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Digital Transformation and Trends in Real Estate 2020

Posted by Balaji on October 23, 2020
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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.

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