Ubiquitous net connectivity, proliferation of clever devices and advancements in technologies have supplied a fillip to digitisation in the previous handful of years. Indian actual estate stands on the cusp of digital transformation that has additional gained momentum throughout COVID-19. While realty sites and social media presence have been about for a handful of years, most actual estate transactions took spot offline, such as web page visits and face-to-face meetings in the pre-COVID era.
Homebuyers utilised sites and social media sparingly and mainly for acquiring the developer’s credentials. Digitisation has unlocked new possibilities for developers and brokers to rethink and redesign their solution and service offerings by revisiting their drawing boards though incorporating homebuyers’ preference in the ‘new normal’.
The lockdown restrictions amid COVID-19 in 2020 prompted actual estate developers to shift to an on the web mode of operations to sustain the momentum. COVID-19 has catalysed digitisation by making a sense of urgency in the actual estate ecosystem to adopt technologies on a wider scale. Since then, technologies has emerged as a panacea to remain connected with shoppers, develop a sturdy brand recall across digital media, boost efficiency and enhance the buyer practical experience. A CBRE survey highlights that more than 90 per cent of the occupiers and developers aim to digitise their organization operations inside the next 5 years.
Here are some next-generation technologies and tools redefining the actual estate landscape.
Mobile apps and on the web obtaining platforms
Developers are increasingly utilizing next-generation tools such as mobile apps and on the web obtaining platforms that serve as a one-cease remedy for accessing the data on their credentials, offerings, cost, configuration, and so on. The seamless navigation and very simple user interface are the hallmarks of such mobile apps that provide ‘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 completed projects.
Social media
While digitising their platforms, developers are also leveraging social media to engage shoppers and create leads for their organization. Social media also assists developers to recognize the pulse of their target audience and address their queries, feedback and grievances in actual-time. Building a robust social media presence also boosts their recall across platforms and monitor brand conversations.
Remote Working
The adoption of versatile work models has necessitated the scaling up of investment in cloud technologies and information safety to foster collaboration amongst remote workforce across scattered geographies. Early adopters amongst the developer neighborhood who provide a superior post-crisis practical experience will preserve their competitive edge.
Digitisation has led to savings in time and sources apart from enhancing credibility, transparency and accountability in actual estate. It has also facilitated information-driven and informed selection-generating and redefined the focus towards price-effectiveness and realigning preferences in line with customers’ expectations. Consequently, organised players with sound credentials and fantastic track record will invariably command an edge more than their peers in the post-COVID era.
Opportunities and Way Forward
The COVID-19 pandemic has unlocked tremendous possibilities for the actual estate ecosystem to devise out-of-the-box options to create user-friendly interfaces, quick navigation and prompt redressal of buyer queries and grievances on the web.
Taking a cue from the influence of digitisation, there is now a require to focus on curating experiential reality platforms as portion of the broader digital transformation tactic to nurture deep relationships with shoppers. An intelligently conceptualised digital journey can maximise buyer engagement, boost brand visibility and influence the bottom line of actual estate corporations. Emerging technologies such as information analytics, Artificial Intelligence can furnish strategic insights into customer behaviour and demographics and facilitate the deployment of actual-time options to avert unplanned downtime. Digitisation can also bolster advertising and marketing efforts, shorten the sales cycle and streamline operations devoid of escalating overhead charges.
The COVID-19 crisis did lead to disruption it has redefined the realty landscape by means of digitisation and rethinking of sales and communication methods.
(By Ashok Kapur, Chairman, Krisumi Corporation)