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We are living in 2023.
Think about something that defines this age. Something like self-driving cars or AI powered chatbots such as ChatGPT.
Now think about something that is as old as the Earth itself. Real estate perhaps? Kind of obvious, isn’t it?
It seems difficult on the surface, integrating these two industries. How can the modern-day technologies such as Augmented Reality / Virtual Reality (AR/VR) or any other digitally enabled service be of use to the land and buildings sector!
Well, today I am going to share with you just that!
How technology is the new best friend of the real estate industry
The real estate business of a city or a town is no longer confined to the people living within the city’s geographical boundaries. The business has gone global, thanks to technology.
Owing to these developments, it is more important than ever for every company in the real estate industry to differentiate themselves from others. It is no longer a luxury but a necessity to stand out from the crowd and reach out to potential clients spread across the globe.
But how?
Based on my research in the past few years, I have come up with a set of four-key elements that if incorporated into the company’s digital marketing strategy, can revolutionize its fate altogether.
These are:
- Omnichannel Marketing
- Digital Marketing – A Visualized Brand
- Experiential Marketing, and
- Hyper-personalization
Let’s start from the beginning!
If you look close enough, every big and successful brand in today’s world employs Omnichannel Marketing. In simplest terms, Omnichannel marketing is a business strategy that is focused on providing a seamless high quality customer experience to all the customers of a brand, across all its touchpoints.
Disney is perhaps the best example to reflect on Omnichannel marketing.
Disney provides everything from movies to theme parks to merchandise, and even online platforms to enjoy their OTT content. Now all while enjoying this Disney experience, people are constantly reminded of the Disney brand at some point or the other.
All of its services and platforms offer a concise experience. Switching from one service to another, doesn’t make us feel that we are out of the Disney ecosystem.
Now how do you adopt this strategy in real estate?
Build an Immersive Omnichannel Experience. Right from targeting the client to giving them digital walkthroughs of the property and till delivering the house, always reflect your brand image and its values. Begin with your purpose, those who resonate with your purpose, go on to constitute your loyal customer base.
One can make use of AI Chat Bots on their website to understand customer preferences, and also provide 3D walkthroughs to provide a seamless experience. At the same time, be consistent with your branding strategy.
Whether on the website or the application, or any offline outlet, the brand should reflect as one and not in fragments.
Moreover, Omnichannel marketing lays great emphasis on customer satisfaction.
How to ensure positive customer experience?
Well, just keep your employees happy!
Yes, this is indeed an approach adopted by several leading companies. A happy employee caters to a client with the sole motive of providing a good experience. An employee represents his entire company in front of a customer, so ensure that they are knowledgeable enough, while being happy and content as they cater to the customer.
Next up is the evergreen Digital Marketing.
If I had to choose a word that has defined Digital Marketing of late, it has to be Content. Content speaks, it reflects, and most importantly it builds a visualized version of your brand.
With a host of players in the real estate market now, it is difficult to standout from the crowd but this is where your digital marketing campaigns come in handy.
Think of when you hear about Real Estate Maximums (RE/MAX). You visualize a mammoth, right?
RE/MAX is amongst the top real estate companies in the world catering to millions of clients having thousands of agents spread across the world. But just as you hear the name of this brand you experience a sense of assurance in quality and service. This is the product of digital marketing.
Consistent Branding and Engaging Visual Content are arguably the two most important aspects of digital marketing. Whether it is on your social media channels or your website, be cohesive and consistent about how you identify yourself.
Visual Content is a game change in the real estate industry, and I cannot stress enough on this!
- Hire a professional photographer
- Create virtual tours for clients
- Create videos reflecting the utility of the property
And most importantly, do not talk only about the technical specifications but also lay emphasis on how this piece of real estate can provide one with comfort and make their lives much easier.
You cannot unearth the real utility of a service or an object, until and unless you reflect on how it is going to make your lives easier.
But marketing is no longer limited to seeing visuals, the new age marketing campaigns let customers experience the service or the product as well, all while they sit at their homes.
Yes, I am talking about Experiential Marketing.
Among the four elements, experiential marketing is perhaps the most influential tool available with real estate brands. Using this technology and method, one can build a unique property viewing experience for their clients.
Do not just give them a tour of the apartment, show them how it would feel living here.
For instance, Airbnb implemented experiential marketing through its ‘Night At’ campaign. During this project, the hospitality giant invited some of its clients to spend a night at some select iconic landmarks such as underwater habitats or castles!
How did Airbnb benefit from this? The campaign generated a lot of buzz reflecting the unique experience of living at an Airbnb.
Similarly, when you have clients who look to visit a property, you should look to turn that visit into a memorable experience for them.
Collaborate with interior designers or event planners. During the visit help your clients visualize how the apartment would look when it is well decorated or how fun it would be to host a party here!
When you experience something first hand, it creates a long-lasting impression and nothing is more trust worthy for a new customer than an existing customer with a good experience. So, document the content your clients experience when they visit a property and reflect how satisfied they are.
Take feedback from them, work on it and later you can use client stories and testimonials for your social media posts and website content to build your brand!
Last but not the least, remember, in today’s world, one shoe does not fit all. Hyper-personalization is a deal maker in the current scenario.
You need to provide your clients with a variety of customization options when they view a property. Make the most out of technology and allow them to visualize their potential home with different types of finishes, materials, fixtures, and decors.
Use of Interactive Visualization Tools such as Virtual Reality, Augmented Reality, and 3D Modelling is key here. These technologies provide an immersive experience to the clients and they do not just see a structure with four walls, but a well decorated house they can live in!
For instance, Lennar Corporation based out of the United States, is a real estate development company that employs hyper-personalization in its everyday business. The company has built a platform called Lennar Digital Experience where future homebuyers can customize the property on multiple grounds ranging from wall colors, countertop finishes, flooring, to even the appliances used.
The technology here is allowing people to visualize their home in real time and helping them bring their imagination to reality.
To conclude, technology and real estate will go hand-in-hand in the years to come. The visionaries will conjure up new ways to make the most out of the technological advancements to enhance the entire customer experience journey.
That’s a wrap for this edition of Open House, and I hope all you real estate focused professionals now have some more insights into how technology can revolutionize this industry.
And, until the next time, remember
Technology like art is a soaring exercise of the human imagination.
Disclaimer: This newsletter is intended for informational purposes only and should not be construed as professional advice.
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