessing demand, supply and price to identify trends and opportunities for investments, we can aid prospective homebuyers with the information that aids in decision making. So, if you are searching for a home and come across data which guides you on popular micro localities or average price across the city of your choice, then you are better equipped to decide which society, configuration and city will best suit your requirements or provide higher ROI.

Similarly, content formats such as articles, blog posts, videos and guides that address common concerns, explain legal aspects, or offer tips for buyers or investors will aid in addressing this challenge. By providing informative and unbiased content, endorsed by media influencers, PR helps customers make well-informed decisions.

For developers, it is equally relevant to invest in initiatives that build credibility and trust amongst homebuyers. This is possible through testimonials and case studies from satisfied customers who have had positive experiences, encourage and respond to customer inquiries, feedback, and concerns through various channels, such as social media, email, or dedicated helplines and collaborate with industry associations and organisations that uphold professional standards and ethics in the real estate sector. In all these initiatives, the role of PR and communication cannot be undermined.