Skip to main content

How COVID-19 has changed real estate marketing

 In the pre-COVID-19 days, real estate experts often used to make a point that virtual and augmented reality would never find any takers in this sector, because of the quantum of investment involved. The impact of Coronavirus on real estate has changed marketing in the industry upside down. Virtual site-visits, digitization and video walk-throughs are modern-day marketing terms that most of the real estate companies are riding on, to get the attention of prospective buyers. At the same time, buyers, many of whom are still scared to step out, are actively participating in the process, making these new forms of real estate marketing a massive success.

Real Estate Marketing


Coronavirus prompts digitization of real estate marketing
Social media comes to the rescue

While the primary source of information for home buyers has changed to the internet over the past few years, many real estate firms still relied on full-page newspaper advertisements and hoardings. With the lockdown forcing people to stay at home and spending more time on their mobile phones or on social media, the opportunity to garner this attention has been identified by a number of real estate companies. From paid ads to webinars, social media networks such as Facebook and LinkedIn have been flooded with content exclusively targeted towards people who still have jobs and may consider investing, with so many exclusive offers going on.

Developers adapt to virtual platforms

From drone shoots to virtual tours, real estate brands that have identified the scope of technology in real estate, have gained. While client meetings took place over Google Meet and Zoom, the only replacement for physical site visits was virtual tours, or video walk-throughs or a drone shoot. Many companies that had not shot such videos in the pre-pandemic days, got the shoots done hurriedly, to cater to consumer demand. Similarly, a number of companies built online booking platforms, to facilitate online selection and buying of homes at a token amount, to be paid through NEFT, RTGS or even UPI. This completely eliminated the requirement for face-to-face meetings to hand over cheques.


The impact of this digital transformation has been profound and we have managed to convert the negative effects of this pandemic into an opportunity that has reshaped the future of this industry. To facilitate the buying process and sustain the momentum of sales, we have employed 3D walk-throughs and VR and AR to introduce an immersive, experiential marketing. The decision-making process has been enhanced through the digital medium. Hence, even if one is abroad, one may experience the property and make a smart decision.


At this point, a number of real estate confederations and associations have also joined up, to conduct workshops and webinars in sales and marketing. Associations like the National Real Estate Development Council (NAREDCO) and the Confederation of Real Estate Developers’ Associations of India (CREDAI) are organizing workshops for developers, to guide real estate stakeholders to increase sales, considering the requirements of customers in the post-pandemic era.


The confidence of buyers has increased and their queries are also increasing day by day. Developers need to market their products properly and avoid over committing. We have to upgrade ourselves in this age of e-governance and social media.

Referral marketing in real estate amid COVID-19

A number of real estate firms or companies from allied sectors have also started referral schemes. As new customer acquisitions have dried up completely, getting referred by existing clients or renewing ongoing agreements were easier.


“We floated a mailer to our existing clients to refer their friends and family to us and get an assured cash-back on the deal closure. It took some time to catch up, since, initially, we were not equipped to fulfil the requirements, owing to shortage of labour. However, by around May-June 2020, our business increased by 20%, as more people started to opt for customised furniture,” said Ashok Gupta, owner, DI Interiors and Architectures, a firm based in Kolkata.


 Festive season 2020: Discounts and freebies make a comeback

Developers have also resorted to tried and tested tricks, such as offering heavy discounts, to attract buyers’ attention. From cash discounts to refundable token amounts, builders also offered flexible terms and conditions, to make it comfortable for buyers to book homes during the pandemic. Their marketing pitch targeted first-time home buyers who were struggling in rented accommodations, as well as people looking for homes with more space following the lockdown.

Comments

Popular posts from this blog

Villas

Luxury project in villas category in Bangalore with different price ranges. Pre-Launch of Villas, villament and Terraced Apartments, along with 4 Bhk, 5 Bhk Spanish Villas, High Street Shops and Executives Suites. The approx size of 4 Bhk Villas, 5 BhK Villas with maids room ranges from 2150 sq.ft to 3600 sq.ft with the Pre launch Basic price range in Rs 5850 to Rs 6390 per sq.ft.

Apartments

Thinking residential investment? Effective investment in residential property requires the chosen location to meet certain parameters. Fundamentally, the area should have good social infrastructure, availability of adequate public transport and sufficient economic activity to sustain development and growth. These parameters apply equally to investment in NA-certified land approved for residential development and flats in a residential project. In order to mitigate most of the investment risk, one should restrict residential property investment to Tier 1 and select Tier 2 cities. It is also most prudent to invest in properties where the price tag falls between Rs 2,500-5,000/sq.ft., since such a price tag provides downside protection against any capital value erosion. Simply put, the cost of construction and minimum cost of land literally makes this price segment safe, and almost guarantees capital appreciation. Further guidelines >> The property cycle needs to b

Overview

About US Pre-launch 1 Bhk, 2 Bhk, 3 Bhk, 4 Bhk & 5 Bhk SPANISH VILLAS, Pre Launch Apartments Pre-launch EXECUTIVE SUITES,  Pre-launching HIGH STREET SHOPS We are an independent real estate advisor with a pan-India presence. We possess vast experience and knowledge of real estate in India, and aspire to be your first port of call if you want to buy a residential property in India. Led by a group of dynamic and visionary investors, aims to utilize its vast knowledge of the real estate sector to help those looking to buy property in India. Would you like to buy a home that’s designed exclusively for luxury then don’t forget to submit your details in the ‘Contact Us’ or   Call us at +91 8553 159 202