The real estate sector is one of the key sectors for the growth of a country and its economy. However, there was an economic slowdown in the sector due to the Covid-19 pandemic that affected its growth. Despite this post-pandemic gloom and negative impact on the investors’ sentiments, India’s real estate market is showing upward trends. The Indian real estate market has started recovering from the pandemic’s effects as compared to the rest of the world. The construction segment’s rise, which reached 7.5% in the current quarter of FY2022 after contracting by 7.2% during the same period last year, is an intriguing development because of the marketing and advertising strategies undertaken by the real estate sector. According to recent research, the Indian real estate market is predicted to reach $1 trillion by 2030 and contribute close to 13% of the country’s GDP. The real estate industry is characterised by fierce competition. The management of a company looks for the slightest competitive edge over others. Therefore, real estate companies are now taking more help from PR agencies. Contrary to popular assumption, a successful PR campaign does much more than only assisting a real estate company to enhance its reputation.
Public relation is one of the essential components for success in today’s cut-throat competitive environment. To enhance a company’s image, the real estate sector needs a PR agency to concentrate on establishing a reputation, so that consumers can recognise and trust it. Building brands for real estate companies depends on their ability to take advantage of the publicity, both in traditional and digital ways. Thought leadership, industry story participation, and interviews are some of the most important PR tools to reach public. Further, PR agencies have the necessary networks, and contacts to assist a real estate company to enhance its brand image.
Let’s have a look at strategical benefits of getting associated with PRs.
- Brand Awareness
One of the main advantages of PRs is that it expands the potential audience for your comprehensive communications and marketing plan, which results in more people having knowledge about your business. As PRs strive for spreading a brand’s cutting-edge, inventive, and forward-thinking concepts, stories related to it garner more media attention. For developers, PR initiatives like virtual events, health fairs with free vaccinations, and radio broadcasts are immensely helpful in enhancing their brand image.
- Brand Credibility
The credibility of a business is related to the strength of its brand. When someone speaks positive things about the brand, its credibility is strengthened. It is another important aspect of the PR. The goal of PR initiatives is to generate favourable conversations (from media and public) about the brand to increase its credibility. This is done to help developers reach out to potential customers.
- Thought Leadership
A PR strategy aids in developing a brands view for the sector. This enables the companies to communicate their views as part of the bigger narrative through thought leadership. This lends legitimacy to the company and enables brand engagement through various PR tools. Further, it allows brands to position themselves as industry representatives. This enhances brand familiarity and positive perception.
- Crisis Management
When it comes to the real estate industry, there is an intense rivalry. Builders and real estate developers engage in scandals either due to delay in project completion or problems with land authority or banks. A successful PR campaign boosts consumer faith in the real estate sector and aids in brand development. The PR firms specialise in promoting the client’s brand, using both traditional and digital media. A professional PR agency makes excellent use of these means for corporate promotion through networking, including story participation, interviews, social media, and public events both in person and online. PR is a less expensive tool and has more credibility than advertising.
- Digital Marketing
Various tactics are used in PR strategies, such as press releases with backlinks, SEO integration in the image, advertorial, media outreach that focuses on the project benefits and developers’ outreach to foster understanding. PR helps in digital marketing of the brand by using the SEO method on the website, and through media presence. PR strategies and tools use newspapers, magazines and leadership articles, website promotion, and social media to help the real estate sector stay on top.
Also read about how to sell real estate online Â
To develop a positive image for the brand and boost its credibility in a competitive sector like the real estate, brands need expertise. Another benefit of getting associated with a PR firm is that it can divide up the chores required for the real estate business to expand. To get public attention and manage a crisis, you need to make strategies that can be done by a PR agency. If PR strategies are carefully managed and implemented, they can have a significant impact on the real estate market, or any firm.
(Anindita Gupta is the co-founder of Scenic Communication)
