Realtors bank on technology to connect with customers amid Coronavirus crisis

April 13, 2020 2:36 PM

Technology has been playing a significant role in redefining the parameters of developing, buying and selling processes in the real estate sector. It has transformed the way buyers and sales representatives interact with each other.

real estate, real estate in india, coronavirus, lockdown, technology in real estate, Real estate players can make the most of this phase by establishing a brand recall through virtual tools in the minds of prospective buyers.

The COVID-19 pandemic has had a severe impact on economies across the world. Many countries, including India, have gone into a complete lockdown mode. Every sector is trying to explore remote working possibilities. They are trying to integrate technological processes to mitigate the impact of COVID-19. The real estate sector is no exception to this general trend.

Realty is a segment of the physical world, a brick and mortar setup which till recently engaged with technological interventions only in matters related to planning and design. Of late technology seeped into other processes of the sector like marketing and sales; which earlier relied on physical brochures, inspection of property or visits to the completed projects.

Technology has been playing a significant role in redefining the parameters of developing, buying and selling processes in the real estate sector. It has transformed the way buyers and sales representatives interact with each other.

While the present situation in the country has kept buyers and sellers at bay but technology has been successful in bringing them close through online platforms. The entire ecosystem is migrated towards the digital platform and consumer connect portals are facilitating seamless interaction between buyers and sales representatives.

In the current scenario, a digital push in the marketing and sales procedure can do the trick for companies. Realty firms are enhancing their marketing and advertising campaigns to attract tractions on their websites.

AI-backed ‘chatbots’ on websites are used to handle routine enquiries from prospective buyers. Now, video conferencing has emerged as one of the most convincing digital mechanisms being adopted by realty firms. While maintaining social distancing realtors have been emphasizing not to lose touch either with their customers, channel partners or internal teams. The frequent and much-required channel partner meets are now taken over by webinars.

Making the best of this period many companies along with their channel partners are banking on webinars to tap potential investors.

A majority of buyers prefer to research online and shortlist the property before attempting to physically go and take a look. Virtual tours and walkthroughs giving a sneak peek into the project give customers a fair idea of the property. Other multi-media features like sound effects, narration and informative text do the trick with most of the customers. 3D walkthroughs/3D renders have upped the game to another level. Buyers get close to reality exposure of the project helping them in reaching their decision.

E-brochures have been in the market for some time now; they give the customers a detailed understanding of the project highlights. Unlike the paper brochures, they can be accessed by anyone by simply downloading from company or project websites.

In the past few years, multiple portals have marked their presence in the digital space. Letting people search properties as per their comfort and compare it online, these portals play a significant role in shaping the opinion of a prospective buyer. From virtual tours to sales queries via video conferencing to easy online payment gateways, realtors have made it comfortable and convenient for buyers.

Real estate players can make the most of this phase by establishing a brand recall through virtual tools in the minds of prospective buyers. The possibility of facilitating sales in the post-lockdown phase is probable with the adoption of these digital mediums. These technological advancements are playing a significant role and keep the ball rolling for the sector, eventually enhancing the overall customer experience.

In the future, though technology would not completely replace human interaction in the real estate sector, this would surely help in revamping the overall customer experience.

(By Ravi Roshan Singh, Associate Director – Marketing, Viridian RED)

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