Certain parameters will shape the online-offline model in real estate such as market consolidation, developer’s history in delivering projects, and buyer’s confidence.
Offline-online convergence was a long drawn out plan in realty, as Indian real estate players showed interest in developing projects to create a mark in global realty business. The adoption of such convergence in pre-lockdown was limited to online listings of properties, virtual tours for some luxury projects and chat-bot systems. Little did we know that a contagion like COVID-19 would bring about this radical change that will incite the authorities, developers and other stakeholders to align their function and think of ways to make the sector a finer place. The stage is set for realty to acquire digital prowess.
Certain parameters will shape the online-offline model in real estate such as market consolidation, developer’s history in delivering projects, and buyer’s confidence. To bring this all together and present it in the most dignified and accessible manner, online tools like virtual presentations, drone view tours, virtual tours, and webinars emerge as the most cost-effective measures.
Presentations created for addressing a set of homebuyers in unprecedented times had to be judiciously made, abundant with figures to show them, how the investment made now will yield them future returns. Developers have also started bringing customizations to their projects. Such transitions are an outcome of the changing lifestyle patterns. It is only via the online medium that such customizations are not only being shown to the interested buyers but also justified with an interiors expert consultation. Webinars are also being organized with financial experts for making picture clear for the investors.
Coming to the payment plans for property, they have undergone changes as per the buyer’s needs. Developers are more focused towards selling an experience, by creating payment options like never before and increasing their visibility through multiple social media channels. Offers such as a time window of withdrawing the booking amount, 6 months EMI free, gifts upon receiving booking amount, are being given by some developers. People with stable income are looking for opportunities to invest, but are lacking guidance and foresightedness. Realizing the need to reach these potential buyers, developers are connecting with them through a judicious mix of online and offline campaigns.
CRM teams of reputed developers are expanding and becoming expert in handling queries, addressing customer’s needs personally and achieving closure on deals through secure payment gateways. Ever since the Unlock has been announced, these teams are updating homebuyers about the construction progress in their projects via multimedia. All this has changed the outlook of realty from being dominated by brokers, agents and other middlemen to a more embracing investment avenue with accountability.
(By Yash Miglani, MD, Migsun Group)