Marketing any product or service is usually not an easy task. It is even more challenging to sell real estate products because the products are capital intensive. And even the rising cases of fraud in the industry has made more difficult for marketers to break through the fear. But despite these challenges, some marketers have continued to excel. Do they have secrets of doing this? Anthony Mbuthia, the head of Sales and Marketing at Olive breaks down some strategies that must be employed by winning real estate marketers.
Overview of the Real Estate Industry in Kenya
The Kenyan real estate market comprises of housing(residential), commercial property and land. With housing market recording an increase in demand in recent years, attributed to population growth, urbanization, governments’ Big 5 agenda and growing disposable incomes, marketing strategies should be aligned/inclined to the market forces and prevailing current market trends.
Trends and Challenges in the Kenyan Real Estate Market
The Kenyan real estate market has experienced significant growth and development in recent years due to the demand of housing resulting from population increase, government agenda to meet the housing unit deficit, hence both local and foreign investors from various parts of the world are eyeing the lucrative real estate market for opportunities. However, the market faces a number of challenges including but not limited to, dubious stakeholders affecting the industry reputation, both national and county -by laws, deliberately induced property market pricing affecting actual property valuation, high-interest rates affecting project financing since real estate is capital intensive among others.
· Understanding the Real Estate market
It is important to familiarize and keep up with the fast-changing growth patterns in the market which dictates customers’ behavioral shifts and trends. The changes guides marketing efforts due to a well identifiable niche market.
· Identifying Potential Buyers /Niche Market
To effectively sell real estate in Kenya, you must identify your potential buyers in the market. This involves understanding their needs, preferences, and buying behavior which is done by thorough data analysis to custom-make products. Targeting potential buyers’ specific demographics can help tailor your marketing efforts to reach the right audience. By understanding your target audience and buyer personas, it can help to tailor your marketing messaging and approach. Building relationships with potential buyers can also help increase the likelihood of a sale.
· Preparing the Property/Product for sale
Preparing the property for sale is an integral part of the marketing process. This involves incorporating the value additions done in the property in the marketing merchandise and in the marketing platforms in an effort to amplify the value for money staging the property to attract potential buyers.
· Developing a Marketing Strategy
It is very crucial to develop a comprehensive marketing plan in reaching potential buyers and generating interest with the clear and practical goal and objectives. Creating a marketing plan involves identifying potential marketing channels and tailoring the message to reach the target audience. It is important to create a consistent message across channels to reinforce brand awareness and avoid confusion.
· Advertising the Property Online and Offline
Advertising the property both online and offline can increase the likelihood of reaching potential buyers who may not have found the property through conventional means which may include listing the property on various websites, placing advert signs in strategic locations or advertising it in local newspapers.
· Utilizing Social Media and Other Digital Marketing Channels
Social media is a powerful tool for marketing real estate in Kenya. It can be used to create awareness, generate leads, and connect with potential buyers. Other digital marketing channels, such as email marketing, can also be useful in reaching interested parties.
· Pricing the Property
Setting the right price for the property is crucial in attracting potential buyers and generating interest. Several factors need to be considered when determining the price of the property. These include market conditions, the property’s location, and demand. Different pricing strategies can be used to sell real estate in Kenya, such as pricing the property below the market rate to generate interest and attract potential buyers.
· Developing a Sales Pitch
Creating a compelling sales pitch that highlights the property’s unique features and benefits can help generate interest and increase the likelihood of making a sale.
· The Art of Selling the Location
The Kenyan real estate market is diverse, and the location of the property can be a significant selling point. Highlighting the location’s unique features and benefits can help capture potential buyers’ attention.
· Mastering the Art of Storytelling When Selling Real Estate in Kenya
Crafting a compelling narrative around the property and its story can create an emotional connection with potential buyers. This can help generate interest and increase the likelihood of making a sale.
· Understanding Buyer Personas and the Decision-Making Process
A buyer persona is a fictional representation of the ideal customer. Understanding the decision-making process involved in purchasing a property can help anticipate potential objections and address them proactively.
· Post-Sale Follow-Up
Following up after the sale can help build customer loyalty, create opportunities for referrals, and handle any feedback or complaints that may arise from the sale.