The Challenge: Unreliable and Expensive Lead Generation for High-End Properties

In 2011-2012, Favista Real Estate Private Limited, a Gurgaon-based real estate brokerage specializing in high-cost properties, was in an industry that faced a significant challenge: unreliable and expensive lead generation.

Traditional methods such as print media advertising, static hoardings, and cold calling delivered inconsistent results at a high cost. These methods were further limited by their inability to capture leads outside of business hours, a crucial consideration for potential buyers searching online after work. Additionally, early online classified platforms, while presenting a wider reach, were cluttered with listings, making it difficult for buyers to find specific properties matching their individual requirements.

Favista’s Approach: A Data-Driven Multi-Channel Strategy

Favista recognized the need for a data-driven and multi-channel lead generation strategy. Their approach involved three key steps:

  • Data Collection and Centralization: The first step involved creating a comprehensive database of properties from various sources. This centralized repository ensured all critical information was readily available. This data was then used to generate advertisements using custom made software, built in-house.
  • Targeted Online Advertising: Favista strategically placed targeted advertisements across major online classified platforms like 99acres, Magicbricks, Makaan, and Commonfloor. Each ad featured a unique phone number that directly corresponded to the specific property being advertised. This enabled their call center staff to identify the property of interest immediately upon receiving a call (based on the number that had been dialed by the interested party).
  • Lead Qualification and Nurturing: Lead qualification was a critical aspect of Favista’s strategy. Call center executives leveraged the centralized database to access property details in real-time, facilitating a smooth conversation. Another custom software ensured that all the information about the property (identified based upon the phone number) was instantly displayed on their screen. They then gathered additional information from the lead, allowing them to qualify and categorize the lead based on their specific needs. Qualified leads were then strategically directed to the most relevant sales team experts, ensuring efficient follow-up and conversion.

Expanding the Reach: Diversifying Lead Generation Channels

Beyond online classifieds, Favista embraced a multi-faceted approach:

  • Microsites: The company created over 200 microsites, each dedicated to a specific real estate project and hosted on a unique domain name. These microsites were optimized for search engines (SEO) to ensure top rankings in search engine results pages (SERPs), further increasing visibility.
  • Social Media Marketing: Favista capitalized on the growing popularity of social media by running targeted campaigns on Facebook and LinkedIn. They created niche interest groups like alumni networks and home decor communities, fostering engagement and brand awareness.
  • Email Marketing: Leveraging the power of personal connections, Favista’s founders strategically targeted email campaigns to their alumni networks. Trust within these established connections yielded positive responses.

Metrics and Results: A Transformation in Lead Generation

Favista’s data-driven and multi-channel approach yielded significant results:

  • Increased Lead Volume: The company experienced a great RoI, generating a staggering 12,000 to 13,000 leads per month.
  • Reduced Cost per Lead: Lead acquisition costs plummeted, with unqualified leads costing only Rs 40-50 and qualified leads reaching Rs 100-200. This represented a significant reduction compared to traditional methods.
  • Geographical Expansion: The technology-driven approach facilitated reaching potential clients across multiple cities. Favista began operations in Dubai, Hyderabad, and Bangalore without any physical presence, reducing infrastructure and travel expenses.

Conclusion: A Model for Success

Favista’s innovative approach to lead generation offers a valuable case study for real estate companies. By harnessing the power of data, targeted online advertising, and a multi-channel marketing strategy, Favista achieved substantial cost savings while generating a high volume of qualified leads. This not only transformed their local business but also enabled expansion into new markets without substantial physical investment, paving the way for future success.