DIGITALISING INDIA'S RE

The pandemic has had a severe impact on economies across the globe. Many countries, including India, opted for a complete lockdown.  While the restrictions stalled operations for numerous sectors, several others remained functional by exploring remote working possibilities. Almost every segment has been hit by the economic downturn. However, the prevalence of the contagion has necessitated digital up-gradation to mitigate the impact of Covid-19. The real estate sector is no exception to this phenomenon; the pandemic has resulted in rapid digital integration of the segment.

Realty as a segment is predominantly a part of the physical world, a brick and mortar setup that used technological interventions only for architectural designing and planning. However, keeping technology at bay was not feasible. Digital technology seeped into several functionalities like marketing and sales, which had earlier relied on physical brochures, property inspections or visits to project sites.

Over the last year, technology has played a prominent role in redefining the parameters of developing, buying and selling processes. It has transformed the way buyers and sales representatives interact with each other.

While the restrictions and the necessity of maintaining social distancing have kept the buyers and sellers within the confines of their homes, digital technology has facilitated their interaction through online platforms. The entire ecosystem has moved towards the digital platform. Consumer connect portals are facilitating seamless interaction between buyers and realtors with the utilization of digital forums.

In the prevalent scenario, a digital push can deliver desirable results for businesses. Realty firms are enhancing their marketing and advertising campaigns to drive traction on their websites.

While AI-backed 'chatbots' are handling routine enquiries from prospective buyers, video conferencing has emerged as the most promising digital tool for realty firms. Social distancing norms have restrained physical meetings; however, realtors strive to remain connected with their customers, channel partners or internal teams through digital mediums.

Nowadays, a majority of buyers favour online research to shortlist properties before actual site visits. Virtual tours and walkthroughs providing a sneak peek into the project give customers a decent idea of the property. Other multi-media features like sound effects, narration and informative texts are of great help. 3D walkthroughs/3D renders have raised the bar. Buyers experience a next to real exposure to the project and move ahead towards forming their decision.

E-brochures have been in use for a while now; sales professionals have been sending them through emails as they provide the purchasers with an in-depth understanding of the project highlights. Unlike paper brochures, they are accessible at a single click.

Furthermore, digital technology is facilitating the frequent and much-required channel partner meets. Many companies and their channel partners are banking on webinars to tap potential investors.

During the past few years, multiple portals have marked their presence within the digital space. While allowing people to look at properties online, these portals play a prominent role in shaping the opinion of a prospective buyer. These portals have witnessed unusual traffic over the last year and have tried to cater to this demand by diversifying their portfolios. From virtual tours to sales queries via video conferencing to quick online payment gateways, realtors and their associates have made it comfortable and convenient for buyers.

Real estate players can enhance their brand recall through virtual tools. These digital advancements have kept the ball rolling for the real estate sector. While digital interaction cannot substitute face-to-face interaction, this can help in improving the general customer experience.

Sanjay Sethi

CEO, ATS Infrastructure

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