The real estate market is dependent on a variety of factors, most of which operate on a macro level. These include interest rates, economic conditions across the country, job growth, government initiatives and more. As a result, the real estate sector is subject to major ups and downs, but needs to do more to stay relevant in the minds of the consumers, irrespective of their economic state. Marketing is a very important function of any company, regardless of the industry. Real estate is not exempt from this practice, and should in fact, create and execute ideal marketing strategies for continued growth.
While every business eventually curates a marketing plan unique to their offerings, there are a few common steps that every real estate firm should execute:
Identify your target market and carry out competitor analysis:
When one tries to cater to every segment, they often spread themselves too thin, and lose control of the situation. It is always a good idea to identify the right set of customers the firm wishes to cater to, and work to be known as experts in that segment. It is also very crucial for every firm to do a competition analysis, in order to keep track of the strategies being employed by relevant competitors, and the response received by them.
Keep a set budget for marketing and develop brand awareness:
Every real estate firm should analyse potential marketing offers, and must set aside a budget for the same. This must be done, keeping in mind the requirements and aspirations of the firm. The main aim of the marketing strategy should be to increase brand awareness as this is what captures the customer’s mind-set with greatest accuracy.
Adopt digital and tech-savvy practices:
Technology has evolved over the years offering an array of services, easily adaptable to any situation. Adopting technological practices has experienced high approvals in the sphere of marketing, and real estate firms need to jump in on this. It involves carrying out digital and social media marketing, creating websites, and mobile friendly applications. Technological functions like Artificial Intelligence (AI), Virtual Reality (VR) and the use of drones (for property photography) should be incorporated into the functioning and operations. Every real estate firm should also invest in creating individual videos for each property, as people respond better to a visual medium, and putting up their videos can lead to more traction from potential customers.
Dispense relevant information at regular intervals:
In an industry such as real estate, it is easy for consumers to get lost within the intricacies of the industry and become unaware of crucial opportunities. It is thus, always recommended to educate the consumer, as it helps establish trust with them. Consumers respond positively to those who try to help them, and therefore, providing relevant information about the sector will help in getting more consumers to trust the firm, especially as property transactions are very important to common consumers, and giving them the information they need will put them at ease.
Respond immediately to queries and nurture your leads carefully:
One of the most important tasks that a real estate firm needs to accomplish is to build and nurture leads, which is possible through a set email strategy to communicate regularly with potential customers to convert them into confirmed ones. Customer relations are also of prime importance, and every firm of the industry should set aside, a resource dedicated to promptly respond to every query by a potential customer.