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Sep 20, 2013, 04.40 PM IST | Source: Jones Lang LaSalle

The Basics Of Real-Time Real Estate Marketing

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.

Shajai Jacob, Head ' Marketing & Communication, Jones Lang LaSalle India

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:

  • Many newly-launched real estate projects in good locations are losing out on sales because of faulty marketing vision
Coming from an exaggerated perception of the demand for trendy new concepts ('lifestyle quotient', 'green living', 'smart workplaces') the advertising agencies of such developers have hyped these projects off the market. Confronted with the highbrow amenities and specifications featured on hoardings, banners and advertisements, potential buyers often assume that the project is clearly beyond their means. This 'marketing disconnect' seems to happen quite frequently in our larger cities, for either or both of two reasons:

  1. These developers have not fathomed what marketing touch points will work with their target clientele.
  2. The creative agencies retained for the marketing of these projects have not been able to fathom the developer's vision, resulting in a fatal Chinese Whisper syndrome.
In both cases, sales and leases take an 'inexplicable' and terminal beating.

  • An erroneous assumption that long-standing market reputation alone will ensure sales
This fallacy, based on an obsolete truth of the Indian real estate sector's boom periods, has caused a number of very respectable real estate banners of yesteryears to hang limp in the winds of change that are blowing today.

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.

  • Developers tend to believe that real estate marketing can be safely entrusted to an advertising company
Because they cater to a wide band of business genres and product categories, generic advertising agencies lack the capabilities to deliver effective real estate marketing plans. In fact, most agencies tend to use a standard 'cookie cutter' methodology to address real estate marketing needs. In other words, they use large-format press ads, larger-than-life hoardings, radio jingles and kiosks without much thought to customization.

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:

  • Studying every facet of the project
  • Juxtaposing it against prevalent and future market requirements
  • Developing accurately targeted promotion collaterals and advertisements
  • Allocating marketing funds in a highly focused, result-oriented manner
Interestingly, such an approach can often result in a 25% decrease in marketing spend and yield with a 20-30% increase in market response.

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Mumbai
Capital Values Rate/Sq ft (INR)
Aajiwali
3000 - 5000
Ambernath
3000 - 5000
Badlapur
1000 - 3000
Bhandup (West)
11000 - 13000
Chembur (East)
15000 - 17000
Chembur (West)
11000 - 14000
Dombivali (East)
4000 - 6000
Ghatkopar
13000 - 15000
Heeranandani Gardens Estate - Powai
25000 - 30000
Hiranandani Gardens Estate - Powai
25000 - 30000
Kalyan (East)
2000 - 4000
Kalyan( West)
3000 - 5000
Karjat
1000 - 3000
Khandala
8000 - 10000
Kharegaon
5000 - 7000
King Circle
17000 - 28000
LBS Marg
12000 - 15000
Lonavala
3000 - 5000
Mulund (East)
11000 - 14000
Mulund (West)
11000 - 14000
Mumbai Nasik Highway
3000 - 6000
Powai
15000 - 17000
Senapati Bhagath Singh Road
3000 - 5000
Sion (East)
18000 - 21000
Sion (West)
17000 - 22000
Tilak Nagar
12000 - 22000
Ulhasnagar
3000 - 5000
Vikhroli
11000 - 14000
4 Bunglows
17000 - 28000
7 Bunglows
13000 - 23000
Chandivali
10000 - 15000
Malad (East)
12000 - 14000
Versova
21000 - 24000
Airoli
4000 - 8000
Belapur
6000 - 9000
Ghansoli
6000 - 8000
Kalamboli
4000 - 9000
Kamothe
4000 - 6000
Nerul
7000 - 10000
Palm Beach Road
12000 - 15000
Panvel
3000 - 6000
Sanpada
8000 - 10000
Sea Woods
8000 - 10000
Ulwe
3000 - 6000
Uran
3000 - 6000
Vashi
9000 - 12000
Altamount Road
62000 - 72000
Breach Candy
62000 - 74000
Chowpathy
48000 - 58000
Colaba
42000 - 46000
Cuffe Parade
67000 - 69000
Dadar(East)
32000 - 34000
Dadar(West)
29000 - 32000
Lower Parel
32000 - 34000
Mahalaxmi
38000 - 40000
Malabar Hills
68000 - 75000
Mumbai Central
23000 - 34000
Napean Sea Road
66000 - 74000
Parel
26000 - 34000
Prabhadevi
37000 - 39000
Tardeo
41000 - 49000
Worli
36000 - 41000
Andheri (West)
18000 - 20000
Andheri(East)
15000 - 17000
Bevarly Park
5000 - 7000
Bhayander (East)
5000 - 6000
Bhayander (West)
3000 - 5000
Boisar
1000 - 3000
Borivali (East)
11000 - 13000
Borivali (West)
10000 - 14000
Dahisar
4000 - 8000
Goregaon (East)
13000 - 17000
Goregaon (West)
12000 - 14000
Kandivali (East)
12000 - 14000
Kandiwali (West)
11000 - 12000
Malad(West)
9000 - 14000
Mira Road
5000 - 7000
Naigaon
1000 - 4000
Nala Sopara (Eastt)
3000 - 5000
Nalasopara (West)
3000 - 5000
Poonam Nagar
6000 - 8000
Shanti Nagar
7000 - 9000
Shrishti
6000 - 9000
Vasai Road
1200 - 4000
Virar
1000 - 3000
Note: Price trend are based on asking rate and not necessarily on the transaction date
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