Geofencing For Real Estate: The Future is Here and it’s location based
Are you into real estate business and looking for a strategy that can bring more leads to your business. Geofencing for real estate business is one of the marketing technique that works well for the realtors to boost their business.
Real estate geofencing is a powerful marketing technique that opened a new door for the realtors to target the audience near to their location.
It’s in an emerging stage, and most of the realtors still to taste the benefits of it. Adapting geofencing for real estate in your marketing technique can empower you to stand potent in front of your competitors.
In this digital era, targeting an audience through their smartphone is the best way to reach them.
Geofencing provides with that platform and make realtors visible to potential customers when they are most likely to buy property and near to their location. Geofencing for real estate is simple to implement and doesn’t take much efforts to build.
If you haven’t heard real estate geofence before, you might have a list of questions in your mind. Don’t worry; this article will clear all your questions related to geofencing for real estate.
What is Geofencing?
Geofencing is a location-based mobile advertising technique to trigger predefined actions. It’s an advanced and highly effective technology that helps business owners to target smartphone audiences once they enter the setup region and are likely to buy.
Geofence is an invisible boundary build across your location. When your audience walks into the region, they will get a push notification as message or Ads on their smartphones based on their interest.
How does geofencing work?
Geofencing tools work at the core on GPS or Radio Frequency Identification(RFID) technologies. It sketches a thin invisible electronic line surrounding the area you want to cover for targeting the customers.
Whenever the customer with the mobile phone installed with a specific location-based app come across that fence, their exact spot computed by using either WiFi, a cellular network, GPS or Bluetooth beacons, and triggers the corresponding action.
Example: you can show your presence to your targeted users by sending welcome messages.
You can place your geofences anywhere, even around your competitor’s locations. When your audience visits around your competitor’s locations, you can divert them by sending special offers to them.
What’s the ideal area to target using Geofencing?
Geofencing for real estate won’t limit you with a meticulous radius for building it. According to reachlocal.com, geofencing is to target the audience near to your location.
If you expand it, then with a large area, it will not make any sense of building a geofence. When you’re establishing a geofence, it’s best to focus on your backyard. If you’re not getting enough response, then you can expand a bit.
How does Geofence work?
When you decided to build a geofence, you must be obvious with certain points like-
Accumulate the Content Needed for Building Geofence
First, ascertain the area you want to build geofence based on your target audience and competitors surrounding you. You need to check with the latitude and longitude point and radius of the area.
If you’re not establishing the geofence in circular form, then you need to add some extra code and advanced algorithms to set up polygonal geofences.
Where can you get this type of information? Some companies or agencies keep up to date and complete address of a local business, or you can inquire from the internal database of store locations.
Determine the Scale of Geofence
Determine the number of geofences you want to build to target your audience. For example, you can build geofence around your competitors, target a particular area, one chain of stores, or multiple chains of stores across different locations.
To small business campaigns, the scale of geofence lies in some hundreds. For large business campaigns, you may face difficulty, and you need to take into consideration the operating system confines for the number of geofences you can build.
Check for the Accuracy.
Many of us think that the address which we see on the map is accurate, but it will not come up with the exact position of your store.
Almost you can see a 100 meters radius away from where the actual area positioned. To get the precise address of the location
What are the methods to build Geofence?
So now you’re ready with the entities to start your geofence. Now you need to decide which methods you can use for building geofence. The following are the three methods which enable you to begin with real estate geofencing.
The most common process of setting up geofencing for real estate acts on the GPS signal of the mobile device. It’s one of the best methods for mobile marketing for real estate business.
These are high-powered smart devices and uses satellite signals to ascertain their location. Installing a location detector around your property can tip your geolocation messaging service when someone comes into the threshold.
You can use your automation tools, integrated into your geolocation detector to send them messages appropriate to their marketing journey stage.
Wi-Fi signals can also act as a trigger for geofencing for real estate by detecting the users’ device. The smartphones and the tablets easily recognize the signal emitted by the wireless emitter.
Therefore, they can act as an enhanced perimeter barrier for geolocation targeting. Once a user is with the boundary, you can quickly send him a personal message through various automation tools.
Secondary target locations
Secondary target locations are the geographical points outside the primary geolocation points. It increases the boundaries of your location based real estate marketing.
This technique uses the properties around the primary location to act as a relay to expand the limits of the fence.
Therefore, even if your central target location is a bit far away, you can still get hold of the users who have crossed the secondary perimeter and send them marketing messages about your properties.
Benefits of Geofencing for Real Estate
1. Attract People around you
You can send customized messages to the audience near to your location with the right offers at the right time. For real estate business, if you’re an agent, building owner or property manager, you may have different ways to promote your business.
However, geofencing is the best technology that can work for your real estate business. Whenever someone enters your region, you can send them push-notifications to make them aware that near to this location there is some property for sale, their features, offers, benefits and other things which can trigger them to come to the location and later to convert them.
2. Analyze your Competitors
After knowing the features of the geofence, many of you will not get an idea that instead of building geofence around your region; even you can do this with the competitor’s site.
Yeah, we can do this and can divert your competitors’ audience towards your business by sending offers at the right time. Real estate geofencing is a new technique and gains a good go for the realtors who are practicing it.
However for some realtors, It’s not new, they are already practicing it and getting success in it.
3. Target your Competitors
When we are into real estate business, to stand out from competitors, we need to tackle many real estate marketing challenges.
According to the source from Forbes.com, 25-50% of brands are spending some amount on competitors. Real estate geofencing will help them to know how their customers are attracted to their competitors’ business, by analyzing those points they can work on those points and retain customers.
Moreover, it will help you to know the loyalty of your customers. It can make you comprehend how often customer visits your competitors.
4. Gather Customer Data
Real estate Geofencing is used by businesses to collect customer data to know their buying capacity, intent and habits even better.
By Collecting a tremendous amount of customer data and analyzing over a while, you can make better decisions to target customers in that defined location.
Geofencing considered as the right method for gathering customer information to process them further for business analytics.
5. Makes you available for your Customers
Geofencing for real estate is a robotic process. Whenever the audience arrives into your region, they will get the predefined messages from your side.
It doesn’t need your presence at the office to send a notification. It will work for you even when you’re not at your place. Real estate geofencing can help you not miss any opportunity to attract your customers in any of your geofencing regions.
Let see how geofencing for real estate works practically.
Suppose you have built a massive project in your city. Your standard marketing strategies would undoubtedly spread the word about the property. Some people might be interested and look to buy an apartment from you.
However, over time, they may get busy in their routine life and start neglecting their intention of buying the property. Here geofencing helps you out. It allows you to set up a fence around your real estate property. As soon as customers cross the invisible boundary, they will automatically trigger the action sequence, which will enable you to send custom messages to them.
6. Bring Down Advertising Cost
Geofencing for real estate helps you to target your audience with clean data. It sends customized messages only to those who cross your setup regions.
Therefore, you can get real-time insights with an enriched customer portfolio to target, by reducing your overall advertising costs.
7. Send Personalized Messages & Ads
Whenever your targeted audience crosses the region, you will get notified about them as you have already created messages for different cases based on customer preference and interest.
Your audience will automatically get a push notification based on their interest from you with offers, details of the property, loan facilities and many more.
With these push notifications, you can be more specific to your audience and can reach them at the right time with appealing messages.
8. Let customers Reach you
Geofencing for real estate makes it easy for you to reach the audience near to your location. Sitting at your office place you can convey your message to your audience no need to reach them for discussing your property features, images, and other details.
By just one push notification with a link to your website help them to clear doubts they have about the property. Geofencing for real estate will filter the audience who will reach you and saves your time, efforts and money.
9. Get Qualified Leads
Real estate geofencing fulfill the purpose of realtors to reach the right audience at the right time and location. It helps you to target the audience with more probability to convert.
It assists you to prioritize your customer based on their interest and filter the rest.
10. Target Customers of Other Relevant Business
If you’re into real estate business, you can build a geofence around the home loan offering company. Like, people who are interested in taking home loans may get interested in taking your property.
Similarly, you can build geofence around other business where you can find your customers and can quickly grab their attention.
We are living in a world, where we can’t find people without a smartphone in their hand. People are more dependent on their smartphone to perform any activities. If you’re still following the same traditional techniques to advertise your real estate business, it will not prove to be effective for your efforts.
Geofencing for real estate is the right marketing technique to reach the people of this modern world. It will fetch you right audience for your real estate business and saves your advertising cost, time and efforts. It will also help you to target your competitor’s customer.
Real estate geofencing assists you to prioritize customer based on their interest and makes you available through push notification at any time.
It’s crucial to implement real estate geofencing because choosing the right marketing strategy can do wonders for your real estate business.
If you have any doubts, leave a comment below, we will help you.