Real Estate Marketing and Sales in India: A Historical Overview

As a coach to Real Estate Business Owners, I often come across clients who hold a rigid mindset towards their marketing and sales team. They cling to old stories about their own struggles and first sale and expect their team to follow the same path to become a successful salesperson. However, they forget that they are dealing with human behaviour, which is the most volatile force on the planet. Such a mindset fails to acknowledge the evolution of the Indian market and the changes in customer behaviour over the years. In this article, we'll explore how the Indian market has evolved, and why it's crucial for real estate business owners to keep up with the changing dynamics of human behavior in order to succeed in their sales and marketing efforts.

Real estate marketing and sales in India have evolved significantly over the years, driven by various factors such as economic growth, urbanization, and technological advancements. Here is a brief overview of the history of real estate marketing and sales in India:

1. Pre-Independence era: The real estate market in India during this era was largely unregulated and dominated by a few large landowners and wealthy individuals. Marketing and sales efforts were limited, and most property transactions were conducted through personal networks. People's perspectives on real estate were generally focused on land as a symbol of wealth and status, rather than as a commodity for investment or development.
2. Post-independence era: After independence, the government introduced various reforms to promote housing and urban development. The National Housing Board (NHB) was established in 1954 to promote affordable housing, and the Urban Land (Ceiling and Regulation) Act was passed in 1976 to regulate land ownership and curb speculation. However, the real estate market remained largely fragmented and unorganized. Marketing and sales efforts were still limited, with most transactions taking place through personal networks or word-of-mouth referrals. People's perspectives on real estate began to shift, with an increasing focus on the need for affordable housing and urban development.
3. Liberalization era: The liberalization of the Indian economy in the 1990s led to significant growth in the real estate sector. Developers began to adopt modern construction techniques and marketing strategies, and the introduction of foreign direct investment (FDI) in real estate in 2005 further boosted the sector. The emergence of the Internet and digital marketing also led to the growth of online real estate portals. Marketing and sales efforts became more sophisticated, with developers using a variety of channels such as print advertisements, billboards, and online ads. People's perspectives on real estate began to shift even further, with an increasing focus on the potential for real estate as an investment and the importance of transparency and accountability in the sector.
4. Recent developments: In recent years, the government has introduced various measures to promote transparency and accountability in the real estate sector. The Real Estate (Regulation and Development) Act (RERA) was passed in 2016 to protect homebuyers and regulate the real estate industry, and the Goods and Services Tax (GST) was introduced in 2017 to simplify taxation. The COVID-19 pandemic has also had a significant impact on the real estate sector, with developers adopting new marketing and sales strategies to adapt to the changing market conditions. Marketing and sales efforts have become even more focused on digital channels, with developers using virtual tours and online platforms to showcase properties. People's perspectives on real estate have become even more focused on the need for transparency and accountability, as well as the importance of affordability and flexibility in housing options.

As we've seen, real estate marketing and sales have undergone significant changes in recent years, and this trend is set to continue. With the rise of digital technology and changing consumer behaviours, it's more important than ever for real estate developers and brokers to stay ahead of the curve.

One important step is to embrace digital marketing and sales strategies. This means creating a strong online presence through social media, search engine optimization, and other digital channels. It also means investing in virtual reality technology to provide immersive property tours and allow for online transactions.

Another crucial aspect is to focus on building relationships with clients. In today's market, buyers and sellers expect more than just a transactional relationship. They want to feel connected to the real estate professional they are working with, and they expect personalized service that meets their unique needs and preferences.

To prepare for these changes, real estate developers and brokers should invest in ongoing training and education to keep up with the latest trends and techniques in marketing and sales. They should also prioritize hiring team members who are tech-savvy and customer-focused, and who can adapt to the rapidly changing landscape of the real estate industry.

By embracing digital marketing, building strong relationships, and investing in ongoing training and education, real estate developers and brokers can position themselves for success in the years ahead.