Mixed-Use development is a thriving part of today’s personal and economic development. It meets the growing market demand for sustainable, commutable, and robust communities with proper transit systems and proximity to homes, jobs and businesses. Here, we will walk you through three mixed-use development marketing pitfalls to avoid. However, to understand this, you must first have proper knowledge of mixed-use real estate development and how to market mixed-use real estate development.
What Is Mixed-Use Development?
Mixed-use development comprises all the factors that enable or incorporate residential, institutional, cultural and commercial real estate development uses. It is fondly called pedestrian-friendly development because it aims to imbibe community design and development for the objective of serving the environment, community, economy and public system. There are numerous types of real estate development including, Industrial, Hotels, Multifamily, Office, Land and Multi-Use. Mixed-use combines them all. We can categorize mixed-use development into two: Vertical mixed-use development and Horizontal mixed-use development.
Vertical mixed-use development puts together different uses all in the same building. It serves as a venture for a public utility on the lower floor including restaurants, convenience stores and commercial businesses. While it serves for more private use on the upper floors including residential units, workspaces, or hotel rooms.
Horizontal mixed-use development generally makes up single-use buildings within the confines of a zoning district parcel. The horizontal mixed-use buildings allow for diverse land uses in single development projects. The horizontal mixed-use development provides a range of implemented uses that encourage walkable distances within a neighborhood, land or development project.
Mixed-Use Development Marketing
Marketing a mixed-use property requires a great deal of commitment. It can be tricky when you put together all the operational factors and numerous markets competition.
Because a mixed-use incorporates all the different types of real estate development, marketing is like trying to market them all. For example, if you are marketing a mixed-use commercial property with over 50 stores and restaurants of different ranges, products, and services, including workspaces (office) and living accommodations. Ultimately, it means you are marketing a property with multiple types of commercial real estate.
Because of the diversity of mixed-use real estate properties, you face a wide range of target audiences when marketing the properties. Your target audience will include individuals looking for living accommodations, businesses looking for a business space or outlet, customers in search of services, opening multiple conversion opportunities. It is almost impossible to market all these in one marketing campaign alone.
Below are two marketing strategies to help you effectively market a mixed-use real estate development.
1. Integrated Mixed-Use Development Marketing Campaigns
Integrated Marketing Campaigns attempt to utilize all available outlets and channels to reach your target markets; this takes a more digital approach, as the aim involves getting your customers and potential customers to see your brand in different places; as many times. The steps involved in an integrated marketing campaign include making use of digital resources to promote your marketing campaign. This digital marketing campaign includes and is not limited to social media marketing, search engine optimization, blog posts, and incorporating digital marketing technologies. Some of the digital marketing technologies include and are not limited to geofencing, 3D rendering and animations, and developing websites to generate traffic.
2. Sub Branding for Mixed-Use Developments
You must understand that expanding your visual identity is an added advantage. Refrain from using a particular brand identity for everything. Instead, make a clear distinction between all the different uses of your mixed-use development. You can effectively do this by “Sub branding”, this involves creating sub-brands that follow the primary property brand. The sub-brand does not have to be different; it can follow a similar branding pattern to the primary brand. It can incorporate the same color schemes, fonts, 3D rendering and animations and patterns that resonate with the primary brand. For example, if you have a mixed-use property, you can create sub-brands for every integral part of the development. The living accommodations, the shops and stores, the conference centers, the office space, all should have their target audience, campaign and budget in your marketing campaign. Nonetheless, always keep in mind that they are all interconnected, and as such, each marketing campaign should not drift too far from the primary brand.
3 Mixed-Use Development Marketing Pitfalls You Should Avoid
1. Showing management negligence
For many mixed-used real estate developers, management is a bit of an issue. Managing this type of development can become challenging. Most managers of mixed-used real estate development direct their focus to just one sub-brand of the primary brand, failing to understand that a vast development needs crucial attention on every side.
When marketing your mixed-use real estate development, it is important to show that you can manage the development. Tenants are concerned about how well their property manager understands and attends to their needs. They tend to investigate if the development has previous management issues with past tenants. One of the biggest mishaps you can do when marketing your mixed-use development is to leave this crucial aspect away from your target audience. You must showcase your commitment to managing and understanding the demands of your target audience.
2. Failing to utilize digital marketing platforms
Marketing a development like a mixed-use involves a lot of commitment to the marketing campaign. Choosing to omit digital marketing forms in your marketing objectives is a conscious decision to assassinate your marketing goals. It is important to create sufficient reach and impressions in the minds of your target audience. And one of the primary ways of doing this is utilizing digital resources.
3. Failing to take advantage of 3D rendering and animation
To successfully market your mixed-used real estate development, you need to employ the use of efficient 3D rendering and animation. Since the introduction of 3D rendering, the real estate market has seen tremendous increase and development. A major pitfall in your marketing strategy will be failing to utilize this visualization instrument. 3D rendering and animation allow your target audience to have a visual experience, a bird’s eye view and a close-up view of your development. It also allows you to experiment with new ideas and come up with eye-catching architectural visualizations.
At MaxWave3D, we specialize in 3D rendering and animation; our team has developed countless dynamic renderings for real estate developments. Our visualizations add interactivity to your project; it highlights the best features of your development. You can count on us to bring your development to life with 3D renditions and animation.
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