Amidst Coronavirus The New Ways Of Sales

BY Realty Plus

A Pragmatic Approach To Marketing Is Building Brand Image Sensitively And Thoughtfully. In Doing So, One Can Enhance Sales By Demonstrating Empathy In The Current Times.

Text: Leandra Monteiro   In the wake of the ongoing COVID-19 pandemic the impact of lockdown on housing sales and marketing has been severely felt across the industry. With construction already coming to a grinding halt, project completions are slated to be postponed and if this situation prolongs, the deployment of funds including the AIF, will remain on hold.   Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement as on one hand the holding cost of the developers will go up, while on the other, the pressure to liquidate unsold inventory will increase.   In the non-residential segments, commercial real estate is seeing delay on part of corporate occupiers on their leasing decisions with many planning to reduce office spaces with a work-from-home option for certain percentage of employees. Retail businesses too is experiencing reduced interest from global and domestic brands, many of them revising their expansion plans.   Ankit Kansal, Founder & MD, 360 Realtors said, “Indian Real estate has been suffering from slower demand, due to strains in the macro-economy & ongoing liquidity crunch. As the COVID-19 crisis blew in, the sentiments further plummeted. Buyers are deferring their decisions & are waiting for the crisis to get over. Developers are also postponing launches and are going back to board-room to relook their sales strategy. Time will tell about the long term impact of COVID on sales, but for the time being- the distress is visible.”   Amit Wadhani, MD, SECCPL shared, “Digital marketing will facilitate future real estate transactions. For now, I see only open-ended transactions happening. I don’t see any new decisions being taken in terms of buying property. We at SECCPL have seen a fall of 70% in our sales. But yes the show must go on. So, the developers, as well as banks, can use this time to follow up with clients. As for sales, it is a good time to build up the funnel and identify the clients. Now is the time to rethink and brush up on sales strategies and new initiates to put to work once we are all out of this situation.”   Time For Virtual Marketing Due to the lockdown, walk-ins are not possible, thus leading the real estate sector to come up with hordes of innovative schemes to keep the buyers and end users engaged. Trumping the list of new age marketing tools, digital platforms and apps have taken the cake. From sales via video conferencing to online project tours to easier online payment gateways. Developers, as well as realtors, have come out with innovative online schemes through which a home seeker can easily book his home or even a commercial unit without the hassle of a site visit. Numerous developer across India have come up with digital campaigns and strategies to market their products and convert sales. Gaurs Group, has come out with 'Lockdown offer' for its commercial as well as residential projects where it is asking the potential buyers to pay Rs one lakh to book as against the full booking amount, the rest of the amount can be paid within the 100 days.   Navin Makhija - Managing Director, The Wadhwa group stated, "We have opened the option of online buying where families can virtually interact with our team along with online and WhatsApp assistance for virtual site tours so that they can book their home even when they are at home." Another major realty player, Migsun Group, is offering three additional months of no EMI along with the moratorium period of 3 months announced by RBI, which can be availed through individual banks. The realty group is also offering sale support via video conferencing which can help a buyer book the space without visiting the sites. In addition, the developers are providing a cancellation guarantee where one can easily cancel the unit with no cost in next 3 months. Spectrum Metro, another Noida based developer, has come out with an initiative where it is donating booking amount of up to Rs 50,000 to PM Relief Fund thus giving buyers an opportunity to serve the Nation and at the same time book a property using the same amount. Reeza Sebastian Karimpanal', President - Residential Business, Embassy Group summarized, “Technology will get even more pervasive. A lot of engagement and interaction has to be planned via remote channels and we have to reimagine the new normal. Digital channels such as AR/VR will help in creating the visual depiction of the projects alive for new inquires, a constant chat support via online chatbots is also proving very helpful during this time.”   Looking Ahead With Positivity Post-crisis, the volumes of transactions are expected to grow. Buyers, who wish to buy during the festive seasons will naturally venture back to the market. As most of the potential buyers are working from home, it gives them enough time to discuss and research on properties. Statistics have also shown that there has been a spike in the online property search. This should push ahead sales, once the crisis will subside. Although, the downside risk of slower economic growth cannot be completely discounted. Manju Yagnik, Vice Chairperson, Nahar Group & Vice President NAREDCO (Maharashtra) said, “It is highly beneficial for the home buyers to invest in ready to move in flats at this time of the year because the prices are currently stable and the market is positive due to the lowering of the repo rate followed by a considerable cut in GST to 5% and 1% for under construction and affordable houses respectively. Alongside this, the real estate market will see a stable growth because of some of the key reforms like increased carpet area, creation of National Urban Housing Fund, SEBI’s approval to foreign institutional investors under REIT. As per the current market scenario, it is a wise choice to buy your dream home this Akshaya Tritiya for a secure, long term profitable investment.” Though pandemic is expected to weaken GDP growth, however, the residential real estate market appears to be at an advantageous position today as compared to the Global Financial Crisis. Ramesh Nair, CEO & Country Head, JLL. “When the COVID-19 scenario stabilises, factors such as better-priced deals, enhanced financial health of banks and greater demand from end users will aid in improving buyer sentiment. Sales are expected to regain some traction towards the end of 2020 supported by the festive season during that period,” he added.   Models To Sustain Sales  Digitization of entire sales cycle – many developers are already seeing success in interacting with customers digitally, and even closing deals remotely. Likely to see significant further investment in digital tools, like 360-degree views. Booking refund options – many developers are innovating on booking deals with a transparent exit & refund clause valid for 15-30 days post lockdown opening. This enables customer to execute the sale even during lockdown with a safety cushion available. Shift in product positioning – the features of the developments related to security (guards able to monitor movements fully), convenience (stores inside, shops adjacent), emergency management (inhouse doctor, ambulance availability) etc. gaining more importance and visibility in discussions. Deeper engagement with channel partners and strategic clients – including them in decision making in these dynamic times is strengthening relationships which will prove beneficial over the long run as well.   Marketing Ideas In Crisis  Thoroughly review content – Review all content to make sure that you’re brand isn’t insensitive to the current situation. Simply a matter of checking for content that could be deemed insensitive. Be clear about the offering during the crisis- Ensure customers know whether you’re open for business and how you’re navigating any issues. If a brick-andmortar location is closed but customers can still transact online, the information should be on the front page of the website along with social media posts Highlight your efforts to help- If your company or staff can and is doing something to address the crisis, then make sure this is at the forefront of your campaign. But only if it is contributing positively to society. Avoid Profiteering- Several companies are taking an opportunity to offer their services and products to customers in a way that’s sensitive yet remains aligned with marketing goals.   Tackling this unprecedented challenge to real estate sales requires a systematic approach and the mobilization of all the stakeholders. Developers need to outline a yearlong mission to achieve sales targets and make very calculated moves in baby steps. not to be overzealous. It is very important to describe the objective, define the customer focus, assign sales plan metrics and create a sales plan budget.

Tags : Latest News The Wadhwa Group Real Estate NAREDCO JLL Embassy Group Nahar Group Ramesh Nair digital marketing Manju Yagnik SECCPL developer coronavirus Work from home Gaurs Group 360 Realtors Ankit Kansal New Ways Of Sales Amit Wadhani Virtual Marketing Navin Makhija Reeza Sebastian Karimpanal