Real estate is the second-largest employment sector in India, poised to become a trillion-dollar economy in India by 2030. Tens of billions of dollars were being invested in real estate in India until the Covid pandemic hit, seemingly bringing the world to a standstill.
Locobuzz hosted a webinar “Real Estate, AI and Automation in the Age of Covid” in which we took a deep-dive with four industry leaders who have not only survived but thrived amidst the pandemic.
Here are the key takeaways:
Invest! Invest! Invest!
Real estate in India is still largely local. The small to mid-sized developers are realizing the benefits of investing in ORM and AI for leads generation. These developers need to integrate technology all across functions to better target and penetrate the market.
Conversations lead to relationships
Response time is the most important factor in ORM. The gold standard for response time is reversion within 15 minutes from the time the consumer submits the enquiry in real estate ORM. Maintaining this response time helps a brand secure consumer confidence and interest.
Chatbots: High Availability, High Reliability Customer Experience in real estate is highly dependent on two factors: quick turnaround time and information availability. A well-designed chatbot optimizes both, significantly increasing the conversion ratio of leads to walk-ins.
Adapting to Changing Demand
As technology changes by the hour, it needs to be adapted to the needs of the consumers. Customer centricity led technology intervention must be focused on. For example, technology is enabling real estate developers to take their product to the consumers through “virtual tours”. Some real estate companies witnessed a shift in demand from under construction to ready to move in properties. They quickly identified and responded to this by focusing on ready to move in properties rather than setting up campaigns for properties under construction.
Future of Commercial Real Estate: Not so Bleak
The pandemic has expedited the adoption of work from home technologies. In the short term, the demand for office real estate has fallen as companies reevaluate their real estate portfolios and expansion plans. However, in the long term, the demand will stabilize.
De-densification, that is an increase in allocation of a square foot per person in an office, will nullify the impact of more people working from home even after the pandemic ends.
Smarter Technology, Smarter Homes
The pandemic has changed consumer behaviour, making issues like sustainability and environment more important to people. Technology can help realize these needs. Technology can meet the need to adapt to work from home as rooms are being converted to office spaces after the pandemic.
The Way Forward
Over the past few years, developers have recognized the potential of digital media, especially for geotargeting. After the pandemic, digital is responsible for 95% of quantum lead generations. Eventually, it will also facilitate conversions, allowing people to buy real estate online.
Internal alignment within a company is the first key step after the pandemic has scattered employees in different geographic locations. Only then can a company focus on strategizing and implementing consumer outreach. Ultimately, the webinar was a testament to the great partnership between the real estate industry and digital Customer Experience Management, automation, and big data analytics!
Find the full webinar on Locobuzz's Youtube Channel.
Locobuzz is a saas platform that converges with technologies such as AI, ML, Big Data and Analytics to provide brands with a 360-degree Customer Experience Management suite. Locobuzz’s powerful analytics algorithms have helped seasoned brands establish a strong foothold in the digital hemisphere and transformed their customer experience journeys. Visit our website www.locobuzz.com for more information on our cx management services that are catered toward businesses like yours!