Real Estate in India; as hot as It was 2 years back, it has taken a huge dip. Real Estate Developers are sitting on unsold inventory resulting in losses worth 100s of Crores. Too many developers, too many projects and high cost of bank lending coupled with exorbitant prices have resulted in this stagnation.
Having said that, is the sector dead? No. People are still seeking to buy properties. It may not be hot, but there is definite business in it.
So, as a real estate developer how should you market and sell your product.
To stand out in the market of oversupply, here are the top 4 things you can do:
- Brand First, Projects Later
A lot of developers jump into marketing projects before they have put enough thought into how a brand is perceived. People buy into the developer more than an individual project. Unless you are a well-established player in the market, it is very difficult for a prospective home buyer to build trust. How do you want to position the brand? How will you generate awareness? What channels can you use to build trust?
- Educate the buyers
Prospective buyers value knowledge and information. As a developer, you should focus on educating people about the real estate market, the do’s and don’ts of buying a property, what are the checks they should make when making a purchase and how to find if the location is good or not. You can use videos to show the location, the property and the surrounding area. You can even do an interview with a local to show more about the area.
Content if produced and marketed well does wonders to your business. It helps to build trust in the brand. Some content modes would be
Content plays a crucial role in customer education. Use Facebook to market the content to your audience. Content is a long term play, but it helps you sell even before the customer has made a decision to buy.
- Stories of People
Create a community of happy customers. You can use your customers to provide you with video testimonials. You can also create stories of people who have moved into an apartment and how lives have changed since. You can even do a video of the security guard who works at your property and what motivates him daily. Make the story interesting. People love to consume good stories.
- Associate with your buyer even before they come to you
If your target market is the IT sector employees, then you need to look for ways to associate with them even before they have made a decision to make a purchase. Understand the lifestyle of your typical buyer, what is his job profile, what he does on weekends, what is his family composition etc. Then find ways where you can associate with them. For example, if you find people who have kids, why don’t you go ahead and sponsor a science event that helps kids during summer vacation?
Buying a home is an emotional choice. No matter, how much you explain the financial aspects of a property; it helps to connect to the user at an emotional level. Your marketing should help you do just that.
If you enjoyed reading this, then do share it with the real estate friend you have. I am sure it will help him in defining a more effective marketing plan.