India has different type of real estate projects. It all begins with the selection 7 availability of your land parcel.
The first step of your Real estate strategy is to identify what kind of housing or product your potential buyers
are looking for.
If you are a real estate developer, one needs to formulate the development strategy much ahead of time &
Purely based on what can sell quickly and at a premium price.
At the drawing board stage one need to identify these market opportunities & once you are firm about what
Real estate development you think can maximise your revenues & Profits. This decision should be backed with research & on ground knowledge of the micro market.
Once you are sure of what development you want to undertake. You can look for land parcels that can meet or
Fit your requirements. The biggest mistakes Real estate companies do are, based on the land parcels offered to them by brokers from time to time the projects are decided.
If one has proper direction, it should be the other way around.
Once we know what consumers will buy, we decide the project. The land parcel is then looked for in the relevant markets for acquisition.
When the land parcel is acquired, one needs to ensure the development of the same I appropriately funded to ensure that the project will be completed in time. These being capital intensive, time is of essence. The project needs to be completed in time & without any delays
Once these two facets are planned, we move into the planning stage, with the Architect for the project. The architect is normally identified based on his or her capability in designing the concept, past experience of such projects & the understanding with regards to the policies & FSI utilisation based on the land parcel & its usage. Once you pass this stage, The role of a creative advertising agency comes to plan. The creative agency will help you undertake the branding of the project, its naming & identity or logo for your project. The scope of work normally involves:
- Naming or Branding the real estate project
- Creating all marketing material that will be required for the project like giving shape to the architect’s concept & definitively putting together a rounded copy and giving shape to the concept & bringing it to life.
- Creating a good identity or logo for the project. While doing so it is a good idea to define a nomenclature for the project name & the corporate brand so that both get equal visibility & has a lasting impression & equity for the corporate brand as well. This equity can be leveraged for other projects in future too.
- The next step is to put together a Project brochure that covers all aspects of the project right from the concept to Amenities, Profile of buyers, Master layouts, floor plans , keys with directions, Renders of the project & the vision of the developer . Partners can also be specified. A good idea is to also mention brands of raw material that you are going to use to prove your point of quality inputs.
- Reals Estate is about selling dreams & ensuring that the consumer gets the dream fulfilled as is shown in the brochure or renders. There shouldn’t be an over promise in the quest & excitement of sales. The dream will turn to night mare for the consumer & it leaves no satisfaction once the possession is handed over.
- Environment design or site Branding is extremely important to give consumers the experience.
- On site experience like a show apartment & hospitality also gives out signals
- Post the booking, consumers should receive regular updates of the development & all of them need not be linked to a payment plan.
- A whole lot of Technology & tools can be used to better the client experience & automate several marketing processes which are client facing.
- A good website is the starting point, Email marketing & automation can lead to a better customer experience.
- Selling Real estate for a premium is an art & not a sales job which every salesman can do. Hence training your sales tem is extremely important.
- Once the project is ready, it’s important to hire a professional agency to help you set up the sign boards at the project. A small move like this can give a big signal to your occupants & people visiting them in future. Signalling the right elements will make your brand more memorable..
It is very important to understand that all the communication that you put out in the market place whether print or digital or in any form leaves a lasting impression with your customers. It is also called signalling. What you communicate signals something in the mind of the prospect. So be careful that you signal correct to achieve your premium pricing.
This blog is written by Wilfred Fernandes- Founder & director at Young Creative Services (wwww.weareyoung.in)
The author has worked for 15 years with The Times Group & was instrumental in playing his part in the early days of selling real estate through the brand TMES PROPERTY- . He was also Chief Marketing Officer at Ekta World for 3 years & launched & sold several projects during his stint. Currently Founded Young Creative Services in 2010 & have worked with several large real Estate brands like Lodha , Tata Housing, Dosti Group , Runwal, Ekta world & several more developers nationally.