As per the recent report, it was found that people in real estate businesses spend about 2500 crore yearly for the publicity of their business. But, in this new period of media marketing, digital marketing became a game-changer. Although the combination of traditional as well as non-traditional marketing ways seems to be effective, when you speak from a Return On Investment perspective for a real estate industry, digital media surely leads by a boundary. With the arrival of digital media, people started to believe in tracking the money to money spends on each marketing effort while making good returns expected to receive from it.
The real estate in India is the second-largest employment generation area behind agriculture and contributes 6.3% to India’s total domestic product. Further, foreign direct investment in the Indian Real Estate industry is supposed to touch $25 billion in the next 8 to 10 years while annual revenue is supposed to touch 180 billion within 2020. So huge growth potential in this industry has dragged the interest of a good number of startups.
Biggest Challenge – Stiff Competition
One of the challenges faced by the real estate company is the stiff competition and increasing their digital presence for generating the leads. Getting leads is sometimes recognized as one of the biggest challenges being faced by organizations with so many people associated with this business. Hence companies need to create a complete proof and innovative digital marketing tactics.
Investing in web design and user experience
Usually, the startups invest a lot of time and attention on the web design and user experience as per the various research to separate themselves from the more prominent and authorized players.
For example, we can take Housing.com which has a unique interface with the property search button in the center. The best thing about their interface is that it is based on maps and all search results related to property can be seen on a map. Further, it also gives you an option for shortlisting properties that can be viewed later to take the last call. But they don’t have a large number of property listings, which makes users with very few options to choose from.
Using Social Media
In this period almost all the small businesses are using social media to build their brand, acquire and engage customers. From all the social media platforms, Facebook became the popular tool of almost all startups to communicate with customers and to promote their products or services.
When we talk about other social media platforms, Google+ and LinkedIn are in the process of grasping the interest of startups while YouTube as a marketing platform has not been used much by real estate startups.
Big businesses such as 99acres and Magic bricks have established themselves and while startups are working hard and using this channel to capture a big piece of this expanding market.