Marketing real estate online is known to have shown a phenomenal increase in the number of leads(by~ 300%*) that property sellers have opportunities to convert as current buyers or as potential buyers for future projects. Since, buyers want a more personal buying experience on high monetary value purchases, B2B businesses or even businesses selling higher value products achieve greater impact on branding and lead generation from marketing than directly on sales. This is true to real estate selling, where all the marketing is directed towards generating leads, than on direct conversion
The following are a few reasons why going digital has had a greater impact for real estate sellers
Lifestyle patterns of Key Demographic segments: Property buyers are now relying more on online, than on newspapers and other mediums to gather any information that can help make their purchase decision. This a definitely a true phenomenon when it comes to the metro cities where the target buyers are all hooked on to their smart phones, laptops and tablets. It’s more the “Pull marketing” than the push that seems to be working for this new generation of home buyers.
Cost Effective: Most of the push marketing strategies such as “full- page” advertisements in newspapers, previews in TV and advertising in movie halls cost a lot of advertising rupees. Although they do capture some mindshare and help in brand awareness, they completely fail in executing an immediate “call-to-action”. Also, there are no clear measurable outcomes of the advertising money spent, to keep the ROI to the optimum. Online marketing strategies on the other hand, are more cost effective- they are both targeted and measurable. Both social media outreach and online paid adds reach the right category of target audience- age group, tastes, geography etc. with a dual intent of creating brand awareness and driving prospective buyers to make inquiries
Branding Online is Personal: Reaching out to the target buyers and building an emotional connect on a one to one basis, especially when it involves high value purchases such as homes is imperative. social media serves as a potent channel where the prospective buyers can be educated about the brand, as well as guided through the process of purchasing a home. The emotional connect develops by having a mix of both formal and informal conversations with buyers, thereby creating a brand image that understands the sentiments of its buyers, rather than just hard selling the property
Burgeoning Third Party Platforms in Real Estate Domain: There are various third party platforms today that cater to helping the property buyers and sellers to make prudent purchase decisions by facilitating comparisons or serving as one-stop shop for educating the buyers and sellers about the various trends, pricing and newer developments in the domain. To name a few of them- Magic bricks, 99 acres, India Property, housing.com, etc. Integrating existing robust digital presence (website & landing pages), including an active social media presence with third party platforms, is making conversions much faster and easier.
Measurable conversions: Digital marketing allows to measure the value derived from each peny spent on the advertisements and on digital assets such as websites and landing pages. The key / basic three measures are
- Registrations/ inquires on Websites and Landing pages
- Traffic on Website
- Path of Traffic
An uplift in the first two measures is indicative of the success of the digital campaign and the last measure “Path of traffic” allows to understand where the targets are arriving coming from. This measure allows modifying and enhancing marketing plans to achieve maximum ROI
* Results from Digital Marketing Activities of Social Beat Client