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Real Estate Moving Away from traditional marketing strategies

jueves 29 de mayo de 2008

Concentration on e-marketing and using new technology to cut costs and attract potential buyers……….Caribbean Business May 29, 2008.


In general, the economic situation has forced companies to look for ways to keep their businesses going. For small businesses, especially those in the construction and real-estate industries, these have been tough times, and creativity on how to cut costs and attract potential buyers is the name of the selling game. Integral Realty Corp., a real-estate company that has been able to sustain continued market growth despite the shrunken Puerto Rico real-estate market, is minimizing marketing costs by using the Web and other technological advancements as one of its main surviving strategies. “These are tough times and we have noticed that people are cutting down on marketing costs, which is probably the only way to popularize a project. At Integral Realty we have gotten creative and have moved away from the more traditional marketing strategies such as flyers and newspaper advertising and moved toward Internet marketing, or e-marketing,” said Johan D. Vázquez, company president.


When compared to the ratio of cost against the reach of the target audience, e-marketing is relatively inexpensive, and companies can reach a wide audience for a small fraction of traditional advertising budgets, which can be approximately 3% of a project’s total cost. With e-marketing, businesses have the advantage of appealing to consumers in a medium that can bring quick results. “We had a project in Cupey that was optioned in 24 hours through e-marketing alone,” said Juan Carlos Ortiz, marketing director of the company. E-marketing is not the only marketing strategy used by Integral Realty; the company also uses a radio transmitter where, within a two-mile radius of a project, people can access an FM station and listen to repetitive information on that specific project. “This is a technology that is not being used by anyone else on the island, and what is so effective about it, is that people can listen to the information 24/7,” said Ortiz.


The company also offers 360-degree virtual tours of its projects and focuses on creating high tech web pages for clients, which include both residential and commercial properties. “There is a lack of creativity in the real-estate market today, and tough times call for creative times. We are not concentrating on selling real estate alone; we want clients to have a one-stop shop at our company,” said Ortiz, who added that the company also believes in co-brokerage and keeping in touch with other real-estate brokers, sending market information and creating working collaborations.


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