Where should I promote to get conversions properly? The site owner is pressing for it. And he is willing to spend a fortune in PPC.
I would strongly suggest that you go with offline marketing, newspaper ads or flyers. In the field real estate online marketing isn't going to effect much.
In my opinion let him spend on advertisements.
First try doing a PR. Its the easiest way to get a lot attention ate once. Then try other means of advertisements.