Digitization enabling real estate sales during lockdown

The real estate industry which was already poised for digitizing its processes, practically overnight, with the ongoing COVID-19 pandemic and the announcement of the lockdown has magnified its importance on technology. Within the residential real estate, developers have taken the digital leap. They have become more inclined towards investing in online sales processes to ensure a convenient home buying process during the pandemic. We have been seeing good traction in the demand for residential homes and we are seeing demand coming back to the sector. We have seen a considerable increase in enquiries over the past 4 months with most customers using digital mediums for house hunting and project shortlisting amid the lockdown. The emergence of this unprecedented crisis has undoubtedly accelerated the pace of digitization within the industry, redefining parameters and forming a path for fundamental home buying and selling strategies to ensure the sector stays afloat. Several real estate developers have been working towards digitizing the complete sales process with the help of cutting-edge technology while duly abiding by their social distancing protocol. The following are some methods that have helped developers like Godrej Properties to adapt to the changing times and that will be essential during the ‘new normal’: Enhanced networking and lead generation through social media: Realtors can develop strong networks with customers and prospects along with their industry peers through various social networking sites. According to a report by the National Association of Realtors, 47% of real estate businesses note that social media results in the highest quality lead compared to other sources. While social media does provide a platform for mass e Personalized experience with Conversational AI: Chatbots, which are the most common form of Conversational AI, can engage sales prospects online. Customers today favor a conversational tone in marketing messages which makes it imperative to have a more personalized approach. Chatbots can identify a user’s intent and extract important details enclosed within their request to provide appropriate responses and solutions. Site visitors are nurtured with insightful information about the properties that they are looking for and are provided with recommendations to help them make informed decisions. Closing deals through video conference: Video conferencing has emerged as a convincing digital tool that has been adopted lately by realty players. While staying true to the social distancing norms, developers have made sure that they are in constant touch with their internal stakeholders, channel partners and customers by using tools such as MS Teams & Webex to host CPs and customers, taking them through the product offering and make live bookings, without the need of any paper intervention. Seeing the bright side of adversity, developers, along with their channel partners, are counting on webinars and online seminars to tap potential buyers and investors. Prospective homebuyers can also view the properties from wherever they are, allowing them to scrutinize the property and ask detailed questions carefully. Market listings with remote viewing and virtual walk-throughs: Social distancing has changed the way people interact and inhabit physical spaces. However, the combined power of advanced 3D modelling and virtual tours are spearheading the online property market. Developers are striving hard to bring this technology to a broader audience and provide a unique virtual tour experience for home buyers. These contactless walk-throughs save time, avoid multiple people from visiting properties and are ideal for the initial stages of seeing homes online. The following few months are going to see a massive adoption of technology as an outcome of the Covid-19 pandemic. Customers are going to be more active on digital platforms, and developers will come up with new strategies to sell their homes online. The crisis has undoubtedly given the sector a major push towards widespread technology integration and equipped them to face crisis situations with ease. Digital platforms that are aiding the industry today will form a strong foundation for businesses tomorrow, and these new upcoming technologies will create a seamless buying experience for homebuyers. Source: Financial Express