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Economy Jul 19, 2013

Realtors turn to social media to beat slowdown in sales

By Firstbiz Staff

India's leading developers are now taking to social media to advertise their properties and attract potential buyers.

Social media sites such as Twitter, Facebook, LinkedIn, YouTube, and Flickr are not only easy to access but have also emerged as the most cost effective tool as marketing realty projects via a digital presence constitutes just about one-tenth of the cost of mass-media marketing.

Creating curiosity and discussions about an upcoming real estate development before its official launch is a common marketing tactic used by the developers these days. While surfing around these networking sites one would often find advertisements, videos, and photographs promoting a real estate project along with the developer or broker's website link.

India's leading developers are now taking to social media to advertise their properties and attract potential buyers.

India's leading developers are now taking to social media to advertise their properties and attract potential buyers.

Here's why: A Facebook page can promote properties and the business at the same time.

By sharing listings using photos, videos, and information, people can easily access beautiful pictures and information about houses for sale in their cities. And, listings posted on Facebook generate click through to one's website.

It takes a few minutes to create a page and for as little as Rs 300 or $5, one can start using the page products to bring even more attention to the page and the business.

Twitter is the fastest growing social media network and offers developers an insight into to what people in their niche are talking about and what they are re-tweeting. This helps to engage buyers with expert perspectives and knowledge on the industry as compared to alienating their them with push marketing tactics and useless details.

Mumbai-based Lodha Developers for instance uses social media to leverage the large pool of active social media users, inform, engage and interact with them and their peer groups, and subsequently influencing purchasing decisions over a period of time.

YouTube presence is key here as videos lead to views that in turn have the potential to convert viewers into buyers.

Also real estate discussion forums and other social networking websites have seen active participation from consumers, because of the common trend of developers taking its consumers for a ride post deal commencement.

According to a report in the Economic Times, Tata Housing sold one-fourth of its La Montana project in Pune through leads generated by a Facebook campaign that offered buyers a chance to experience the La Tomatina festival in Spain this August. The firm boasts of more than 90,000 Facebook fans, a YouTube channel, and active presence on Twitter, LinkedIn, Instagram and Pinterest.

Bangalore-based Puravankara group too has tested the digital market by launching a social media campaign, Breakfree, where the booking amount, pre-EMI, floor-rise and loan processing fees were waived for people who booked through their social media platforms.

In fact, Aamby Valley City conducted a brand building exercise via social media which resulted in actual sales leads through this medium. This is rather unique because it is a luxury project and implies several NRI investors have shown interest through the digital forum. Check out the PPT here.

Apart from the regular social media sites, portals like Groffr.com and Grouphomebuyers.com have also gained popularity among home buyers as such websites facilitate home purchase in a cost effective and efficient manner through the power of group buying, wherein developers can offer discounts against assurance of getting many customers.

by Firstbiz Staff

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