If there were any lingering doubts about the indispensable need for digital transformation to aid business longevity in real estate, the pandemic has silenced them all. With a few infrequent exceptions, operating digitally is the only way to stay in the built environment business in the times to come.
In a contactless world, the maximum amount of interactions with customers and employees must take place virtually. Endorsement of the digital domain for success in business is not new; it has just been brought into sharp focus now. In the pre-pandemic world, the metamorphosis towards digitisation and servitisation of the economy was already afoot and gained considerable momentum. It is safe to say that the pandemic has accelerated this paradigm shift, as revealed by the overhaul, especially by the formerly more traditional real estate industry, in increasing expenditure towards digitalisation.
Reality check for the real estate sector
The real estate industry in India accounts for 11.6 percent of the GDP and is expected to reach a market size of USD 1 trillion by 2030. The growth of this sector is well attributed to the rise in the corporate environment and the incessant demand for office space as well as urban and semi-urban accommodations. Like every other sector, real estate and the construction industry suffered a significant obstacle due to the pandemic and subsequent lockdown.
As no site visits were possible, real estate developers & property brokers had to look for other viable options that would help them navigate through these unprecedented times. The swift adoption of digital technologies aided the developers to launch new projects and market their properties with a great deal of success. If we look at the positives, the pandemic played a crucial role in expediting the pace of digital acquisition in the real estate and construction industry. Moving forward, this transition will go a long way in revolutionising the sale of properties in our country.
The end-to-end process goes digital
Whether it is transactions, capital deployment, property management, virtual tours, or even consumption patterns, digitisation has effectively dominated most of the real estate processes. The onset of new innovations with respect to Artificial Intelligence (AI) and Virtual Reality (VR) in this sector has further enhanced customer experience and pushed for more opportunities. The crisis has fortuitously shown us that there are diverse as well as feasible ways to conduct any business activity. The real estate world has now stepped into a zone of digital inevitability.
At a time when audiences are demanding credibility and authenticity, branding is the most effective way to communicate your firm’s story. Today, brands are built with publicity and maintained with broadcasting. The feeling of being virtually present in a physical world is a powerful sensation, and amidst this pandemic, it has become an irreversible phenomenon. With cutting-edge technologies, there’s now a limitless array of creative experimentation going on, and it’s crucial to make your own mark.
How would people out there get a clue that you have a business? A website can work out as the best marketing tool, which can be cost-effective and efficient.Only 51 percent of small businesses come up with their own websites, although 97 percent of the customers look out for services online; a major gap to bridge.
Adoption of social media for real estate marketing
Another necessary tool to establish a relationship with homebuyers is through social media. A vast gamut of platforms on the internet put forward a copious amount of digital content you can use to synthesise a distinctive brand identity. By regularly posting about completed and upcoming real estate projects, you can create a pathway for a strong, loyal and organic following.
Realising the potential of a real estate business is a key element in conquering your most pressing business challenges as you concentrate on growing your real estate or construction business.
The pandemic served as a comprehensive test case for the efficacy of these digital solutions, many of which will be permanent fixtures and lead to indelible changes for the built environment sector. As per the latest trends in the real estate industry, all the new construction of multi-family homes beginning in 2021 will include co-working spaces. Extensive digital advocacy will outlast the pandemic, well after restrictions on several activities are lifted.
Organisations must be aware of these behavioural changes, and to stay competitive, they should be equipped to meet emerging customer demands. Firms that incorporate these digital solutions have greater flexibility in the face of adversity and a leg up on the competition. Harnessing digital technologies to streamline operations and automate manual processes will definitely result in greater speed, less waste, and more focus on revenue-generating activities.