Monday, August 13, 2012

Commercial property Vs Residential Property: Key Points of Difference

Properties are of different types. These could be residential, meant for living; commercial, meant for trading purposes; institutional, ideal for setting up institutions; office spaces, suited for doing white collar works and amusement types, meant for recreational and artistic exploits. However, the most common property types to which a common has access is the residential and the commercial properties. But, there are key differences between these two types of spaces. These differences help in guiding you to take the right decision on property.

1.Usage: This is the most obvious distinction between the two and the respective uses of commercial and residential properties have been mentioned before. So, if you are clear on what you want, then an obvious choice can be made.

2.Supply: Always, the commercial properties are less than the residential properties. These are ideal for offices as well as for retail stores. Since the availability of these units is less than residences, the prices are higher. The sizes of these shops are also varied and would depend on what size the government has earmarked for these but the prices of even a small shop will be very high if the market receives good number of customers.

3.Higher rate of return: Commercial properties command a far higher rate of return than the residential properties. If the rate of return is taken to be the rental values of the properties than the residential units will be having lesser returns or rentals than the commercial units.

4.Long term returns: In India, the residential units are given on lease for about a year, if there is a formal agreement and, after that, the agreement is renewed every year. But, the commercial leases are normally given for a much longer duration. These could range anywhere from 5-10 years depending on the tenant.

Another key difference between these two types of properties is that the commercial ones have common spaces which can be used by companies for promotional activities such as road shows and also for holding musical events. This is not possible in case of the residential compounds. So, there is greater market value which is added to the commercial spaces with these types of activities.

These points usually guide a person to select whether to invest in commercial or in residential property. Some of the builders developing residential projects also have the commercial projects being developed alongside or within the residential units. These are also given on sale to the people, either from within the society or from outside. Despite the smaller sizes of these offices, the prices are higher than those of the residential units due to less availability.
These days, besides the traditional market places, there are the modern malls and shopping complexes with centralized air conditioning systems which have commercial spaces for setting up offices or shops. So, the buyer a range of options to choose from.

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How do builders market their properties?

When the real estate sector of India was just picking up, there was a huge demand and a shortage of supply. With private players encouraged to develop the properties all over the country, there was a natural picking up of the sale of new projects to investors who want to park their money in the high return investments and also to the consumers. The existing property dealers of those times were instrumental in getting the sales kick off as they formed a local tier of which gets in touch with public on daily basis. Some of the other methods which the builders of present, highly competitive times when the demand-supply situation seems to have been reversed, are undertaking are listed below:

Online marketing
Realtors have realised the potential of the internet in reaching out to the public. They have realised that people are increasing using the internet for finding the things and information that they want and creating online communities and networks. If these resources can be tapped to the full, then there is a real chance of increasing the sale of projects. In order to market themselves well on the internet medium, all developers and dealers are now willing to have some kind of internet presence, essentially through the websites and portals. But, since having these resources is not enough as many others would also have the same, it is important for them to market themselves well and judiciously. For this reason, use is made of methods such as search engine marketing, social media marketing, affiliate marketing and email marketing. This includes both the paid means (PPC, CPA, etc) as well as unpaid means (organic SEO, Facebook posting, Tweeting, etc).

Mobile Marketing
This is another domain of marketing which has picked up since the last few years. By using the SMS marketing as well as optimising websites for use on mobile phones as well as running the paid mobile ad campaigns using Google Adwords, all have been used for reaching out directly to the potential customers.

Off-line Marketing
Advertisements on radio, in newspapers, television, distribution of pamphlets, point of sales counters at key places, using the channel partners such as dealers, consultants and other influential people and through a host of other means, the builders try to improve their sales effort.

Basically, the sales and marketing effort is two-pronged. One is B2C, or business-to-consumer, in which the efforts are made to establish contact the customer directly. Another way to market is to use the B2B method, or the business to business method, in which the sales are driven through the dealers and channel partners. In the latter case, the builder has to part with some of its revenue as commissions are required to be paid to the dealer. Even institutional sales effort can be made in which the corporate bodies are approached for effecting mass sale of units at discounted prices.

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