Real Estate Marketing - Selling Dreams from a Hole in the Ground

Introduction

Marketing is a vital function in every industry, but real estate marketing stands out for its unique challenges and opportunities. Unlike other products, real estate marketing involves selling a dream, a lifestyle, and a sense of belonging. In the real estate industry, marketing begins long before the physical property exists. It starts with a literal hole in the ground, where the foundation of the building and the building itself will eventually rise. From this empty space, marketeers must conjure a vision of the future, a dream, and a lifestyle that resonates with potential buyers. This unique challenge requires a distinct set of skills and expertise.

You must have seen a lot of real estate ads for upcoming projects while browsing the internet, on billboards, television, etc. Most of these ads feature a commanding picture of the high-rise or gated enclave or whichever type of project is being advertised. It is mostly likely a digitally created image of how the structure will look like once it is completed. Advancements in digital technology now allows us to create imagery that is impossible to distinguish from actual photographs.

Of course, every project is different and for many the marketing may start at a later stage. In some cases, even after the construction has been completed.

In this blog, we'll explore briefly how real estate marketing works, what sets it apart, the distinct role of a real estate marketeer, the skills and experience required to succeed, and how they bring a property to life from nothing more than a hole in the ground. It can also be a good guide for marketing professionals looking to make a career in real estate marketing.

The Unique Nature of Real Estate Marketing

Real estate marketing differs from that of other industries in many ways. It is a unique blend of emotion, high-value transactions, local dynamics, long sales cycles, visual appeal, digital technology, and personalization. It requires a deep understanding of the market, the customer, and the art of storytelling. It’s not just about selling properties; it’s about facilitating dreams and creating lasting relationships.

• Emotional Connection: Real estate involves selling a dream, a lifestyle, and a sense of belonging, which creates an emotional connection with the buyer. For many buyers, it’s not just a house, but a home for their families, a place where their children will grow up, and a space that reflects their personality and values. Therefore, real estate marketing strategies focus on storytelling and creating narratives that resonate with potential buyers’ aspirations and emotions.

• High-Value Transaction: Real estate transactions involve significant financial investments, often the highest an individual or family will make in their lifetime. This makes the marketing process crucial and complex. The stakes are high for both the buyer and the seller, necessitating trust and credibility. Therefore, real estate brands need to position themselves as reliable, trustworthy, and expert advisors. They should provide comprehensive information, transparent pricing, and personalized services to help buyers make informed decisions.

• Local Market Dynamics: Real estate marketing is heavily influenced by local market trends, demographics, and regulations. For example, real estate prices differ vastly across different cities based on the local circle rates set by the government. Circle rates, also known as ready reckoner rates or guidance values, are the minimum prices at which a property can be legally sold or transferred in India. The government sets circle rates for different areas within a city or region, and they vary by location, infrastructure, amenities, and other factors.

  
  

Customer Journey Map

Step 1: Search for Property

• Customer: Searches online, social media, or physical media for properties

• Marketeer: Ensures online presence, SEO, and advertising are optimized to capture leads

  
  

Step 2: Enquiry

• Customer: Fills out enquiry form for callback

• Marketeer: Receives lead information, responds promptly, and schedules a call

• Outbound Sales team: Answers questions and convinces the customer to visit site.

  
  

Step 3: Call with Customer Executive

• Customer: Discusses requirements and interests with customer executive

• Marketeer: Qualifies lead and passes it on to the sales team

• Outbound Sales team: Schedules site visit appointment

  
  

Step 4: Site Visit

• Customer: Arrives at sales office, greeted by guest relations staff

• Marketeer: Responsible for designing and planning the site visit experience including site branding, flow of customer experience, content and collaterals used.

• Sales Team: Welcomes customer, offers refreshments, and assigns sales executive/manager

  
  

Step 5: Screening Room

• Customer: Watches project promotion video and sales pitch by sales team

• Sales Team: Showcases project features, highlights USPs, and builds excitement

• Marketeer: Monitors the process and ensures execution is as per plan.

  
  

Step 6: Project Model

• Customer: Explores detailed project model, briefed on features and amenities

• Sales Team: Highlights key selling points, answers questions, and builds trust

  
  

Step 7: Show Apartment Tour

• Customer: Takes a guided tour of a fully furnished show apartment

• Sales Team: Demonstrates living spaces, highlights quality and finishes

  
  

Step 8: Site Tour

• Customer: Visits construction site, sees progress and development

• Sales Team: Demonstrates project status, showcases quality and workmanship

  
  

Step 9: Negotiation Table

• Customer: Discusses commercials, schemes, and payment plans with sales executive

• Sales Team: Explains pricing, offers tailored solutions, and addresses concerns

  
  

Step 10: Decision Time

• Customer: Decides to make Expression of Interest (EOI) payment or requests time to think

• Sales Team: Provides brochures, calculations, and follow-up support

  
  

Step 11: EOI Payment

• Customer: Makes EOI payment, receives felicitation and recognition

• Sales Team: Celebrates sale, takes photos, and showcases to other prospects

  
  

The Role of a Real Estate Marketeer

A real estate marketeer plays a critical role in creating a dream world for prospects:

• Visionary: They must envision the potential of a property and create a compelling narrative that brings a home to life in the mind of a potential buyer even when they can’t see the actual building yet.

  
  

• Storyteller: They craft stories that resonate with buyers' aspirations and desires.

  
  

• Visualizer: They use cutting-edge tools to bring the property to life, including Digitally created 3D models and virtual walkthroughs of the apartment and locality Drone videos showcasing routes and approaches to the property Physical branded (site branding) sales offices on-site, creating an immersive dream setting Augmented Reality (AR) experiences that simulate the property's features Interactive floor plans and configurators.

  
  

• Strategist: They develop targeted marketing campaigns to reach the right audience.

  
  

Skills and Experience Required

To succeed in real estate marketing, one needs:

• Creativity: To craft compelling stories and visuals.

• Steep Learning curve: To study and quickly understand the project USPs, local market dynamics and trends and target audience psyche and motivations.

• Project Management Skills: To manage multiple and diverse moving parts and bring them together.

• Communication Skills: To connect with and manage multiple stakeholders.

• Technical Skills: Proficiency in marketing tools and a deep understanding of media technology.

• Emotional Intelligence: To understand buyers' needs and desires.

Real estate marketing is a unique and challenging field that requires a special set of skills and experience. By understanding the emotional connection, product, and local market dynamics, real estate marketeers can create a dream world for prospects and drive sales. If you're a marketeer looking to enter the real estate industry or a real estate professional seeking to enhance your marketing skills, remember that selling dreams requires creativity, vision, and a deep understanding of the industry. With the help of cutting-edge tools and technology, you can bring a property to life from nothing more than a hole in the ground.