We all make mistakes in business and we learn from them but in some businesses like real estate, even small real estate marketing mistakes lead to a big loss.
In the real estate business of selling homes, your real estate marketing strategy is key to selling homes.
If you don’t promote your product with the right information, right manner, and at right time. People may perceive your brand in another way and they may end up buying a product of your competitor.
Do you know as per Statista, the market size of real estate in India will grow from 180 billion US dollars to 1000 billion US dollars by 2030?
The reason, I am showcasing these statistics as many of the industries are related to real estate and they work with real estate. The Real Estate Industry contributes to the highest employment in India too.
I am writing this blog as I know this industry has lots of challenges in India and after 2016, the industry has seen a tough phase, where many of the companies had to shut down their businesses or they had merged with bigger companies.
But believe me, setting up the right approach and strategy will help the real estate companies to do much better and achieve their sales goals.
Here Are 15 Real Estate Marketing Mistakes That Can Impact Your Sales Funnel
Not Doing a Market Research Before Making a Real Estate Marketing Plan
Real Estate is more of a local business so before you launch your projects you need to do extensive market research.
Research on the demand of configuration, price expectations of buyers in that locality, perception of clients about locality, projects in that locality, competitor companies, and perception of buyers about them and your project or brand.
Market research helps you to know where you stand and what are the opportunities in the market, which wouldn’t have known otherwise.
The research will also help you to set the right real estate marketing strategy for your project.
Not Setting Up a Right Real Estate Marketing Strategy
Among so many real estate marketing strategies, I would like to talk here about one strategy or a plan of action which is built around a timeline of a project and sales goal.
Real estate marketing strategy is based on 2 things mainly, your long-term goal and the project timeline of completion.
Generally, the real estate marketing plan is divided into 3 to 4 different parts based on the main planned strategy of sales goal.
This includes a soft launch or a property launch of a project, a sustenance campaign through the construction of the project, time to time offers on different festival occasions to achieve cash flow goals, and finally when the project is completed and the developer gets an O.C.
In this whole lifestyle of the project, the developer creates a marketing plan to set up different communications and choose the platforms to achieve the sales goal.
Not having this strategy planned will lead to a waste of marketing budget and loss of potential customers in the market.
Not Preparing Enough Marketing Collaterals
In any industry, before you start marketing, you should be well equipped with all marketing collateral for your product or service.
Marketing collateral represents your brand and brings valuable leads to your business. From business cards to websites that include all the offline & online collaterals should be ready before a launch of a project.
Not Hiring Professional Creative or Branding Agency
Many of the companies don’t focus on branding and they don’t invest any budget on it. Having the right communication with good graphics can give a better ROI.
Organizations don’t think about what is the core of successful marketing of real estate? It’s communication, right. Without setting up the right communication, you can’t market any product
Designing seems to be simple but it takes years for professionals to build a brand basis the right designing and communication.
A real estate sale includes a product worth lakhs or crores and for many of the buyers it’s once in a lifetime that they buy a home.
So, it’s very essential for any of the developers to have a right communication strategy with convincing visuals.
Avoiding Network Of Channel Partners:
In real estate sales, there are two ways to generate sales, one is through marketing efforts and the other is through a network of channel partners and brokers.
Though marketing focuses on a larger side to achieve a bigger goal, channel partners focus at the local level and they get clients through their network and business expertise.
It’s proven that channel partners play a key role in driving sales for any of the real estate projects. Hence, they should be considered as an integral part of sales strategy while planning.
The other bigger advantage of having them is they get the sales regularly and they also help the client and sales team throughout the process till the customer register.
Hence having them in your marketing and sales strategy is important.
Not Having A Website
It’s a fact that a website is a soul for your business.
For your online presence, everything is linked to your website and all prospects visit your website before considering your project or home at any of your projects.
Make sure your website should have easy remembered URL, good design/layout for easy navigation of a user, high-resolution images of the project, show flat videos or images, mobile responsive, enough information about company and project, strong call to action, testimonials, faqs and at last it should upload fast for a better user experience.
If your website is not good enough and convincing then a user may leave it without enquiring further about your project.
If you lose any inquiry, it’s a big loss to you as in real estate a single sales amount is bigger than an average product.
Not Spending On SEO
Be it a B2b or B2c segment of a company, everyone needs SEO. We all know that people use Google for all their queries.
No matter how good you are with the website or social media communication but if you fail to get the organic traffic online, you may end up losing the quality of business leads.
SEO is critical for real estate companies, as most of the searches first happen over Google. For e.g. for any particular locality, people search for 1 & 2 BHK at Vashi or 2 BHK at Vashi.
So in this above case developers in Vashi should optimize these keywords and try to rank for these keywords, which will help them to get quality leads.
This is how search engine optimization can help real estate companies to get quality leads through an online search on search engines.
Right keywords, good URLs, quality content, back links will help you to convert the traffic into leads.
Though SEO is a long-term strategy, it’s very helpful to get quality leads.
Not Utilising A Power Of Social Media
Buying a home is an important financial decision; before anyone takes it they search for it on social media too.
In the last 10 years, the online screen time of a user has increased by 1000%.
Many real estate developers make a bigger mistake by not using social media to reach out to their audiences.
Social media has become an integral part of our lives; people spend most of their time on social media today.
For any information, news, knowledge, or for any information they check on social media too.
So, when you provide them with the right information with offers, values, testimonials. It increases the chances of them to enquire about your product.
Your presence will help you to build relationships with end-users and they will start interacting with you for their requirements.
As large audiences are present on social media platforms, these companies also give a chance to their users to reach out to them via ads.
These features can help you to bring out new clients by targeting different parameters and matrix available on these platforms like geographic location, age, gender, occupation, etc.
Not Using A Video Marketing For Communication
A well-made real estate video is key to converting leads into clients.
There are different video formats like virtual tour shoot, the aerial shoot of a property, or a walk-through. All are immensely useful to market your product to end-users.
Videos help buyers to make decisions on their investments and push them to visit a site to see an actual property or their future homes.
By not investing in video marketing, many real estate companies lose the chance to convert their leads to customers.
Not Managing Your Leads Data
One of the biggest mistakes you are making if you are a real estate developer or a marketer is when you don’t leverage data in the right manner.
Using technology and CRM tools is something neglected by most developers today.
With the use of the right technology and data management, you would be able to manage data and teams in the right manner and reach out to many prospects.
These tools not only help you with lead management but also resolve your many marketing challenges while communicating with clients.
These tools can help you to capture leads in real-time, remove duplication of leads, help you streamline your leads follow up and you can manage all data and information in one click.
Not Utilising Website Chatbots
Now, the real estate business is moving online. Research shows that more than 50% of home buyers search for properties online.
The buying process has been simplified today because of the internet at each home and mobile.
By using chat bots on your website you can easily streamline the work after office hours as chat bots on websites are capable of answering all the queries of clients.
Chat bots not only provide the information to prospects or visitors but they also help you to schedule a site visit for prospects and you will also come to know the queries as you get the chat history of each user.
There are many other benefits that a Chabot has like data insights, quality leads, and lead capture.
If you are a developer or a real estate agent, who doesn’t want to lose a visitor from your website, make sure you use chat bots.
Not Investing In Real Estate Portals
Real estate property portals are very helpful in generating leads.
If you don’t have much marketing budget, investing in a real estate portal should be on priority, while setting up a marketing strategy.
As these portals will give you space online along with your competition. So, you will also have a chance to get a lead, along with your competition for people looking for a property in the same locality.
Not Investing In Google Ads
Online advertisement on Google is very helpful for all real estate industry professionals whether you are a developer or an agent.
Though platforms seem to be complicated, once you know how it works and how to do targeting through keywords. Google Ads will help you to generate high quality leads.
Targeting on area, configuration and brand specific keywords will really help to get a right amount of traffic to your website or landing page.
These visitors are already aware about your property as they have dropped an enquiry after knowing about your property, so chances of closures are very high.
Not Using Email Marketing Tools:
If you are still thinking about how I can promote my business online at less cost per lead than let me tell you, email marketing is one of the best platforms to use it.
If you have a database of all your leads with email marketing, you can leverage and use the email marketing tool to drive your sales.
Through email marketing you can reach out to your target audience or to people who had enquired earlier.
Average open click rate for email marketing is 14%, which is very good to reach out to your target audiences.
More than 50% of the world’s population uses email, including your target audience. So if you are not using email marketing to generate leads, you are missing out on a big opportunity for sales.
Not Focusing On Customer Experience
Customer Experience is the core of the real estate industry. Customer experience is something that can set you apart from your competition.
Setting up the right tools to provide maximum information to customers at site along with right hospitality and smooth process will help any real estate brand to create a positive space in the mind of a customer.
The good experience will not only help you to enhance your brand image but customers may end up buying your home, not only this but they will also give you more referrals, which may save your marketing spends as they promote you through word of mouth publicity.
In the service industry, it doesn’t matter what you sell, what matters is how you do it, which sets you apart from your competition.
While making a marketing plan, make sure you keep a focus on your goal and think about the future of real estate marketing and utilize all real estate marketing techniques, which we have today with the support of technology.
These future techniques will help you to stand apart from competition, techniques like 3D experience to customers, 360* shoots, virtual tours of property, website chatbots etc. Here I am with all the communication channels, which can provide enough information to clients and give them the best experience.
If you are thinking about the right real estate marketing strategy in India. Let me tell you there is no such right or wrong strategy. Just focus on customer experience and build your strategy around it.
If you are looking for more real estate marketing tips, you can contact me.
Frequently Asked Question (FAQs) :
How can i decide a budget for my projects?
Setting up a marketing budget of a project depends on management. Its totally a managements call to decide a percentage on spends. Generally most of the companies spend 4% of project sales revenue, but still there are companies who spend up to 8% also, considering market scenario, challenges and how faster they want to sale the project.
How can i promote my real estate project?
If you are facing a marketing challenge or if you don’t have a team, you can outsource the project. There are many real estate marketing companies in India, who can help you in setting up the right real estate marketing strategies with the use their knowledge and different real estate marketing techniques. If you are looking for any such companies, you can contact Xanadu Realty or Anarock.
You can also set up a plan around the above-mentioned pointers and if you don’t have much budget you can avoid google ads but the rest of the above-mentioned pointers you should consider to sell your project.
Where should i invest first on the website or on real estate marketing portals?
First you should have a website for your business as buyers first want to see from whom they are planning to buy their home and also it increases your credibility and puts a positive impression in the mind of visitor.
Once you are ready with a basic website, you should start investing in SEO but if you have a budget constraint and want to generate lead, you can start with property portals first before you plan any other lead generation activity.