Increase the engagement in Real Estate Sector
Summary: The real estate sector is divided into core land and residential complexes, with the latter offering higher profit potential but facing significant challenges like delayed project deliveries, high costs, defaults, and lack of trust. To boost engagement, several measures are suggested: (1) Government involvement beyond monetary terms through standard operating procedures to ensure trust and due diligence. (2) Timely project deliveries to build loyalty and foster referral marketing through positive customer experiences. (3) Providing easier access to loans, lower interest rates, or enhanced credit facilities to support buyers during project development stages. (4) Aligning with government-proposed infrastructure plans to instill future prospects and connectivity benefits. (5) Utilizing strategic PR and marketing tactics, such as associating projects with luxury or aspirational elements, to attract attention and build brand reputation. (6) Hosting events to engage stakeholders and maintain consistent communication. These steps aim to address bottlenecks and create a seamless relationship between stakeholders across the value chain.
Case Problem
Increase the engagement in Real Estate Sector
Opinion
Real state is further Trickled Downed into 2 Major Segments, the first one is Core Land and the second one is Residential Complexes.
The former one is the fascinating one and self-driven but the later one is the area where the huge profit making possibility is there and a more difficult task to done.
Why are we saying it a difficult task, it is because the experience and notion belongs to later segment was not up to the mark/not good. It is because the untimed deliveries, huge waiting period, big investment costs upon someone, default cases, government restrictions and parametric test upon a small chunk (which is easy to modify) defeat the trust of the consumer or stakeholders.
To build that trust further more deepens, some measures needs to be implemented in the targeted areas which may be –
1. Government stake holding should be there (not just by monetary terms) but by following the government laid SOPs or both. It will assure the stakeholders and more precisely the second party which is the customer itself to have a trust due to the skin in the game an equally important as for the government body itself and will automatically attracts the due diligence and legitimate standard operating procedures in the whole process of transaction and dealings.
2. Timely deliveries of projects for loyalty and further businesses and projects to implement. This step will guarantees and ties the further bond with the project developer and the customer for upcoming associated services to it and would help in referral marketing itself which will behave like the Chain Mechanism as in the process in the subject of Chemistry.
3. Ease of loan access or considerable low market rates or huge credit lending/credit appraisal facility to the customer/client at subsequent stages of production. Low interest rates below to the market is only possible when the Scale of Production becomes the enlarged. But for enlargement the above stated step should be in line robustly. Else if not the interest rates, then the ease of access and final deliverables of credit should be the main priority which is easier to have as compared to the former one.
4. Delivering right promises along with some of the lavish or dream infrastructural activities/ projects as proposed by the government or in their upcoming Financial Budgets. This will induce the hope and future prospect of the infrastructural projects and hub and spoke model’s network connectivity related to the proposed projects.
5. PR networking and Right Fit marketing tactics like that of the DHF Camellias or Zobato’s office in DHF Building/Mall (for the sake of reference and not to be considered the real names of the company itself) where Luxurious Sporty Cars parked or doing the PR flex to be in the manner of stakeholders. The former is just an instance of how a brand image can be drawn on the outskirts of a PR methodology.
6. Create Events (which is again the extended version of the above stated method) to subsumed stakeholder’s attention as in the case with the Malls (Supermarket’s PR Study).
Therefore, we now have figured out a few of the ways how we can beautifully engage and establish a healthy relationship with the stakeholders whether it be First, Second or Third party (external factors of business) at every point of arising bottlenecks and at most of the situational dilemmas to cater the best way possible.
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Disclaimer : The above stated Case Problem and Opinion are subject to personal views and approach from a Layman’s point of view and may not stands pragmatic in real world scenario and thus may differ from person to person in their way of solving it. Enjoy the joy of writing and a stimuli of brain to it.
Deepak Sharma | BSc. Physical Sciences (DU), MA Economics (IGNOU), PGC Strategy (IIMB)
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