Real estate developers have been hit with unprecedented challenges over the past several years. Performa Marketing works with them to find the right marketing solutions to address their needs and meet their goals. To stay on top of industry trends and issues, we attended the Quebec Multi-Residential Investment Forum, which was held on February 22 at the Palais des congrès de Montréal.
This article covers our top 3 takeaways from the event.
But first, it’s important to review a few key facts and figures highlighted at the forum (source CORPIQ):
> The average rent in Quebec is $874. In Montreal, it’s $1,022.
> Even though there’s a significant housing shortage in the province and the vacancy rate sits at 1.7%, housing starts fell by 16% in 2022.
> 62% of new builds currently under construction in Quebec are for the rental market.
> 51% of all dwellings are occupied by just 1 person and 28% by 2 people.
> A lot of consumers are seeking larger units so that they can work from home more comfortably, even if it means moving to the suburbs of Montreal.
> 30% of households that rent in Quebec are occupied by people under the age of 35.
1) Develop sustainable properties
> Aim for certifications (LEED, WELL, etc.) or focus on select sustainability principles.
Hydro-Québec offers assistance with the early stages of project development and the search for effective solutions.
> Globally, an increasing number of financial partners and authorities are now exclusively supporting environmentally responsible projects. As a result, buildings that don’t meet new building standards—which are more stringent—may be difficult or impossible to resell. In addition, the carbon tax is likely to skyrocket soon.
> Proper communication is essential for selling projects that offer long-term advantages for occupants, such as lower energy bills and maintenance costs.
> Before you get started, consult with a team of professionals to audit your company’s current operations and set objectives accordingly. (This service costs about $10,000.)
> You can purchase carbon credits for about $90 per 2-bedroom unit with parking. ($3 per 1,000 tonnes.)
> There aren’t many carbon-neutral materials available in Quebec. Plus, the materials used in the province aren’t typically designed to be deconstructed and recycled.
2) Use tech tools to optimize performance and improve the customer experience
> Calculate the average rent in a given area with Zipplex
> Learn about the history of the property before you buy it with Nominis
> Create a 3D model to showcase what your project will look like. Example: liveatencore
> Take advantage of virtual, augmented, immersive and interactive reality. Examples: Autodesk Building Information Modeling, which allows you to create a digital twin of your building for multi-disciplinary coordination and solutions testing. Use drones to monitor construction progress in real time.
> Install a chatbot to engage with consumers visiting your website. Example: Roof
> Add a virtual salesperson to answer simple questions. Example: Brokerbay
> Offer smart home technology that lets occupants manage security, lighting and/or temperature via a convenient app.
3) Create a strong brand identity
> Define your core values and key differentiators to help the different project teams make decisions that are aligned with the company’s vision.
> Buyers are demanding and knowledgeable. They’re looking for transparency, authenticity and quality, with an outstanding experience from the sales process through to the delivery of their unit. A CRM can help your company live up to consumer expectations.
> Create a unique employer brand to compensate for the labour shortage. This issue is expected to persist for several more years, so it’s important to work around it.
The Quebec Multi-Residential Investment Forum always offers solid insights and an opportunity to connect with professionals who are committed to building quality homes. We’re always impressed by those that aim to deliver lasting value and adapt to changing needs and new developments.
Interested in continuing the conversation with us? Contact our team. We’d be happy to help you market your property and leverage the various tools and strategies listed above.