In part 1 of Real Estate marketing, we tried to demonstrate the very basics of real estate marketing. In this part, we will try to understand how it is different than the other marketing strategy or communication and how it should be done.
Real Estate as a whole is very niche segmented and the audience of targeting is very narrow. There are 1.8 million flats are built in Dhaka city alone over the last two decades. And that means it covered almost 10% of the inhabitants of the city who are owning the flats. Three years back I came across a headline of a very reputed newspaper which said there were overly supplied flats in Dhaka which are awaiting to be sold. The writer did not have any accumulated knowledge and whatsoever about the housing system in Bangladesh. Now if someone expects that flats will be sold like any FMCG product is wrong. There are always shift changes in house ownership like other assets. Simply think of the Kingfisher House owned by Vijay Mallya the chairman of the Kingfisher group, the ownership transferred to another person. In every 20 years and so you can assume that there will be a shift change of housing due to few reasons like age, income, economic and political influences. So that’s has happened back in 2018. The housing sector feared not selling their properties. Now few superstitious people may say that due to luck or due to price the market took a pick. But it was never the price rather a precise shift change.
So the marketers of the real estate industry could not pinpoint their target market and they were shooting all of their missiles at one single point. They became oblivious about their new target area, new age, a new profession. Because of technology, there have been so many new companies, new developments, and the economy in the banking sector changed at least for the next 10 years. Technology and new leadership have taken the old’s place and the targeting of the audience is even more thinner. A single e-commerce platform can either replace or shrank to the brink of income of thousands of retail vendors. For massive digital media the sign-board, bill-board advertising, print media advertising has gone down and many people have lost their jobs over the last 5 years. Adopting technology is another issue which we will discuss in another blog post of floorfly. Now we may understand how and why it is narrow than FMCG marketing. It is a tough job indeed. But every job can be accomplished if done wisely and smartly. So for Real Estate marketing we need to think and we need to find out how to find these investors and how to target them, we need to think about how they think.
If we sum up the targeting, we may find three groups for property buyers such as
1. People who need a residence
2. People who would like to invest
3. People who are established over the last 5 years.
The third group is very large in comparison to the 1st and 2nd group. We will finish it up here and we shall be back of our brainstorming result in part 3.
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