The real estate market in India has seen many ups and downs. From the times when apartments sold like hot cakes to the times when the market hit an appalling low with no one willing to invest in property, developers in the Indian context have known both success and failure from very close quarters. Today, the situation has improved considerably, with the estimated growth rate of the sector being 11.2 percent from the fiscal year 2015 to 2020, a 1.2 percent increase from 2010 to 2015.
That might mean good news for you as a real estate developer, but in your heart of heart you know that even the present upward swing in the market is a far cry from making the situation euphoric. You know that this not going to magically transform into a seller’s market. Unfortunately, despite all your attempts and best intent, you will still be stuck with one of the most dreaded outcomes of any project— unsold stock.
Although reports show that unsold inventory declined by 7 percent in the fourth quarter of 2018, it still amounts to 6.73 lakh units.
Now, the question is, what can you do to sell your unsold stock?
- Patience is the key: It would be too ambitious and even unrealistic to look for a miracle, because that is never going to happen. Instead, analyse the situation and try to find out what you can do to improve it. For example, can you work on the pricing? Is it too high in the present market context? Can you introduce added benefits and offers that might give your sales some extra push without impacting the bottom line?
- Maintain your presence: Your project maybe old, there may not be any new update or newsworthy item to share; still maintain your brand presence. Brand recall plays a very important part in the decision making process of any consumer. If you do not have an in-house team, hire a digital marketing agency to carry out the activities for you. Regular posts on Facebook and Twitter and even sharing relevant real estate information on your brand page will keep you connected to the audience in general. Maintaining a brand presence might not bring you immediate, tangible results but it will bear fruit in the long run.
- Use the power of paid marketing: Running paid digital marketing campaigns is one of the most cost-effective ways of achieving targeted results. The right digital marketing agency will come up with a strategy that banks on the optimum use of your available budget. Discuss with your digital marketing team to set goals and focus on measured steps that will get you there.
Unsold inventory is a pain for any developer. Digital marketing, although not a magic potion, can surely act as an antidote that you can count on. Contact us and let’s discuss how we may help you achieve your goals through digital marketing.