Brokers Corner: Why Micro-Targeting Brings More Results
Technology has immensely changed the way property brokers used to market listings. The traditional methods are no longer effective, and it has become imperative to keep pace with the change. Without a doubt, the internet as well as social media have a tremendous impact on how property brokers market properties.
Let's take a dive and compare both old and new approaches.
Common understanding says that property listings should be advertised to as many people as possible, in hopes that the volume will reach the ultimate buyer. It is like using shotgun. If you take an aim with a shotgun, you hardly miss the shot as the scatter of bullet covers a huge area. However, it may not work effectively. Think about how many bullets are wasted using any shotgun; most of pellets don't hit the intended targets. That's what the property brokers have been doing for a long time — usually hitting the targets, wasting a huge amount of time, resources and capital, which might otherwise be used for other projects or properties.
This is the old approach for macro-targeting.
In the digital age of the internet, data and social media, there are many better ways available. Now, we have more information available at our fingertips, and we can use it for increasing the efficiency of our skill as the real estate agents. Think that for each home, you can have a summary of the most probable buyer. For example, there is a project, offering 3BHKs at Golf Course Extension Road in Gurgaon at Rs 1 crore. Who will buy such property? The general profile of the homebuyer will be as follows:
- Above 30 years of age, and possibly married with children
- Would have an annual income of at least Rs 18-20 lakh
- Should be working in Gurgaon
Now, how can you target such homebuyers? Certainly with micro-targeting! Once you are sure what kind of people would be interested in buying certain properties in your portfolio, you can make a plan to reach them out.
It can be done through property listing websites, social media and many other ways. You can forge alliances with corporate houses to promote those properties to their employees or go for marketing and promotional activities in areas where the people with targeted profiles live or spend time. It could be residential societies, shopping destinations, entertainment zones, or any such place. The idea is to identify the right customer profile, and then plan your move to make the most of your efforts and resources.
So what will you prefer now – a broad-based, old style of marketing or an all-new method of micro-targeting?