Source: Jones Lang LaSalle
In the environment of cut-throat competition which exists in the Indian real estate market today, developers without a forward-looking marketing plan for their projects often lose out.
In the environment of cut-throat competition which exists in the Indian real estate market today, developers without a forward-looking marketing plan for their projects often lose out. Wherever one looks in the larger cities, commercial and residential property projects with dozens of unsold and un-leased units are evident.
One tends to assume that this state of affairs comes from a lopsided demand-supply scenario. While this is largely true, some of it can be attributed to skewed marketing, as well. Some interesting ' if disheartening ' real estate marketing insights:
During the boom time of 2007-'08, a developer's brand was often sufficient to ensure property sales and leases. The market back then was largely driven by speculators who had very little insight into the true nature of real estate. For these players, a developer's brand was often the only yardstick, and apartments and offices in newly launched projects were snapped up on that basis alone.
Today, even end-users and occupiers know exactly what they want from the spaces they buy and lease. They will patronize a project because it gives them what they want within their budgets ' not because the developer has a long-standing brand. In short, players who fail to adopt real-time marketing strategies for their projects are falling by the wayside.
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.
WHAT REAL ESTATE MARKETING WORKS TODAY?
In many instances, revitalizing a developer's marketing strategy has required us to scrap the previous plan altogether. It is not uncommon to find a developer's balance sheet burdened down by exorbitant promotion spends that are yielding zero results. A professional real estate marketing approach requires research-based insights into market demand, micro and macro-economic market influences and the study of historic sales graphs of a particular project typology in a given location. These insights can give an accurate and predictive road map of what the market wants now and will want in the future.
This kind of approach is extremely important from the standpoint that marketing of a project invariably begins much before construction begins. It is imperative to have a marketing plan which factors in real-time demand drivers as well as those that will prevail when the project nears completion.
In short, real-time real estate marketing consists of: