Digital Transformation and Trends in Real Estate 2020

Tough times seem to give rise to inventions and changes and the same is the case with

the real estate industry in India. The Coronavirus pandemic and the subsequent

lockdown have led to considerable pressure on most of India’s real estate companies.

To address this, developers, in contrast to the conventional methods of doing business

earlier, have taken up creative marketing methods. These include virtual tours, Digital

marketing, video tours, and more.

One of the key factors behind a decline in property purchases during the lockdown is

because customers are unable to visit the sites of the project. Many developers & Real

estate agencies provide buyers videos with walkthroughs of properties. While it is still

unusual to finalist their choice based on these images, many buyers briefly list their

choices in this way. Many developers build 3D digital models of their projects and

enable prospective buyers to take free virtual tours of these properties on the site. In

some cases, the developers are even providing virtual tours of the entire

neighborhood.

There were also several developers hosting e-launches and webinars. In particular,

developers and Real estate agents with their own websites host certain webinars where

prices and other rewards are revealed. In addition, homebuyers may even ask their

own questions.

Such approaches are quickly gaining success and popularity. First, when a developer

adopts digital tools, by communicating a forward-thinking approach & efficiency to

keep pace with modern times, it helps create a positive impression among

homebuyers.

Secondly, with most homebuyers having internet access, online processes make it

much simpler and hassle-free to search for and choose homes. Instead of having to go

through a large range of choices for homebuyers, including irrelevant ones, chatbots

powered by AI can now communicate with them, take note of their requirements, and

recommend properties.

In order to reduce physical contact to a minimum, top developers are investing enough

money to create websites that are eye-catching and easy to use. Given that virtual

tours in India are still a recent trend, sales derived from them are very satisfied so far.

In order to survive in the market, real estate agencies are rapidly adapting to the

present situation by going digital. In reality, since before the pandemic, some of the

leading builders and agents had their own portals already. Even in the post-lockdown

period, the trend of digital tours and deals is expected to continue and people are

starting to realize how easy it is.