Digital Marketing for Real Estate nowadays, is completely different from real estate decades ago. Initially, the process was so long and tedious, from finding a broker to purchasing a property. But now the game has changed. As per a recent report, 84% of new buyers would like to research first and visit them in person.
As per the online search, buyers can shortlist a few, from the long list of properties and the unnecessary ones. It saves a lot of time, energy, and money.
In this article, we will discuss its status after the pandemic, the contribution of real estate, the challenges that the sector faced, and a few game-changing ways that will help the sector overcome the situation.
Covid19 and its effect
The effect of Covid19 can be seen all over the world. It indiscriminately caused damage to the entire global economy. This disease spared no sector. Whether it is Education, Employment, etc. One of the most hit sectors was the real estate sector.
As the virus outbreak, construction activity across the country came to a halt and led the potential buyer and real estate market into a spell of uncertainty. The increase in the number of coronavirus cases has adversely affected the demand for residential real estate.
The government imposed a nationwide lockdown to control the pandemic, but it has adversely affected the lives and businesses of a person. Visiting sites for property viewing was no more an option than staying in the home has become imperative for being healthy. All this resulted in an unprecedented dip in the sale of real estate property.
Real estate and its contribution
Real estate contributes 7% to the country’s GDP. The real estate business increased by 13% in the first three quarters of 2019. According to ANAROCK data, the first three quarters of 2019 collectively show the sale of nearly 2.02lakh units in the top seven cities. But suddenly after covid 19, its sale was reduced. It shows how bad coronavirus has hit the real estate industry.
Real estate is one of the most recognized sectors across the world. It has a significant contribution to the Indian economy. India’s real estate has witnessed immense growth in the past few years in office space, commercial real estate, residential, factory spaces, and retail growth.
It comprises four sectors retail, hospitality, housing, and commercial. In terms of the direct, indirect, and induced effects, the construction of this sector ranks third among all the other major sectors. After agriculture, it is the second-highest employment generator. It is also expected to incur more non-resident Indian investment both in the short term and long term.
According to the Indian Brand Equity Foundation’sFoundation’s recent report, India’s real estate is expected to reach a market size of $1trillion by 2030 and 13% of the country’s GDP by 2025.
Challenges Faced By Real Estate:
Following are the set of challenges faced by real estate during covid-19.
● Economic renewal
The impact of economic lockdown on state and local tax revenue has reduced employment levels and led to delays in infrastructure projects. The challenges faced by the economy and the real estates sector like construction, hospitality, housing, and retail are very deep and persistent.
● Public and Private Indebtedness
Because of the local indebtedness, commercial real estate has been affected directly. In just the last six months, U.S national debt has increased to $26 trillion. Local indebtedness is $2.1 trillion, whereas state indebtedness is $1.2 trillion.
It results in a lower ability to purchase a home.
The total personal debt is about $20.5 trillion, which results in a decrease in demand and private housing values.
● Flow of People
Because of covid, 19 people face a variety of challenges related to travel and mobility. Due to covid 19 pandemic and increased social distancing, 40% of those living in urban areas are more likely to leave the city. And also, working from home culture came into the picture, making it more realistic and easier. It resulted in increasing the prices of homes in rural areas and a decrease in urban areas.
● Space Utilization
Covid 19 has impacted the use of mechanical infrastructure, location, and interior configuration of commercial buildings. Due to these changes, retailers and retail formats have to redevelop and repurpose their retail spaces.
On the other hand, urban planners have to deal with affordability and density of housing, social services, health care, sports, and recreation activities.
● Technology and Workflow
Pandemic has forced many companies to utilize new technology to manage, monitor, and mitigate financial and social risk. There is a change in operational method, and generally, employees desire to work remotely. Due to which many technologies have become almost mandatory. This includes private online meetings, collaboration tools, etc.
● ESG (Economic, Social, and Governance)
Economic, Social, and Governance (ESG) is an emerging trend. It is now becoming a vital component of real estate investing. Concerning real estate, it requires more input from different perspectives.
● Competitive Market
With a traditional strategy, it isn’t easy to survive in this competitive market. For survival, it’s very important to reach out to your target customer, and it’s not an easy task with the traditional set of approaches.
Strategies to Follow:
Covid 19 has badly affected every sector of the country. The impact of covid 19 on real estate leads to a broken supply chain and lack of labour, many projects remain unfinished, and even completed projects don’t have buyers.
The biggest challenge right now is to switch to new technology as old and traditional technology will not help you survive the current situation.
So here are the Real Estate Digital Marketing ways through which you can overcome the challenges mentioned above:
Before moving on to challenges, let’s discuss what Digital Marketing is?
Digital marketing is the online marketing in which we connect to our target customers by digital means, such as email marketing, Mobile marketing, blogs, etc.
Here are the Effective Marketing Tips:
Virtual Site Tour
Nowadays people are quite conscious about going outside, especially to new places. So you can begin with leveraging technology to conduct virtual site visits instead of physical ones.
For example, You can pre-record the site’s video with the help of drone technology to give a live view of the property. Drone technology is quite popular nowadays.
There are many other technologies available with the help of which you can facilitate site visits.
Brand building is very important for any business. It helps in generating customer’s trust. Branding strategy helps you in establishing yourself as an expert in this field. It also helps you in connecting with your customers on a personal level.
For building a brand, you need to give ads of your real estate business on different platforms such as social media, blogs, youtube ads, etc.
You can also do it through your website. After availing of the services, if the customer is fully satisfied, he will visit your website and give reviews and ratings, which also helps build a brand and generate trust.
Website Creation & Promotion
In today’s marketing world, a website is a great marketing tool. It is the first place you can get in touch with your customer or contact you through your website.
It also helps in building your brand image. Most of the real estate agents, builders, etc., spend a lot of money on promoting their services through traditional marketing. It reduces your rate of interest.
If you want to be ahead of the competition, then the website is a must and also, engaging with your customer through your website is very important. It helps in building a brand and thus results in a better profit.
SEO stands for Search Engine Optimization. It is important for real estate as it helps in attracting people through optimizing the online content. For example, Google ads, Paid online advertising ads, etc.
SEO is a long-term strategy, and the result cannot be seen overnight. It helps in increasing traffic, generating revenue, and building brand awareness.
Blog creation means providing detailed information about the product /services you are going to provide. Many people like a website with a page for a blog as it helps provide answers to the questions that customers can have.
On your blog page, it is important to provide all relevant information related to the product/services you will sell. It helps in creating customer’s trust and also in creating leads and getting conversion of the same.
Advertising is very important for the real estate business. It helps you in reaching out to your target customer through digital media.
If it is done properly and reaches the target audience, then the chance of selling becomes higher. Content also plays an important role in targeting the customer.
It can be done through social media platforms, email marketing, content marketing, etc.
Drip email marketing
Automated emails are sent to a targeted set of customers with predefined content and within a predefined time.
Digital marketing for Real Estate has several benefits. It helps to overcome all sets of challenges, from cost efficiency to brand building.
The success of your business not only depends on implementing digital strategies but also on how well you utilize these strategies.
Real Estate Digital marketing also helped eliminate the middleman in the purchase and sale of the property, thus making it more transparent.
You can easily organize various marketing and promotional campaigns both online and offline.
Please let us know your feedback or queries in the comment section. Alternatively, in case of any digital marketing assistance, you can also visit our website (https://seintellect.com/) or contact us directly at [email protected].