The real estate sector is vast, but strictly speaking, the industry can be primarily divided into two broad categories.
One is the development of unused land for industrial purposes and the building of non-residential structures like shopping malls, supermarkets, office buildings and corporate headquarters, hospitality industry, industrial estates, factories, and plants, and on the other hand erection of residential apartments, educational institutions, and residential condominiums.
Other activities like renting, leasing, brokerage, and managing properties also come under the ambit of the real estate sector. Real estate as a business is a good option, provided the entrepreneur is hardworking, honest, diligent, and true to his words and actions.
General Target Audience:
The general target audience of the real estate sector can be enumerated as follows,
- Young members of the joint family
- Referrals from existing clients
- Owners of unused vacant lands who want to sell off the land for financial gains
- Corporate and government organizations looking for residential premises for their office staff
- Joint families in a shortage of space in their existing dwelling
- Existing private property owners who want to promote their property
- Collective property owners who want to develop a condominium or a mini township
- Property owners who want to be a partner in a real estate project purely as a joint venture
- People from rural and semi-urban areas want to settle down and relocate themselves to cities for better prospects.
- Businessmen who want to build up a new project in the educational or hospitality sector.
- Logo design– The logo of a real estate group should be straightforward with a silhouette or line drawing or halftone image or an icon of a building, a towering apartment, a roof, windows, or at least a square shape denoting an enclosed area. The name of the real estate firm and stylish, sleek fonts need to be chosen.
- Brand name and tagline – Some of the common terms in the real estate industry, like Reality, Estates, Builders, Developers, or any other important keywords, can be incorporated into the brand name. The tagline in one sentence must depict the integrity, dependability, trustworthiness, and professionalism that the real estate firm is expected to stand for.
- Logo colour – There is no fixed colour scheme for a real estate logo colour. Normally the colour chosen represents professionalism, integrity, forthrightness, and a business-like attitude. The apt colour hues are brown, black, silver, 70% grey, sky blue, cyan, and rich gold.
- Positioning – Brand positioning is a very important criterion for the growth of any real estate business. A lot depends on the positioning strategy and how the potential target audience perceives the brand in comparison to the brand equity of other competitors in the industry. Thus fitting communication is necessary to deliver the brand value. Right and justifiable price coupled with services and facilities is an important keystone in the case of brand positioning in the real estate fraternity.
The three important mixes of perfect brand management in the real estate industry are as under
- Brand Message – Since real estate comes under the purview of the durables and services sector, it is all the more important that the brand message has to be distinctive to make the target audience feel that they can relate to the brand from their heart.
The brand message should be firm, conveying the real estate firm’s careful planning, professionalism, and towering quality of expertise. Dependability, trust, and professionalism are the three keywords of the brand message in this industry.
- Brand Voice – Brand voice in the real estate industry is of extreme importance as the success or failure of the vote will largely determine how the brand will fare in the minds of the target audience. The personality of the brand largely depends on the brand’s voice.
It is the tone and the crux of the written content that makes the brand voice. The brand voice should have an element of human touch in it. Coupled with this, the voice should explain the brand’s professionalism and comparative advantage. The tone of the voice must be very niche in conveying the heart of the matter.
- Brand personality – As the term suggests, the nature of a real estate brand is the bunch of human characteristics attached to the name. The target audience will perceive the real estate brand as a virtual human.
The personality should be such that it enjoys the trust and confidence of potential customers and brand loyalty. The target audience should feel secure investing in a trustworthy and credible brand.
Tracking down competitor’s activities:
- The business should have thorough knowledge of the competitors’ brokers and real estate agents.
- Every lead that the competitor generates must also be carefully examined for pitching.
- Price per square foot remains a very important area concerning the offering prices of the competitors.
- Tracking down the medium of advertising that the competitors are using.
- Keeping a thorough track of the prospecting leads of the competitors that are being cultivated.
- Track the credibility and ability of the agents of the competitors.
- To counter any negative propaganda inflicted by the competitors
Advertising campaigns and publicity plans:
- Full-page colour announcement advertisements in leading dailies at the project launch, flats and apartments for sale, an announcement for early bookings, and ads on any special occasions.
- Making a big splash by advertising in outdoor media and movable media too.
- Sponsorship of local events at the project site
- Audiovisual presentation
- Organizing social services activities on a regional basis and getting the same covered by the media.
- Office and retail/ trade environment –
- Using the company logo on all promotional and all office stationery materials
- The business card should be classy and attractive
- To stress more on client prospecting
- To make a great networking system
- Cultivate the brokers and the real estate agents
- Generating leads and following them meticulously
- Capturing leads is of prime importance
- Personal interaction with the clients
- Organizing one-to-one and group meetings of the real estate clients
- Developing new networks
- To bank on referrals from the existing clientele
- Participate actively in real estate fairs and seminars
- Organize business get together for brokers
- WhatsApp group
- FaceBook real estate groups
- Promotion through email marketing
- Google Plus
- The website should be easily navigable
- Links for social sharing into other important property pages like 99 Acres or Magic Bricks should be provided
- All relevant information in detail, along with contact personnel cell phone numbers and mail IDs, must be posted on the website.
- The project site map must be uploaded
- Local images should also be posted
- In the portal/ website, a virtual tour should be created
- The website should be mobile as well as tab friendly
- The regular newsletter must be updated
- To host a webinar for the clients
- To share testimonials of satisfied clients
The real estate industry was not very bullish but was passing through a slow growth rate until last year. The prices were falling, and buyers were few. Many flats were lying idle as there were no buyers. Nevertheless, it was still poised for growth this fiscal.
With the social pandemic raging through the world now, it is anybody’s guess how the industry will cope now. But it is still expected that the real estate industry will make a turnaround.
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