You would have read in the newspapers that residential real estate in India is going through its toughest phase.
Everyday when I read the news there is always an article associated with Real Estate. And most of the time it is bad - real estate fraud, delayed delivery of projects, soaring real estate prices, poor demand and so on. There were some unfortunate cases of builders suicides too.
Understandably, all this has upset the market sentiment.How does one do quality lead generation for real estate in a tough market like this? I am sharing what worked for me. Demand has gone home. Unlike 5 or 10 years ago, there is no urgency to buy a house / property. Buyers seem to know that prices are not going to runaway. And thus are taking their own sweet time, rightly. This disinterest by potential homebuyers is leaving developers in the lurch - struggling with unsold inventory, stalled projects and also cash flow problems.
Just take a look at the appended graphic giving details on the new launches in the real estate sector. Isn't a picture worth a thousand words? The number of new launches is anything but a trickle.
This sad story is not just about the real estate builders. It has also dampened the enthusiasm of consumers, who nurse the feeling, of being cheated.I gauged this from a recent exchange with a friend of mine. We were having a conversation and suddenly he received a call from his home and he said he is going home. I asked curiously, what happened and maybe I could help. He said his father is not well as they had bought two properties somewhere and it had been around 4 years, but there is no certainty about the future.
I felt very sad as I couldn't help him. :(
Thus, it is not just macroeconomic demand, but even end consumer confidence that has been shaken, bitterly.In such a scenario, doing business isn't for the faint-hearted.It was an uphill task to generate 2,000 leads in just 2 months in a tough market like Delhi NCR.
It was possible because of a strong product, good location, brand and credible track record. But, that wasn't enough.
Successful lead generation for real estate, in such a situation, also required a deep understanding of customer segments, their house buying preferences and aspirations. This was only possible through custom targeting at scale.
Facebook lead ads provided that targeting. Please read here how.