Ubiquitous web connectivity, proliferation of sensible units and developments in expertise have offered a fillip to digitisation in the previous few years. Indian real estate stands on the cusp of digital transformation that has additional gained momentum throughout COVID-19. While realty web sites and social media presence have been round for just a few years, most real estate transactions happened offline, akin to website visits and face-to-face conferences in the pre-COVID period.
Homebuyers used web sites and social media sparingly and primarily for acquiring the developer’s credentials. Digitisation has unlocked new alternatives for builders and brokers to rethink and redesign their product and service choices by revisiting their drawing boards whereas incorporating homebuyers’ desire in the ‘new normal’.
The lockdown restrictions amid COVID-19 in 2020 prompted real estate builders to shift to a web-based mode of operations to maintain the momentum. COVID-19 has catalysed digitisation by creating a way of urgency in the real estate ecosystem to undertake expertise on a wider scale. Since then, expertise has emerged as a panacea to remain linked with prospects, build a powerful model recall throughout digital media, improve effectivity and increase the client expertise. A CBRE survey highlights that over 90 per cent of the occupiers and builders purpose to digitise their business operations inside the subsequent 5 years.
Here are some next-generation applied sciences and instruments redefining the real estate panorama.
Mobile apps and on-line shopping for platforms
Developers are more and more utilizing next-generation instruments akin to cellular apps and on-line shopping for platforms that function a one-stop resolution for accessing the knowledge on their credentials, choices, value, configuration, and many others. The seamless navigation and easy person interface are the hallmarks of such cellular apps that present ‘on-the-go access to information. Online platforms serve as a great medium to connect buyers and sellers. Customers can also preview and book their properties on mobile apps and online platforms.
Virtual Reality and AI-powered chatbots
Emerging technologies such as Virtual Reality, Augmented Reality are being used to showcase their premium offerings and stimulate the physical experience of the project site. Amid customer-centricity gaining currency, AI-powered chatbots are being used to offer 24×7 assistance and nurture relationship with prospective customers through personalised services.
Video-conferencing and market listings
Videoconferencing via Zoom and Skype is an enabler to closing the sales loop virtually. Market listings with remote views, webinars and 360O virtual walkthroughs without physical interaction and site verification have also become powerful tools to inform customers of their ‘work-in-progress’ and showcase the finished tasks.
While digitising their platforms, builders are additionally leveraging social media to interact prospects and generate leads for his or her business. Social media additionally helps builders to grasp the heart beat of their target market and tackle their queries, suggestions and grievances in real-time. Building a strong social media presence additionally boosts their recall throughout platforms and monitor model conversations.
The adoption of versatile work fashions has necessitated the scaling up of funding in cloud expertise and information safety to foster collaboration amongst distant workforce throughout scattered geographies. Early adopters among the many developer group who present a superior post-crisis expertise will keep their aggressive edge.
Digitisation has led to financial savings in time and resources moreover enhancing credibility, transparency and accountability in real estate. It has additionally facilitated data-driven and knowledgeable decision-making and redefined the main target in the direction of cost-effectiveness and realigning preferences in line with prospects’ expectations. Consequently, organised gamers with sound credentials and glorious observe document will invariably command an edge over their friends in the post-COVID period.
Opportunities and Way Forward
The COVID-19 pandemic has unlocked large alternatives for the real estate ecosystem to plot out-of-the-box options to develop user-friendly interfaces, simple navigation and immediate redressal of buyer queries and grievances on-line.
Taking a cue from the impression of digitisation, there may be now a must deal with curating experiential actuality platforms as a part of the broader digital transformation technique to nurture deep relationships with prospects. An intelligently conceptualised digital journey can maximise buyer engagement, improve model visibility and impression the underside line of real estate companies. Emerging applied sciences akin to information analytics, Artificial Intelligence can furnish strategic insights into shopper behaviour and demographics and facilitate the deployment of real-time options to stop unplanned downtime. Digitisation may also bolster marketing efforts, shorten the sales cycle and streamline operations with out rising overhead prices.
The COVID-19 disaster did trigger disruption; it has redefined the realty panorama by way of digitisation and rethinking of sales and communication strategies.
(By Ashok Kapur, Chairman, Krisumi Corporation)