5 Cost-Effective Online Real Estate Lead Generation Ideas
Keep your sales pipeline full by prospecting continuously. Always have more people see than you have time to see – Brian Tracy
Keeping the pipeline full is the basic funda of any successful salespeople of course which is not easy as well.
To maintain a full pipeline more importance has to be given to the top of the funnel where lead flows happen.
More the number of leads, more quality the pipeline is but to generate more leads any given business has to devise a strategic marketing plan that suits their budget and goal.
The typical sales funnel is applicable to all the sales function irrespective of their product and the same applies to real estate industry also.
In real estate, the time taken to generate and nurture the lead is longer than any other product.
A first time home buyer in India is taking at least 7months to complete the buying process starting from sourcing to signing.
In real estate developers with a big pocket will go for outbound advertisement which gives brand visibility and leads but 90%(appx) of the market is occupied by small-scale developers who build 20-50 units per year.
These small-scale developers cannot spend as much as established developers.
For SMEs, the intention is very clear they don’t want any brand visibility but leads and not having a big budget for marketing.
Being in real estate industry for more than 3years I have noticed few ways where small-scale developers can generate a decent number of leads online at low cost.
There are many money wasting methods on the market but here I am handpicking few ideas which have a higher success rate.
1.List it out in online Portals.
As per Internet and Mobile Association of India in 2016, 67% of the monthly bill is spent on data in the age group between 15 and 24 and only 50% data is spent by people more than 50 years of age.
This is a strong indicative figure which guides marketers to invest in the digital platform.
Not only data cost, the cost of advertisement is also cheap compared to outbound media.
There are many online property listing portals and it is crowded one, Marketers have to be cautious while selecting the right platform to invest.
There are few metrics which has to be seen before investing.
1.A total number of views per day/month 2.Total number of searches happening in your locality per day/month 3.Their visibility and reputation in the market. 4.An average number of leads generated for a similar project in the locality for a month.
More the visibility of the brand more the leads you generate for your project.
Inside online portals, builders are given many options like Locality visibility, Suburb visibility, City, state and country wise visibility and obviously everything comes at a cost.
A locality visibility is the basic product of any portals and the rest are evolved.
As far as I noticed few builders are still having the pre-set mind towards online portals where they won’t spend much compared to print and few builders blindly choosing portals which are costing less.
But if you look at the stats the cost of online advertising is very cheap compared to any other medium in long term, it is 24×7 and taking your product to the huge crowd across the globe.
If the cost of advertising is higher it means their website traffic is higher not their EBIDTA.
To bring tons of traffic online portals are burning huge money in other outbound media like TV commercials, print and many. Only if they get viewers you get leads.
So don’t decide on the total price just look at the cost per lead.
Hope you have a little idea about remarketing if not.
Remarketing: A target online advertisement, wherever your buyers go online your brand will follow them.
For example You are going to Flipkart and viewing the product but without purchasing it you are closing the window. From then that particular or similar product ad will start following in all the subsequent websites or app you visit. It is called remarketing.
This is an amazing concept to build brand awareness and to bring maximum leads to the top of the funnel.
As said to make your brand follow them you need to drop a cookie in their system by making them visit the site.
How to bring buyers to your site or landing page?
If it is an unfamiliar brand you can go with Facebook paid promotion to make people click your ad and land on your site.
So from then, your brand will start following them.
There is another interesting way to do remarketing in real estate
An online portal magicbricks is having an excellent remarketing tool called I follow where your buyers need not visit your site.
For example You have a property in X locality and a property buyer is searching a property on magicbricks in the same locality he gone through few search results and closed the window(magicbricks will drop a cookie in the user device) and engaging in some other work.
Now wherever he goes your banner will start following him online. Magicbricks is affiliated with 500+ high traffic websites where your ad will be shown to your potential buyer repeatedly.
3.Social Media Marketing
This is the much over discussed marketing idea in digital marketing.
But here the one thing I would like to suggest is to choose the right platform where you can generate potential leads.
I would recommend going with Linkedin for any serious business marketing activities because the activity of the same person on Facebook and Linkedin is completely different.
Unlike Facebook, on Linkedin people consider and approach the things seriously and professionally.
Also when an interested user comments down or engages with your post it goes as a notification to his professional network so you can catch more potential eyeballs and end of the day it is like one person referring your project to a group.
4.Targeted Email Marketing
The rate of conversion in email marketing is higher than any other online marketing methods.
Because here you are reaching a buyer inbox and addressing him personally with complete project details.
The challenge in real estate email marketing is where to find the potential email database.
There are two crucial ways to generate a database.
Either you participate in local property fair and collect the email ids of the walking ins or buy an email database as bulk from the organizer.
But this method got lesser potential than the following method.
2.Send through online portals
You can approach online portals to send bulk emailers to their registered active database matching with your budget.
Here you are targeting buyers who are searching for properties actively than the window shoppers who walk-in in tradeshows.
5.Participate in Online real estate forums
There are a lot of online real estate forums but few like IRF (Indian Real estate Forum), Magicbricks real estate forum, Indian real estate board are more active than any other forums and hosting maximum discussions in any given locality.
How can you generate leads here?
In forums, a really interested buyer will spend his time to know about the project, locality and many other.
So being a builder you signup on that forum and start participating by writing solution to the buyer’s query.
Commonly a first-time buyer will ask about price and locality trends, an investor will ask about rental appreciation, market watchers will query technical and documentation questions.
If you have the knowledge and confidence in answering those questions just sign and start building a relationship and appear as though leader to your future buyers. Initiate an interesting topic in your locality and encourage others to participate
A few years ago developers don’t need any advertisement for their projects it will automatically get booked by neighbors and through word of mouth.
But now the stock availability is the market is high and in few developing cities influx of people has been dropped because of the lack of government measures to create new job opportunities, end buyer got more knowledge in real estate these are the challenges which hinders the faster closing the deal.
In all the above methods you can generate leads but there is no guarantee of conversion. A buyer will consider many things before buying like locality, neighborhood, price, amenities, Vaastu, sentiments and many.
In real estate don’t expect sale conversion in any marketing medium, marketing is only to generate leads.
All the above-discussed strategies are applicable to both budget and luxury developer segments.
Love to steal other’s knowledge by reading and listening, love to share the knowledge by writing and conversing.I read 100 pages write 10 pages, trying to achieve a big hairy audacious goal and I am in the process.