VIEWS: 36 PAGES: 52 POSTED ON: 12/25/2011
The Real Estate buyer is the ultimate comparison shopper as, home is the most valuable purchase for everyone However, 62% of the buyer choose to buy from the first agent they talk to! That means if a prospect picks up the phone and calls our competitor our chances of capturing their business have almost …. gone! So, let‟s reach our prospect before our competitor Bottom line….the one who gets to the prospect first has a stronghold on that prospect and will most likely win the business Donald Trump, the most successful builder has spent his entire life fine- tuning his understanding of his target audience He says “I like tall, skinny buildings because that‟s what my public likes‟. “I give people 40- foot ceiling. My competitors give them 8- foot ceilings, and they wonder why I succeed” A recent survey throws some light on what home buyers in Kolkata consider important! Choice of location • Depends on fondness to surrounding and affordability. • In few cases ancestral home or community decides the location. • Easy accessibility and surrounding infrastructure makes the apartment more preferable Residence types • Facilities matching with lifestyle is preferred. • Like minded people in the building & the surrounding is an advantage. Income and Affordability • Family Requirements & affordability plays the key role in choice of location and the area of the apartment. Floor Preference • If lift is not there, the apartment in the lower floors are preferred. • Less accessibility to natural light and ventilation makes the ground floor a second choice; • The heat gain factor in the top floor is the most vital to make it a last choice whether the lift is provided or not. • The in between floors are more acceptable to people. Light, Air and Space Orientation • Well illuminated and ventilated rooms are preferred. • Provision of spaces for modern equipments like washing machine, micro- oven etc. are necessary these days. • Vastu compliant apartments are preferred over non- vastu compliant. Availability of Surrounding open space and semi open Space • Land spacing, nearby parks, open spaces, meeting spaces, water bodies greatly effect buyers perception of the property Open Spaces : doors, windows • Openness and more space is always welcome • The position of doors and windows are the factors. • Flexibility of arranging furniture is desired. • Efficient use of common area within and outside the apartment are preferred Real Estate: Economics of demand and potential • Marketing is all about creating the demand for our project. • Demand is a function of price , income, tastes and competition (Supply & Price). D= ƒ ( P,I,T,C ) PRICE INCOME TASTES COMPETETION Buyer first needs to Money to buy comes Buyers tastes are The price of the know whether he can from greatly influenced by competition.' afford it. Are cheaper 1. Income brand loyalty, facilities Alternatives‟ will greatly options available. 2. Loans and financing and positioning of the influence the demand project advertisement for our project What our Communication and advertising needs to do 1. Target the right Always target buyer one Use the notion of 1.Keep an eye on the audiences step higher in the fashionable location ,‟ competition. 2. Justify asking price income strata, since the attract more buyers. 2. Build buyer 3. Present easy availability of loans Despite higher prices preference by financing option. make their buying there will be higher positioning our project power greater than their demand as the better choice. incomes Future expectations can create demand now! • Rise in the income: Buyers feel their income will rise in the future, they will demand better homes and features-now, rather than later. • Price-rise: This is a self fuelling scenario: Expectations of price rise in future may encourage people to buy now. Consequently this creates more demand which again causes the current prices to rise. • Transport and infrastructure: New roads or transport links increase attractiveness of property. Environmental policies: For Example, “Green Belt Policy” increases demand of subject area because buyers are guaranteed Continued existence of a pleasant view are to water body Green belt / forest etc. Government / Bank Policies: Increased interest rates make loans more expensive and reduce buyer demand. So let us plant stories in the newspaper which an create demand Pre marketing should communicate the potential value of the unbuilt and the unseen. Architecture “WOW” can create Demand Let us Differentiate. Communicate. Innovate. Architectural design should deliver “WOW". It should be so cool and neat that each buyer tells five friends and it becomes the talk of the town. Let us Create distinctive architecture. and : Promote it ! Just showing a big picture of our building in the Ad and hoarding is not communication. We should Integrate our architecture and design Philosophies in all our communications. Let‟s use it in AD Campaigns. Use it as a Back drop in promotions/ events. Inspire Journalists to write about it. And most of all : make sure our target understands it. Let us promote a vibrant Architecture culture: Responding to market needs Fashions and tastes change rapidly. Users get „bored‟ even quicker. Customers increasingly seek out the “NEW”. Change the exterior Update public areas Landscape Exhibit Art Branding :Why should we bother about it • Branding creates „trust‟. Buyers choose us emotionally, not just for logical or intellectual reasons. • Branding help us „fence off‟ the competition and protects our market share. • A brand is some thing that nobody can take away from us. Competitors may be able to copy our designs, trade secrets will leak to the competition…. But our brand will live on and continue to be uniquely ours. Marketing is the cause : Branding is the effect • Branding is all about creating a unique and independent identity. • Buyers have too many choice and not enough time. They want their choice to be made easy ad reassure able. Brand is a promise, a shortcut for a prospect to know how to think about us and what we stand for. • Branding our project increases it‟s perceived value and maximizes the realisation of per square foot price. Branding our Company • Let‟s differentiate ourselves • It‟s important to be the first • Let‟s use one word or Phrase • Let‟s tap Emotions Branding our Project • Develop a name that expresses the buildings Character and conveys the experience of living there. • Preferably extend it to the neighborhood in which the property is located-especially if it isn't considered residential/commercial or if it has an image problem • Finally: Reinforce the brand consistently throughout the marketing program and medias. Advertising: What works. And doesn't. • Dangerous Myth 1: The circulation of the publication is the most important factor. Forget about Circulation and readership figures, what matters is the people who read the publication. • Dangerous Myth 2: You have to run a series of ads before they become successful Here‟s a reality check… If our ad doesn't work the first time (i.e. generate high quality leads), it wont work after the second … third…fourth etc. If it doesn't work we need to either improve the ad, or decide that the publication just isn't right. • Dangerous Myth 3: We need large ad to get noticed Until we‟ve run the first ad , we haven't got any idea whether our ad is a winner . Let‟s place a small ad first. If we don‟t make any money from the ad we can cut our losses. However if our small ad works then we should is increase the size of our AD gradually. The stop increasing the size the moment our responses and returns equal our costs. • Dangerous Myth 4: Our ad must not have too much words and have lots of white space Information is the bedrock of all home buying. We cannot hope to get a high response to our advertising if we don‟t give people enough reason to respond INFORMATION and PERSUATION is the name of the reality game. Rational and Emotional appeals : What to do when Rational, comparative appeal to the intellect are important In a new un familiar market. Emotions are as important as buying decisions. Buyers have liked the way homes appealed to their Pride, Sense of image or even Covetous desires to just have more than our friends and relatives. Realtors must design their ads according to the market‟s level of knowledge and motivation about the project. Studies shows that at the start of our advertising, „Rational‟ Ads – that‟s what where and why‟s of our project are more effective. As market grows more familiar with our project , Emotional ads can capture unmotivated buyer‟s attention and make them feel good about it. „Information‟ however remains the bedrock for all real estate communications. Real estate buying is a high 'information based' purchase. Comprehensive information is the bedrock of all communications. But Information needs Space and time. So rational messages are best presented in Guide books brochures, websites and CD- ROMs. Emotion on the other hand which is an immediate reaction is best tapped through Newspaper ads, Hoardings and TV spots. A judicious blend, depending on the medium, is most effective. Finally. Position. Position. Newspaper Advertising is all about Position. However great our Ad , if it's not seen, it's not read. Which positions are the best? The front page obviously. Then the back page. Next is the upper half, right hand “Buyers respond to warm, emotional words, not cold, hard facts” Prospects never buy based on logic alone. They always buy emotionally and them justify their purchases with logic. Let‟s sprinkle our ads with the words like Spacious, striking, stunning, lavish, charming, scenic, dramatic, comfortable, quite street, cozy, and other powerful emotion provoking words and phrases. Brochures. Buyers want information, not pretty pictures. The 'slick' Real Estate brochure often alienates and scares prospects away. So do "I'm the Best", "I'm the biggest" type. Buyers don't care about us. They care about them. What's in it for them? Buyers want everything about the project in a Brochure? They want information so that they can be reassured about their choice since a huge sum of money is involved. A good Real Estate brochure instills confidence in Buyers that we're the best choice. Some more things it should do : Serve as a textbook for our Sales people; Provide content for Newspaper articles; Establish our Market Authority. Interactive Multimedia: Persuade through Participation Most CD-ROM presentations are limited to 3D animations. Attractive as they are, they remain a passive„ viewer experience. Interactive presentations on the other hand, where the Viewer makes a conscious effort, greatly enhance Buyer involvement and understanding of our projects like never before. The Buyer is a willing participant. He likes the feeling of being in 'control: It removes the uneasy sense of being 'sold. So, how do we find the' right people? Let‟s go to the Calcutta Telephones directory website and search for names in our area code. Other Direct marketing tips : Keep it personal; Letters are more effective than brochures; and finally: Let’s never forsake credibility for cleverness. Direct Marketing. Who. When. What. Who we send it to is thrice as important as what we send! Great Mailings to the wrong people don't work. But even Ordinary mail shots to the RIGHT prospects , at the right time, hit home. Internet Marketing: Unlimited Space & Immediacy The power of the web lies in the unlimited space available. Project images are most important. Even the most compelling description of a property does not generate as much interest as a nice image. Unlike print where each photograph would take up valuable space, we can include many pictures on our web site. 6 main reasons Realtors have website • Cost savings • Improved corporate image • Reach buyers in India and globally that traditional medias can't • Convenience of „Web Site‟ being open 24*7 • Level playing field With proper planning, deign and promotion WE can showcase a small project as effectively as a high-profile one. • Unlimited space and Multimedia support Zoom in to see project detail. Exhibitions: Results are all in the Follow-up The day after the show, all leads we've collected - are worth 100% of their value. A month later they're worth half that us. • Stand Out : We're in an environment that is extremely competitive. The first thing we must do, by virtue of our creativity, is to cut through the clutter. • Clarity and Simplicity : Good design relies on clarity - the main project features should be immediately obvious. • Project + Personality : Sell both our Project and our Company's personality. Successful stalls do both. • Best stall locations: Study how traffic might move through the exhibit hall, and pick our location accordingly. • Name awareness: Many people visit stalls simply because they're familiar with the name. To boost our name awareness at shows, let‟s repeat our name whenever and wherever we can. Add it to graphics, literature, bags, pre-show mailers. • Make our stall "full-service, not "self-service." Spreading brochures where attendees can just grab them and walk away defeats the very purpose of our exhibition - which is to interact with visitors Marketing at Site: Model Flats and Sales offices The Final Sale Makers. Or Breakers. ALL deals are made or lost at site. All our marketing efforts aim to channel Prospective buyers to our project site. But poorly trained Sales staff, badly designed Sales offices and unimaginative Model Flats are rather waste of marketing money and effort. Buyers love to See, Touch and Feel. The Physical world is Real Estate's best Advertising medium. Every Model Flat/Sales office should tell a 'Story“ They should create an 'Experience: And finally, they should "Connect" with the buyers' aspirations. Let‟s Integrate 'Physical space' into our Marketing strategy to create a seamless brand experience. Model Flat: Staging to bring top Value. Keep it Uncluttered , because most buyers look for Space! A model flat is not about style or decoration, It's about 'Staging'. To make it desirable to maximum number of buyers it has to cater to all tastes. 'Depersonalize' our Model home. This way buyers can "see" the home as it will look with their possessions. Keep the walls light and paint the ceiling a color lighter than the walls for spacious feel. Strategic mirrors help too Let‟s not display too much furniture and always size furniture for the room. If you have a small room, use smaller-sized furniture. Long, thin lamps and plants can help us achieve a sense of greater height Make buyers Welcome with soft music and warm, yellow flowers at the entry area. Turn on all lights They prevent harsh shadows from sunlight and brighten up any dim areas. The Model Flats look more homey and cheerful with lights on. These are some of the tips to market & Advertise our Real Estate Project. Thank You
"REAL ESTATE ADVERTISING AND MARKETING"