PR Property

The Value of PR for Property Investment Firms in 2023

Without question, the property sector is under pressure in 2023. From rising interest rates and inflation, materials shortages and an increasingly stagnant real estate market, these challenges are causing significant damage across both the residential and commercial property industry. The ramifications have made leaders, investment managers and real estate developers from across the built environment act with greater caution.

It’s no surprise, therefore, that property developers and construction companies in particular are looking to tighten their belts to navigate the current economic uncertainty. And in such challenging times, it’s tempting to decrease your budget in areas that are typically seen to be ‘nice to have’, rather than a business fundamental. 

One such business offering is PR. However, this outlook will not serve a business well in the long term and could drive negative results for years to come. As with any economic uncertainty, the current recession will come to an end, and successful PR can help a property business to successfully ride out the uncertain times and thrive when the real estate market flourishes once more.

Tackling misconceptions around PR

So often, PR is perceived as a ‘luxury’ for businesses, where plans are interchangeable and can be picked up and dropped as budgets and business priorities change. While a great PR plan will always be adaptable and scalable, it remains a business fundamental, as essential to a company as operations, HR and even talent, and should be perceived as such.

PR can be seen as “fluffy”, but times like this are when its true value becomes apparent to those who are serious about handling uncertain real estate markets.

In 2023, businesses need to manage the challenging economy’s impact and see it through to the end, because the tide will turn eventually, as history demonstrates. What’s more, now is the time for property and construction firms who have invested in PR for the long term to really reap the benefits of their investment.

Because they have already invested time, effort and money into building trust with their respective audiences, namely current and future customers, they’re already steps ahead of competitors who have failed to do the same.

Businesses need PR, it’s that simple

No successful business development plan is complete without a comprehensive marketing and PR plan, irrespective of the industry a company operates in. However, this is particularly true of the built environment when working in real estate investments, where success is determined by a genuine ability to prove expertise and build indispensable relationships.

Quite simply, when challenging times hit investment property again, be it commercial or residential property, it’s vital to put communications at the heart of your company’s response. Businesses face uncertainty when their customers are unsettled, so a property brand faces some real, long-term risks if they stop trying to build trust, reliability and visibility; three things that sit at the very core of PR plans.

Difficult climates mean developments and construction projects are subject to more scrutiny than ever before, so creating and communicating a business narrative through PR is the best way to share key messages to build trust and credibility among external audiences. 

Preparing for the inevitable bounce back

If history has taught business leaders anything, it’s to expect the unexpected. Who would have anticipated a global pandemic to grind the world to a halt, causing entire supply chains to collapse, public infrastructure projects to cease indefinitely and the commercial real estate market to reach its lowest ebb in decades?

One thing that remains certain is that the real estate industry will bounce back. The property market is slowly but surely starting to stabilise and real estate investing will thrive again in the not-too-distant future. When it does, its key players will be there to take advantage of a buoyant market once again. 

But a business that loses its capabilities will have to rebuild them. This will prove much easier where a PR plan has stayed strong and a company has continued to deliver the work that increases a firm’s presence with key audiences while affiliating the brand with what customers, institutional investors and stakeholders are looking for in a post-recession world; resilience, adaptability and confidence.

If you’re looking for more information on how to navigate economic uncertainty and create a PR strategy that’s fit for the future, get in touch with us today at prteam@realestatemarketingmedia.co.uk.