Understanding The ‘Discovery Stage’ of a Real Estate LeadPosted on 21 Dec by

Understanding The ‘Discovery Stage’ of a Real Estate Lead

This blog is part of a continuing series on real estate marketing where I write about various stages of a home buyer. If you haven’t read the previous two blogs in the series, I recommend reading them first by accessing the following links:

Understanding A Home Buyer's Journey - A Must Read For Real Estate Marketers

Understanding the ‘Awareness Stage’ of a real estate lead

As mentioned in the blog about awareness stage, the initial stage of a home buyer’s journey begins when a person becomes aware of their need or pain with regard to having a home of their own. Once the awareness is established, the prospect moves into a stage where they notice the various solutions that are provided in the respective market they are likely to purchase from.

Following are the 5 activities that real estate marketers can do to better reach the potential customers while they are in the discovery stage.

Build brand familiarity

Discovery stage is the best stage in a prospective home buyer’s journey where a real estate vendor can build brand familiarity. The idea is to help them navigate the stage with enough information to make their journey easier. While providing information, indirectly the brand is being introduced as a trusted entity in the mind of a prospect. The brand connection that is made during this stage will give the marketer a clear edge with a prospect in the consideration stage where they start to compare different vendors.

Differentiate yourself

A marketer should understand that his/her counterparts have similar tools available to them to make their pitch to the lead using both traditional and digital platforms. As you are operating in a very competitive market, a lot of players will be offering products at almost identical rates and similar features. The challenge for a real estate marketer at this stage is to clearly differentiate their brand and product/services from the competition.

Focus on solutions

Discovery stage is where a prospective home buyer actually start searching for solutions to their identified needs or opportunities. As a real estate marketer, your job at this stage is to give answers to their questions with regard to list of solutions, including your products.

Offer alternatives

It is very important to talk about multiple types of solutions to their needs as the prospect has not yet decided to buy a product that you are trying to market. A prospect may need to relocate to a new city and in turn realise the need for a new place to stay, but will consider multiple options such as sharing space with a relative, company guest house, renting a home, buying a second hand home or even building a new home if the relocation is of a long-term nature.

Guidance on support services

A prospective home buyer has to deal with a lot of challenges in today’s turbulent economic climate. They have issues with reduced savings, loan eligibility, rising property rates, etc. Also, there is a lack of understanding about how to buy a good home in today’s market conditions without making a mistake. Prospects really appreciate genuine efforts from a brand to attend the specific pain points in various areas like the ones mentioned above.

Conclusion

It may be tempting for real estate marketers to talk about their products, features and benefits whenever they interact with a prospect. Customers have more control and they are constantly searching for more information using digital channels. The best way to impress upon a prospect at this stage is by being empathetic about the situation they are in - it may be a problem, an opportunity or a desire for a better living.

This resource was published by
21 December 2016
  • Hi, I'm Janeesh Uthuppan, I work as a Digital Strategist at Webdura. I'm passionate about Analytics and Marketing Technology. We here at Webdura, help companies to implement a comprehensive digital marketing strategy to increase results exponentially.

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