It’s a good time to be in residential real estate—particularly in certain suburbs. The pandemic has forced consumers to re-evaluate their living situations, and in many cases, this means a move to a larger residence that includes space for home offices and home classrooms. As a result, real estate brands are ramping up their marketing, hoping to get a piece of the sales pie.
“It’s a sellers’ market,” says Abby Lee, senior VP of marketing at RE/MAX, noting historically low interest rates. “Things are flying across the shelves as soon as they come on the market.”
In recent months, marketers including Zillow, Redfin and Apartments.com have aired new ads, according to Ace Metrix, which analyzes advertising data. Ace Metrix found an 11 percent rise in new ads in the real estate category between March and August of this year compared to the same period last year. Apartments.com nearly doubled its ad count, while Redfin aired four ads during the period, versus only one commercial in 2019, the firm found.
One new advertiser is Landing, which offers flexible luxury apartment rentals for short-term stays. The company, which was founded late last year, recently aired a new campaign designed to introduce its brand to consumers looking to try new cities and destinations.
Fleeing the city
These marketers are following the numbers. In New York alone, many residents are fleeing the city for the nearby suburbs of Long Island and Westchester. Brokerage firms have an opportunity to connect with first-time home buyers and also educate them on different towns and regions, that may be unfamiliar. In Manhattan, the number of co-ops and condos sold in July both fell 56 percent compared with July of 2019, according to a recent report from Miller Samuel Real Estate Appraisals and Consultants and Douglas Elliman Real Estate. At the same time, new contracts for houses in Westchester county, just north of New York City, increased a whopping 112 percent year-over-year in July. On Long Island, new contracts grew 40 percent.