New Di­men­sions in Real Es­tate Mar­ket­ing

Accommodation Times - - Editiorial - - By Mu­rari Chaturvedi

Dur­ing the boom time of 2007-08 real es­tate was largely driven by spec­u­la­tors who had very lit­tle in­sight into the true na­ture of real es­tate. Th­ese spec­u­la­tors in­vested in flats and com­mer­cial places to make money. For th­ese spec­u­la­tors, a devel­op­ers brand was of­ten the only yard­stick and the flat and com­mer­cial places were snapped up in their build­ings. The sce­nario has changed com­pletely. The ac­tual pur­chasers know ex­actly what they want in projects they buy and they lease. In short play­ers who fail to adopt real-time mar­ket­ing strate­gies for their projects are fall­ing. To­day, real es­tate mar­ket­ing is clearly a do­main for real es­tate ex­perts who are deeply in­volved in and in­formed about the In­dian real es­tate mar­ket. They need to be thor­oughly con­ver­sant with mar­ket­ing tech­niques in real es­tate prop­er­ties. The pa­ram­e­ters of mar­ket­ing fo­cus about the in­for­ma­tion about the prop­er­ties which they want to sale. A pro­fes­sional real es­tate mar­ket­ing ap­proach re­quires re­search based in­sight into the mar­ket­ing de­mand. Real es­tate mar­ket­ing a project in­vari­ably be­gins much be­fore con­struc­tion be­gins. For this the builder should have a mar­ket­ing plan which fac­tors in real-time de­mand and also that will pre­vail when the project near­ing con­struc­tion. The con­ven­tional sale of the prop­er­ties does not hold wa­ter un­der to­day’s project pro­mo­tions. Now dig­i­tal mar­ket­ing for real es­tate com­pa­nies is the new­est tool for mar­ket­ing their projects. The fo­cused pre­sen­ta­tion in dig­i­tal is the abil­ity to tar­get the right au­di­ence and mea­sure the im­pact. In a re­cent re­port by AS­SOCHAM, it was re­ported that real es­tate firms through­out In­dia spend about 2500 crores an­nu­ally on ad­ver­tis­ing in me­dia and dig­i­tal mar­ket­ing ac­counts for about 25 per cent with a share of about Rs 2500 crores an­nu­ally on ad­ver­tis­ing in me­dia and dig­i­tal mar­ket­ing ac­counts for about 25 per cent Rs. 625 crores. But in the process of home buy­ing is a fam­ily de­ci­sion and not an in­di­vid­ual’s im­pul­sive de­ci­sion. Most home buy­ers carry out a lot of re­search and con­sult fam­ily and friends be­fore buy­ing a house. This means, its a very so­cial process. So the suc­cess­ful mar­ket­ing which re­sults in sales is most im­por­tant for the builders and they are now chang­ing their strate­gies and turn­ing to­wards mar­ket­ing meth­ods in­stead of ran­domly ad­ver­tis­ing. It is a planned process and must be fol­lowed.

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