The Indian real estate sector is on an upward trend with the incorporation of initiatives like RERA, REIT, and enhanced transparency. According to data shared by IBEF (Indian Brand Equity Foundation), the real estate sector in India is expected to contribute 13 per cent of the country’s GDP by 2025; and reach the US $1 trillion by 2030. This sector has also attracted a lot of foreign investment, especially in the commercial segment. All these factors make it an enticing industry to invest in, and be a part of.
For those that are already a part of the real estate industry, or those looking to take this step, there are a number of factors one should consider, and factors one should put in place to build the right foundation for their business.
Pick and choose your specialty:
The real estate sector is very vast and covers a multitude of options like residential real estate, commercial real estate, land investments and more. You should consider a number of factors like domain knowledge, availability, budget, market preferences, and others to choose the right specialty for you to begin with. Starting every vertical at the same time can be a recipe for disaster, so it is always better, to begin with, one segment and focus on the next segment as you get settled in your business.
Research and evaluate:
While opening any new business, to enjoy a satisfactory stint in the market, it is very important to conduct your research on your chosen field. Before you begin, you must carry out a detailed research study into current market conditions; demand vs supply balance, competitor analysis, industry firsts and more. This helps you get better prepared for starting your venture, and also helps you understand the problems that you may have to combat.
Know how to market yourself:
While opening a new business is an important aspect, it cannot be sustained for long without a good marketing strategy. Brand awareness is an extremely important aspect of making yourself and the Indian audience knows your business. There are a large number of real estate-related professionals today, so in order to create your own niche and build your customer loyalty, it is crucial to show them your portfolio of work in an enticing manner.
Stage the property you are selling:
For a lot of people, viewing a property is an emotional moment. Most Indians invest large amounts in property, hence they tend to focus on details and imagine what their stay there would be like in any property they view. Thus, instead of showing them an empty house, it is advisable to set it up to give them a better idea of what their life would look like there. Visual representation is a strong medium that can influence the imagination, making it a good tool to prompt the sale of the property.
Create a website and use social media:
The world is moving further into the digital age and in India, internet penetration has grown exponentially. Because of this, it is highly advisable to include this medium when planning your company’s communication strategies. Today, people start their search for new properties online. This helps save time and effort and lets them explore a range of options to gauge according to their needs, interests, and demands. Thus, having a website with an efficient UX design and online marketing presence will help to reach more customers, and with greater efficiency.
Encourage referrals and word of mouth:
Real estate property is a big investment, and many people look for verified sources when they want to buy. It is extremely important to encourage referrals from previous customers. Satisfied customers generally do not have a problem in giving out referrals, and it helps in building goodwill for your business. Giving out bonus offers for those customers giving referrals can also boost this process.
The author is the Group Promoter, Goodwill Developers