Will buying homes become online like any other e-commerce product?

As the world slowly recovers from COVID-19, there are few industries and sectors that have been worse than others, especially those that revolve around the “people movement”. If we look closely at the economy, we can see that market uncertainty was at its peak even before the pandemic hit. Most of us attended a series of layoffs, revised work patterns, lower increases, unemployment, and so on. According to research conducted by the McKinsey Global Institute, one thing that has remained constant amidst all this chaos is the ability to learn from people and businesses. , adapt and change.

In our developing nation, it is not surprising that the real estate sector ranks second in terms of job creation. It is estimated that by 2040, the size of the real estate market will grow to Rs. 65 billion ($ 930 million). According to 2019 figures, there are almost 5.5 million people employed in this sector. The real estate industry is also creating demands from approximately 270 other industries: cement and steel, to name a few. According to government estimates, by 2050 a larger population will live in urban India, further confirming real estate demand in the near future.

Unfortunately, the entire sector has derailed in the country’s battle with the covid for the past two years. With blockades, curfews, social distancing, and job losses, it was inevitable that real estate would fall behind. However, as the whole world prepares for the “new normal,” this sector is not far behind. The main trends have appeared in the market of both buyers and sellers. With the rise of affordable housing systems, millennials are an important part of potential buyers. Traditional “one-size-fits-all” thinking is about to become extinct, and shoppers are becoming more particular with their preferences. In addition, a general increase in awareness has generated demand for solutions for sustainable living, such as renewable energy, water collection, holistic centers, and so on.

With a stabilized economy and a recovering demand, real estate developers are exploring new technologies to meet this unique challenge. From the renewed online marketplace to visits to the RA / VR site, everything is now used to bridge the gap between buyers and sellers. Virtual house hunting is the new upward trend. You can explore any property you choose from the comfort of your bedroom. Virtual reality allows buyers to visit more than one property, exploring both exterior and interior in a limited period of time. You no longer have to leave your home!

Despite the fact that various digital technologies have been in place for many years, they have reached importance after the pandemic. AR / VR tours give you the real image of the property, that is, a digital experience through a set of virtual reality. In fact, in recent months, there is a greater demand for these virtual tours by potential buyers or even sometimes even a video call on platforms like Skype, Zoom, Facetime or Whatsapp. Karle Infra has been on the digital journey since 2018 and the pandemic has definitely accelerated these technological adoptions.

The virtual site visit option was initially reserved for NRI customers, but is now the new normal for the entire customer base. VR technology, such as Oculus Rift devices, allowed customers to experience the township, the highlights, and the amenities on offer. These technological adoptions resulted in the highest virtual site visits made by customers during the blockchain. The first quarter of fiscal year 2021-22 experienced a 3-fold increase in the number of successful site visits. And for buyers who can physically visit the site, the whole process was made completely straightforward and straightforward using the Sales Buddy app. Customer information and preferences are collected quickly and this digital information helps the sales team deliver a more personalized presentation.

Although these digital interventions have proven to be very useful, a final physical visit before closure is still mandatory. We will soon see more people accepting this new rule in the real estate industry and we are starting to trust developers more. This trust will allow customers to close online real estate deals. This Phygital experience will define the future of real estate.

Is there anything to consider before making a virtual tour like this? We suggest that you write down your expectations in advance, including the types of residences, services, size and price. Examine the developer’s brochures and product catalogs for details such as floor size, plan, design, and location.

The author, Anilcy Verghese, is responsible for AVP sales and marketing at Karle Infra Pvt. Ltd. The opinions expressed are personal

First post: IS

Source link

Leave a Comment

Your email address will not be published.