WHAT, WHY & HOW OF REAL ESTATE SELLING

The marketing and sales function in real estate sector has been consistently evolving to accommodate changing consumer preferences and emerging technological advancements. Govind Rai, Co-Founder & CEO, Insomniacs was of the view that with ever changing regulatory and industry landscape and the demographic needs, things that are working today may not work five years down the line. “What’s important to note is that along with technology, the vital role of a human connection cannot be denied in real estate sales & marketing, requiring a holistic approach.”

Mudra Wedhikar, Co-Founder & CEO, Estate Mint, agreed, “Currently, telecalling, which relies on human interaction forms the basis of sales function. However, as artificial intelligence advances, customer interactions may eventually be conducted solely by AI. Consumers may have difficulty distinguishing between human and AI conversation partners, but this personal touch remains crucial in purchasing high-value products. Social media significantly influences purchasing decisions and marketers use targeted campaigns to gather data on customer behavior. Success depends on identifying the right influencers and employing strategies like aspirational appeal to attract consumers.”

Harsh Jagwani, Managing Director, Notandas Realty, added, “The rapid advancement of technology has led to obsolescence of certain sales and marketing roles and helped minimize misinformation. We primarily serve the luxury market, focusing on branding rather than detailed specifications. In high-end niche markets, we also focus on hyper locality. We employ advanced AI and thorough research, examining factors such as income levels and brackets, to refine our search criteria and optimize marketing spending. Customer interactions at site results in a 40% conversion rate, while our selective targeting approach yields a 1% conversion from inquiries.”

Meet Merchant, General Manager- Marketing, Oberoi Realty Limited shared another perspective, “Rather than becoming obsolete, certain roles may be repurposed to serve new functions. Take copywriters, for instance. Generative AI and chat GPT technologies enable large-scale content creation, potentially  transforming copywriters into copy moderators focused on brand building. This mirrors adaptations in digital marketing and banking, with automation expanding the business landscape and creating new opportunities rather than eliminating roles. During pandemic, data unification and digital processes improved efficiency in the real estate sector. Marketing budgets shifted to digital channels, enabling better tracking and attribution. This led to a blurred line between offline and digital marketing roles and increased focus on a holistic marketing ecosystem due to enhanced data consolidation.”

Bhavik Bhandari Chief Sales and Marketing Officer, Ashwin Sheth Group commented, “The digital landscape now prioritizes understanding consumers through touch points and intelligent campaigns. E-versions aid in grasping consumer demographics, while AI-powered CRM systems predict future needs. Localized digital presence enhances effectiveness, and technologies like Metaverse may improve user engagement in offline advertising.”

Mohammed Minhaj VP- Operations, Champion Infratech, added, “Taking the human connect to projects, in the past, real estate companies focused on building conventional high-rise structures. Now, modern luxury developments encompass natural environments to attract customers and generate higher sales.”

FACTORS DRIVING SALES

Meet Merchant said, “Channel partners are using influencer status to market real estate effectively, raising awareness and generating interest in potential buyers by showcasing property quality and architecture. With a niche following, they help developers target specific audiences and improve marketing attribution.”

Bhavik Bhandari added, “Influencers significantly impact industries like FMCG and real estate by affecting sales through third-party perspectives. Video content, especially on YouTube, is vital for marketing strategies. In India, 90% of the population consumes short videos, helping builders with branding and audience outreach in real estate by focusing on quality over direct sales tactics.”

Mudra Wedhikar expressed, “Product positioning is crucial in determining a product's market standing. Identifying an ideal niche and aligning with a person who resonates with the target audience can boost consumer interest. Reputable brands aim for quick market distinction and engage prominent figures to expedite this process.”

Govind Rai gave an example of sales strategy of three properties of ticket sizes 5.0, 15.0, and 50 crores. “ We conveyed the distinct attributes of each property which were in premium to luxury range without using the clichéd term of ‘luxury' in that market saturated with ‘luxury’ projects, thereby creating a differentiation.” Effective data collection and utilizing data analysis techniques, carefully interpreting AI-generated insights, and employing a Customer Data Platform (CDP) can lead to actionable results.”

Harsh Jagwani concurred that in name of luxury, anything is being sold. “The customer needs to understand the pricing, features, high-quality construction components and the developer should make project offerings transparent and visible for the client. CRM systems with lead scoring capabilities aid in discerning the customer's position in the buying process, allowing for targeted cross-selling and up-selling strategies.”

Mohammed Minhaj shared that even though a project may have luxury feature and amenities, it should align with current market rates and requirements to command the price for its unique offerings and concept as a distinguishing factor. "Cross-selling and up-selling are essential in the approach, using client data for identifying sales opportunities. AI-driven insights to assess customer profiles and predict housing needs helps create accurate and effective strategies.”

An optimal media mix is essential. Google dominates search while Bing grows in high-intent leads; incorporating both in campaigns influences consumer product searches after understanding its purpose.

Luxury property developers maintain exclusivity in high-end real estate by targeting ultra-high-net-worth customers who value anonymity. They use digital marketing, channel partners, and one-on-one interactions for property promotion instead of mass media advertising.

Human interactions are crucial in customer experiences. The human touch impacts both initial meetings and sales closures. A product's nature also influences the effectiveness of marketing campaigns.

PRODUCT POSITIONING IS CRUCIAL IN DETERMINING A PRODUCT'S MARKET STANDING. IDENTIFYING AN IDEAL NICHE AND ALIGNING WITH A CELEBRITY WHO RESONATES WITH THE TARGET AUDIENCE CAN BOOST CONSUMER INTEREST-MUDRA WEDHIKAR

IN THE PAST, REAL ESTATE COMPANIES FOCUSED ON BUILDING CONVENTIONAL HIGH-RISE STRUCTURES. NOW, MODERN LUXURY DEVELOPMENTS ENCOMPASS NATURAL ENVIRONMENTS TO ATTRACT CUSTOMERS AND GENERATE HIGHER SALES-MOHAMMED MINHAJ

WITH EVER CHANGING REGULATORY AND INDUSTRY LANDSCAPE AND THE DEMOGRAPHIC NEEDS, THINGS THAT ARE WORKING TODAY MAY NOT WORK FIVE YEARS DOWN THE LINE. TECHNOLOGICAL INNOVATION WILL HAVE TO BE CONSISTENT FOR SALES & MARKETING- GOVIND RAI

THE REAL ESTATE SECTOR IS SET TO EXPERIENCE SIGNIFICANT GROWTH IN THE NEXT FIVE YEARS, WITH TECHNOLOGICAL ADVANCEMENTS TRANSFORMING CUSTOMER INTERACTIONS AND INDUSTRY PRACTICES, LEADING TO CONSOLIDATION AND ADAPTATION WITHIN THE INDUSTRY-BHAVIK BHANDARI

CATERING TO AN UPSCALE MARKET, REFERRALS SIGNIFICANTLY CONTRIBUTE TO REVENUE, OUTPERFORMING INDUSTRY COMPETITORS. PRODUCT EXCELLENCE REMAINS THE PRIMARY DRIVING FORCE BEHIND THE SLAES SUCCESS-MEET MERCHANT

THE MAIN FOCUS IN SALES AND MARKETING SHOULD BE TARGETING THE RIGHT AUDIENCE AND PROVIDING ACCURATE INFORMATION. ALIGNING THESE OBJECTIVE ARE CRUCIAL FOR BUSINESSES IN CURRENT UNCERTAIN TIMES- HARSH JAGWANI