India recorded a staggering number of 658 million internet users this year. With the help of these statistics, it can be concluded that there is an enormous digital presence in the country, and that people are increasingly relying upon it. Real estate has a commercial stronghold in the country, and it is soon expected to account for approximately 13% of the nation’s GDP. Since digitization has taken over so many other aspects of our lives, has a sector as important as real estate also been digitized?
Digitization of Real Estate in India
The answer is a definite yes. A recent survey has shown that upto 40% of consumers today are willing to purchase homes completely online. With the increasing adoption of the internet, it has become the primary source from where most homebuyers begin their purchasing journey. The reliance on physical listings has gone down, and websites and apps have become the new ideal marketplace for real estate properties.
The pandemic played a major role in this change, since it made people more familiar and comfortable with the digital world. In the case of real estate, the emergence of Proptech too contributed to the increasing popularity of real estate online sales.
The Role Played by PropTech
Proptech is the combination of ‘Property’ and ‘Technology’. It means the adoption of technology for various aspects related to property development, marketing & sales. With the growing presence of Proptech and emergence of more PropTech companies, the real estate industry has been completely transformed.
Real estate sales are the most crucial aspect of the operations of the industry. It is the main source of revenue for the industry, and hence it is essential that sales are carried out as productively as possible. Such high productivity can only be attained with tech adoption, which is where Proptech benefits the industry,
Here’s how PropTech is enabling digitization in real estate:
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Enhancing Marketing Efforts:
Marketing is the step that precedes sales, because it is only through marketing that your brand and its products can be seen by your target audience. With PropTech, marketing efforts can be automated to yield maximum results for minimum efforts. It also has a variety of other benefits such as:
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- Efficient lead generation and lead capturing
- Enables personalized interaction with leads
- Omni-channel marketing
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These benefits greatly help in creating a bridge between a real estate brand and a homebuyer, which can ultimately result in optimizing real estate marketing and sales efforts.
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Enhancing the Site Experience for Consumers:
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Site visits can make or break a real estate sale. The most significant advantage that Proptech has for the digitization of sales, is the enhancement of site experience for consumers.
Proptech has brought with it several new technologies, such as VR and AR, with the help of which a site visit can be experienced by consumers from any corner of the world. Sales are no longer restricted within geographical boundaries, which expands the scope of sales.
Furthermore, site visits are also not limited to properties with completed constructions. Under-construction properties can be transformed by technology, and the site visit can give consumers a feel of how the property will look upon completion. With this, the sales velocity can be boosted since even under-construction properties can be sold.
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Seamless Sales Cycle:
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One of the biggest challenges in the traditional real estate sales process is that it is not simplified. There are a lot of complications and nuances, which prove to be a hassle for consumers. Proptech, however, has created a smooth and seamless sales cycle.
During the sales journey, consumers need to be nurtured and kept engaged. With automation, these tasks can be easily and effectively managed. Timely interactions can be initiated with consumers at every stage, and communication too can be made personalized based on the unique requirements and preferences of each consumer.
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- Property negotiations
- Finalization and closure of deals
- Tracking and execution of payments
- Document creation and management
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can all be performed with the help of technology. With the streamlining of these activities, the entire sales cycle is optimized.
Proptech is thus the foundation upon which the digitization of real estate relies. It has disrupted the traditional operations of the sector, making it highly efficient and effective.
Case Study for Real Estate Sales Digitization- Mahindra Happinest
Happinest Palghar, a project of the renowned housing society Mahindra Happinest, had a landmark launch and sales process.
The project was launched during the covid outbreak, where people were extremely hesitant to step out or interact with other people. This made the traditional real estate sales process an impossible proposition for Mahindra Happinest. This challenge gave rise to a revolutionary idea, wherein the entire sales process was made completely digital. India’s leading CRM solution was leveraged to curate a technological platform that could enable the end-to-end online sale of homes.
By harnessing the power of Proptech solution to digitize the sales process, Mahindra Happinest scaled their sales and achieved:
- 300+ bookings in 3 weeks
- 250+ daily virtual meetings
India is on an optimum path to adopt digitization in real estate sales and boost the growth of the sector. Proptech is an inseparable part of this journey and can be the ideal partner for real estate businesses. BeyondWalls is an integrated Proptech ecosystem in India, which can streamline all entire real estate operations. It is an end-to-end marketing and sales partner, which aims to make homebuying a seamless and elevated experience.