A look at Pakistan Real Estate
The real estate market in Pakistan is facing a lot of challenges. The primary reason for these challenges is the lack of accurate and timely information.
The government and other experts have predicted that the real estate challenges in Pakistan 2021-22 will be challenging for relators. With an increasing population, a highly competitive market, and a few major countries like India and China entering the market, there are many reasons why this decade will be challenging for Pakistani real estate markets.
You’ll always get different replies when you ask your typical agent about their most demanding challenges. Rather than repeating well-known issues, we’ve decided to concentrate on today’s five most persistent issues confronting real estate agents.
This blog will look at Pakistan’s most frequent real estate issues and see how the government addresses them in their respective areas.
5 Persistent Challenges
1- Low Inventory
Low inventory is one of the most common problems with real estate. There’s no denying it: inventory is essential to making money. Businesses need constant listings streams to make money; even in a low-inventory market, you could find hard times.
Buying and selling homes can be challenging for even the most experienced agents since homeowners often look for someone with experience. New agents don’t have this experience yet, making them less appealing to sellers.
It would be best if you changed your way of thinking to find opportunities. You won’t find success overnight, so you’ll have to be patient and stay focused on your goal for it to happen.
Click here to read our recent blog about how the banks of Pakistan will help you in this regard.
Solution:
When you’re out of stock or in a slow selling season, referring to your friends and followers is an integral part of any sales strategy. You can get leads from referrals even if your inventory is low, so keep up with marketing and advertising.
Buyers are more likely to trust referrals from trusted friends and family. Given that most sellers only interview one agent, it is essential to widen your network for future opportunities.
2- Online listing portals are becoming more competitive
One of the significant causes of real Estate Challenges in Pakistan 2021-22 is the popularity of listing portals, and the development of homebuyer apps that have reduced. Even many brokerages find it challenging to compete with platforms like Zameen.com, Green Earth, etc.
The success of these user-centric brands with digital home shoppers is a clear indication of real estate’s future:
- Millennials will seek a real estate agent later in the buying process.
- As more vendors and customers opt for ad-free alternatives, digital advertising will become less successful.
- Finding new referrals will begin by posting your availability and skills on social media, which means that you can expect to reach your target audience socially.
Refer to Arz Realty to know and explore the property options.
- Solution: Create a community website or blog.
Your website is an excellent way to compete with larger companies and more experienced agents. It allows you to target your audience specifically and establish a presence for your company by offering information about your potential clients.
Businesses, news, and events should be featured on your news site by displaying them daily. This creates value for your users who are seeking things that are locally relevant and engaging
As your website content increases, more of it will be indexed by search engines. This will boost your organic search rankings and improve customer perceptions of you as a reliable local information source.
Your website can potentially turn visitors into subscribers. You can add segments to your database as it grows and uses them in a way that will mutually benefit both parties. These referrals may not be from people who typically respond to an ad, but they are still valuable for some reason.
3-Lead generation is expensive
In some areas, the unpredictability of auction-based CPC lead generation might inflate your ad expenditure overnight. Major real estate brands compete intensely for desirable keywords on large ad networks.
When social media was introduced, skilled marketing agents could create leads and exposure at a nominal price.
Digital advertising is getting more expensive as social media networks achieve global saturation while generating worse ROI for advertisers.
Solution: Concentrate on increasing organic traffic
People are browsing the internet daily, and you want to reach as many of them as possible. Search engines might be the gateway to your website and driving traffic there is important.
There are ways to improve your search engine rankings, with strategies like employing keywords in your webpage and title, creating a well-designed and informative website, and having backlinks. The main reason your website won’t rank is that it’s not robust enough to do so.
4- Developing a Database
Another barrier to an agent’s success is building a database of leads and recommendations.
Most agents ignore the need to maintain frequent interaction with their contacts. Inexperienced agents are more concerned with the immediate sale and do not follow up with clients after the sale.
Only 25% of agents actively seek referrals from their existing relationships and prior clients. As a result, they miss out on referral business, which can make up nearly half of your annual revenue!
Agents often look for prospects near the end of the buying cycle, but this is a faulty strategy. Looking solely for qualified buyers/sellers is a limited strategy that ignores the relevance of the client’s journey.
Top brokers have a proper system for nurturing leads during the early phases of the buying process. If you constantly nurture your contacts, you may stay top-of-mind with prospects long before they have a need.
Solution: Automate your marketing efforts
We get it; this is also among the significant challenges of being a real estate agent. Keeping in touch with dozens or hundreds of people takes time!
Thanks for technological advancements! You’ll save hours each week by automating your email delivery. Marketing automation, when used appropriately, can help you target your messaging more successfully to the right market segments.
Here are a few things you can accomplish with the help of automated tools:
- Send out emails to promote your upcoming listing.
- Run a drip campaign to automatically push content to your existing customers from your marketing automation tool.
- Display relevant advertising to users long after they leave your website or use other apps.
- Use social media automation to maximize your reach.
- Engage visitors to your website who are early in the buying cycle and are looking for information.
5-Keeping Up With Technology
There is much at our fingertips for algorithm updates, data security, privacy policies, marketing automation, SEO best practices, and SMART home technologies.
Today’s agents must be as knowledgeable about technology as they are about prospecting. Brokerages and teams, in particular, must keep up with new trends and technological advancements daily.
Buying the wrong CRM, making a transactional app error, or migrating domains to a new server can quickly turn into costly issues that set you back months.
Refer to our blog to know some real estate terminologies.
Solution: Work with an IT specialist
Whether setting up an email account, selecting a domain name, or selecting a web-based content management system, one must make tech selections carefully. If you don’t consider yourself a tech specialist, find someone who can help you with your problems.
When you run into problems, an IT specialist can advise you on cost-effective solutions and even troubleshoot for you.
If you use a website CMS or a web-based CRM, look for firms that offer live customer assistance. Check out customer service reviews to be sure they deliver on their promises.
Next Steps
Real estate is a sector that requires continuous innovation and improvement. The problems of real estate are huge, but there are solutions to the issues.
The industry has been experiencing many changes with the emergence of technology such as AI and a lot more. These changes have brought new opportunities for buyers and sellers, but they also pose new challenges for the industry.
We have discussed some common real Estate Challenges in Pakistan 2021-22, so go through them and try to overcome them to make them successful in the future.
Please email us at info@arzrealty.com with your thoughts on the aforementioned real estate issues and solutions.
You can also contact us if you need any assistance with real estate investing in Pakistan.
Keep reading our blogs for the most educational property pieces and most influential real estate blogs in Pakistan.
