1) How has space for real estate evolved over the years? Provide insight into the kind of innovations that the sector has embraced over the years.
The evolution of the real estate industry has been quite remarkable in the past decade. Previously, channel partners played a major role and took complete responsibility for selling projects. This model sustained the industry for a long period. Today, the scenario is gradually changing and the developers are completely selling out their inventories independently through online booking portals. The use of digital technology and tools is a noteworthy trend. It has gained massive momentum in recent times and it is transforming the industry.
Also, the real estate industry was one of the most unorganized sectors in India. Things have significantly improved for all the stakeholders involved like buyers and developers. The industry is now more organized with beneficial processes at every stage of the project which increases efficiency and quality. Also, it is worth noting that over the last 10 years, Real Estate has always been one of the leading industries in terms of marketing spends with budgets gradually shifting from traditional marketing mediums to digital space.
Few innovations that have set this sector apart is the use of technology solutions like 360-degree drone shoots, virtual walk-through, Online portal for inventory selection and booking, lead nurturing automation tools, and advanced analytics for tracking customer journey. Such innovations will further push the industry towards unparalleled growth in the near future.
2) With the world seeing rapid technological advancements, how has technology assisted the Real Estate Sector? What modern-age technologies is the sector looking forward to?
Builders started adopting digital solutions since 2015 and the impact of digital innovations and technological transformations has been profound. Technology has played a vital role in allowing developers and consultants to organize themselves. It has enabled to meet the new age expectations like sharing the project details with the property seekers instantly with a click of a button.
It is now possible to offer a quick turn around for all customer queries, developing infrastructure for closely tracking of key internal processes including lead management, vendor payments, allotment letter, channel partner management, etc. The brands are now leveraging the latest digital innovations to go deeper in terms of understanding user behavior, smart re-marketing strategies, and targeting. We have used many new technologies and automation tools for optimizing performance and bolstering engagement and profits.
The technology will further simplify the real estate industry and open new opportunities and possibilities for all stakeholders. It will help us re-imagine the sector by promoting convenient processes, saving time, and solving challenges. The impact of technology on real estate is visible in the context of Covid-19.
As Covid-19 is expected to last for the entire of 2021, the real estate industry would be focusing on using technology solutions like Virtual Sales Present or (an online portal that gives complete information to the property seekers including a direct virtual meeting at the developer's office), Virtual site visit experience center (a solution wherein the property seekers can experience the project neighborhood through virtual reality. Cloud-based meetings and presentations are going to be extensively used as well.
3) Impact of Covid-19 on Real Estate and what should Institutions, University's, Colleges do to overcome this situation.
Since virtual is the new normal now it has deeply affected the traditional way of doing real estate business. Builders can’t conduct physical meets anymore. Explicit outdoor branding which was already down is creating minimal to zero impact in terms of brand creation. Covid-19 has impacted the launch, sale, and purchase in residential and commercial real estate sectors.
This has brought to the fore a new set of challenges for the real estate industry related to customer interaction and communication. To overcome this challenge, all engagements are now shifting to virtual platforms. Therefore, effective communication and extremely smart soft skills are the need of the hour. It is now really important that institutions should focus to include virtual engagement sessions as a part of the curriculum to build and enhance these new soft skills.
The technology will further simplify the real estate industry and open new opportunities and possibilities for all stakeholders
Also, teaching digital marketing strategies are of paramount importance now. At Realatte, we have approached real estate digital marketing so scientifically that we exactly know the cost attribution at each funnel of real estate sales. Our mathematical model allows us to allocate marketing budgets to achieve sales of x inventory for a builder considering the property location/price/type of inventory. Thus, such intensive digital marketing learning should be imparted to students.
4) What strategy should a Real Estate industry adopt in order to position its growth in India?
The industry should be extremely adaptive and flexible to the changing demands and trends of the market. E.g. Reducing your exposure to traditional marketing channels like newspaper, hoardings, etc. especially during Covid-19 and moving towards digital solutions which are highly effective, extremely targeted and measurable is the way ahead.
Adapting the latest technology solutions with a focus on a customer-first approach, building infrastructures that seamlessly connects your brand to customers and vice versa is key to achieve growth and success. Also, ensure the commitments are met and product quality is superior. This will build and boost customer trust and loyalty for your brand.
5) On a concluding note, based on your robust industry experience and knowledge, what message do you want to put across to the readers/investors/Builders/ CXO's/ business partners.
The idea is to keep the industry together by sharing the latest trends and market insights through forums like Silicon India. With customers evolving every day, it is important that we as a brand are also meeting their expectations and reaching out to them in their preferred channels. Embracing the latest technologies that not only benefit your customers but also enhance your product offerings will help you scale exponentially and achieve sustainability in difficult times.