Real Estate Marketing - Data To The Rescue

Since time immemorial, location has been at the center of real estate marketing. From pricing to features, everything has depended heavily on the city's prime locations, suburbia, and the demographic that visits and makes these areas its home. Needless to add, "the power of where" has become even more crucial in our times, when real estate marketing depends heavily not only on where a buyer wants to buy his home, or where they are in their buying journey but also on where they are physically located.

At the same time, the world of data is exploding. And this data, believe it or not, holds the key to new age real estate. From finding the right locations for your properties, ensuring staying geographically and feature-wise relevant, right down to capturing the right audience at the right time, access to and optimal use of the right data sets will drive real estate marketing in our day and age.

Bringing Data and Real Estate Together

Data allows real estate companies and middlemen such as dealers and brokers make engaging comparisons – between locations, between features, between neighborhood and safety best practices, as well as the right audience for each property.

Brokers and builders can also use hyperlocal marketing tools to deeply understand pricing and other consumer trends, design digital and email campaigns, as well find the right numbers and statistics to showcase their local knowledge. This not only helps them filter their leads to pursue the ones with the highest chances of conversion, access to such information also builds builders' and dealers' credibility in a reasonable unorganized sector.

While location targeting and local knowledge is one end of the deal, perhaps the biggest use of data in real estate is in strategic, comprehensive, and data-centric marketing strategy.

Technologies and Data Sets That Are Leading the Charge

Traditional GPS systems that allow location pinning have already proven to be significant for real estate marketing. Homebuyers can navigate from their current locations to the homes and areas of their dreams using traditional GPS systems. But location holds the key to so much more potential in real estate marketing!

Geofencing

Geofencing is based on GPS and RFID technologies. That means that new-age real estate properties can create invisible boundaries within which they want to promote their homes. With geofencing, real estate dealers and brokers can now target locations like office areas, public property, and shopping hotspots that get footprint from the relevant demographics in addition to the location of the property itself. Combined with mobile marketing, geofencing is leading the charge for new age real estate marketing.

Beacons

Yet another technology that is bringing a paradigm shift to real estate marketing is Beacon. Beacons are typically tiny, pocket-size transmitters that are installed in relevant locations. Using Bluetooth low energy protocols, Beacons together with a location-based app are able to display relevant digital and mobile ads to Bluetooth enable smartphones in the vicinity.

Transactional Data

Yet another extremely crucial data set for real estate marketing is transactional data. Combined with location data, it forms a powerful force to accurately segment audience for your marketing outreach and sales campaigns. For example, if consumers who have the spending potential to purchase your ultra luxury property are located in specific areas, you can segment them based on spending potential and target your advertisements using location data.

The Many Use-Cases of Geomarketing and Data-Centric Marketing for Real Estate

New age location technologies such as geofencing and beacon might have different ranges, targeting capabilities, boundaries, shapes, and sizes but eventually, both of them accomplish the same objective – targeting mobile devices and hence consumers on the basis of their real-time location.

There are many use-cases of these technologies, for example:

Amenity Promotion

Take for example specialized senior citizen properties that ensure amenities like easy access, doctor on call. These amenities can be promoted in specific locations such as hospitals and retirement homes. Your property has an almost Olympic-standard swimming pool? Promote it at the faraway sports club that regular athletes frequent on weekends.

Community Promotion

Location-based technologies can engage visitors from the get go. When a new consumer enters your property, send out relevant messages about the community that lives there. Demographics, celebrations and events, public utilities etc are good conversation starters for community promotion.

Floor-Plan Promotion

Your model villa getting the most footfall but sales haven't come through because of the size and hence costing of the villas? Promote other floor plans to mobile users dropping or driving by your model units.

Home-Next-Door Promotions

Have a property right next door to a large office area? You can time your property promotions immediately before and after the professionals from the area brave peak hour traffic. Not only does geofencing allow you to target relevant demographics, it also allows you to serve your advertising in a location-relevant, timely manner.

Aspiration Marketing

Transactional and location data together can also help target new consumer sets in the market, such as first jobbers and those in the market for their second home. These consumers are likely looking for modern amenities and a general lifestyle upgrade. By deeply understanding their lifestyle choices and spending power, and targeting accurately, real estate builders and dealers can design the right communication to reach them at the right time.

These use cases are by no means exhaustive, simply because of the sheer potential of location based geomarketing and data-centricity in real estate. As attention spans dwindle and too many screens vie for a consumers' attention, service relevant ads at the right time at the right place is going to become that much more important. It is therefore up to brokers and dealers, promoters, and builders to start the conversation if they are to tap into the vast potential of new age targeting and marketing for real estate.

Are you ready to truly turn your property from yet another me-too apartment complex to sought after home address?