Digitization Enabling Developers to Stay Connected with Homebuyers
Authored by Vineet Bhardwaj, Head IT, Godrej Properties Limited The exponential development of technology has offered numerous prospects for the growth of the real estate sector. Being an integral part of shaping strategies, technological advancements today are being utilized for performing multiple tasks effectively, thereby making organizations more reliant on their dexterity. These developments have helped open a world of opportunities through faster communication, streamlined processing, and innovative techniques to augment the quality of work and aid businesses in achieving optimum productivity. With the advent of Artificial Intelligence (AI), the real estate industry has got exposed to a lot of advantages, and work has become more efficient and productive. AI has a vast scope and ability to decrease operational expenses, improve customer servicing, and help in decision-making processes. According to a report by KPMG, ‘Customer-centric’ organizations are 38% more likely to report higher profitability than their competitors. Businesses today are seeking opportunities to create rich customer experiences, and personalization is one of the most valuable components to enrich customer experience. AI can help in understanding specific requirements of home buyers and accordingly personalize the experience for them. This inculcates the use of the name, past interactions, knowledge of preferences, and individualized attention, which gives the procedure a personal touch and is essential in enhancing their overall experience. Looking at the adoption of WhatsApp, it can be inferred that these days most people prefer messages over calls. With AI-powered chatbots, most commonly used customers services are enabled to converse across apps and immediate messaging. It also allows the staff to be more productive as they get only complex and higher order service requests to attend. During the home buying process, people visit several properties before making their final choice, and this process tends to be extremely time-consuming. The Virtual Reality (VR) and 3D modelling technology can help these prospective buyers to have a virtual walkthrough of multiple properties without actually visiting them. This helps in improving the home buying process and aids developers in promoting their properties online. Another emerging technology is the Blockchain, which plays a prominent role in guarantying security and integrity of payments and ensures transparency of transactions. This also enables companies to manage customer data, property ownership record tracking, and data retrieval services. This technology is a phenomenally faster mode for money transactions when compared to centralized financial institutions that necessitate multi-day verification. While digital technologies continue to systematize prevailing processes, they are progressively being designed to elucidate several drawbacks. It is imperative that these technologies are well harnessed around a company’s brand purpose to maintain constant engagement with their clients and ensure an end to end service. Industry leaders have understood the significance of integrating these technologies and are utilizing their potential to maintain long term customer relations and create a ubiquitous means for future development.
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