Open house: A new concept in Indian real estate

Updated: May 22 2014, 00:29am hrs
HouseThe cost of such open houses should be kept within strict budget in order to conduct as many as possible.
The concept of Open house has been quite niche in terms of being known to customers who plan to buy homes for future investments. Though it has been a prevalent concept, however, it has been never been used as a concept on sites to promote projects. In this concept, people are shown a fully furnished home which is put on sale, this will enable others to make the right decision with their investment in real estate.

The Indian real estate industry hasnt adapted to the habit of change which can bring forth new developments and changes all around. The best positive effect of such a concept came out when the seller is able to get a direct confirmation from his/her client, whether to sell or buy.

Paper advertising, event creation on social networks, getting signage designed and assigning agents their respective jobs on the D-day of the Open House is a daunting tasks which is always undertaken by Nirav and Harit. As hardcore marketing professionals, they make sure everything is in motion and zero-error chances are always created by the duo. They also plan on gifting goodies to customers who are really interested in buying a property, such actions help in building loyal customers and improving the goodwill of the firm.

The phenomenon that what one sees is what one believes. Virtual tours and slide shows can be the best way to convince customers about the prospective homes they are looking for. The cost of such open houses should be kept within strict budget in order to conduct as many as possible. Normally, it is seen that some of the most important information is shared through mails; however, it should be mandatory to share important information with customers during such open houses. This help in building up more trust and confidence, therefore, rise in the number of loyal customers as well as company goodwill.

It is vital to select the best available property on site to conduct an Open House session, substantial amount of time, resources and money is spent to conduct one proper session. If the property location is not right, the whole hard work can go for a toss. Manish Patni, Owner at RE/MAX Investmart feels the same. The Open House sessions are a perfect way to create a group of buyers who may or may not want to invest in a property shown to them, however, other options can also be given to them. Two most important factors which need to be kept in mind at all times when getting the shown on the road are right pricing and proper staging.

The Indian real estate has seen many changes, with the splurge of more players vying to be market leaders, the changing scenario of numerous concepts overlapping the previous ones shows that the Indian market is ready to get in equilibrium with the modern age style of real estate marketing. In todays date a real estate broker is not just a broker but a consultant to the customers. The changing reputation of a broker has led to the change in methods to be used to convince customers for sealing the deals. In order to create a mark, one needs to go beyond the boundaries of a just a broker and understand the concerns and requirement of customers in order to make them a proper proposition. The coming times will see even more tough cut-throat competition, to survive the wrath of the blade firms should be sure of doing creative and innovative thinking before taking any step.

By Mr Sam Chopra, Chairman, RE/MAX India.