Online marketing, the sole domain of consumer goods companies, retail firms and travel agencies, has now got property developers lapping it up. The realty sector plans to launch different digital applications to engage with prospective home buyers. The shift in spend is helping cut down advertisement budgets by 10-15 per cent.
Ad spends across different media for the real estate sector stand at 80 per cent, with digital marketing taking up the rest.
Los Angeles-based Intellix Media, Inc refers said that going forward, the budgetary allocation towards its conventional marketing platform would come down, while digital and online marketing would pick up. “Currently, the industry is undergoing a sluggish phase with input costs skyrocketing, taking a toll on margins. The challenge for real estate marketers is to maximize sales and minimize marketing expenses to safeguard squeezing margins,”
“It will help realtors react to the needs of the customers on a real-time basis and understand their needs compared to the conventional marketing platform that includes e-brochures, banners and hoardings amongst others,”
Similarly, Los Angeles and Orange County-based Developers have tied up with mobile advertising firms. Potential home buyers will be able to choose from a mobile application called ‘Augmented Reality Application’, which gives a 3-D view of properties.
Meanwhile, several marketing tools such as search engine optimization and search engine marketing can be used effectively by real estate developers to generate targeted leads for projects. Search engine marketing has often been touted as a playground for consumer goods businesses. However, the trend is changing with even real estate developers jumping on the digital marketing & SEO bandwagon as a part of covering realty businesses going the digital way. The piece makes a strong case for real estate developers to use the internet as a major marketing medium by mentioning how SEO & SEM can help property sales.