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The Complete Guide to Real Estate Digital Transformation for a Post-COVID World

Category : Real Estate Marketing Author : Team Amura Date : 12 Jul 2020

As we entered 2020, the real estate market in India was well on its way to a steady recovery after a reform-ridden slump over the past couple of years. But little did we know, a global pandemic would bring that recovery to a sudden halt.

The initial impact of demonetization, followed by a dual structural reform like RERA & GST, resulted in delayed project launches and dampened sales, right up to 2019. But the market showed promise of recovery with projected market size of US$ 1 trillion by 2030 from US$ 1.72 billion in 2019.

As the sector was picking pace, it had to face whole new challenges. Negative consumer sentiments & the impact of lockdown due to COVID-19 caused a decrease in the sale of residential units by 29% (Q1 2020) as compared to sales during the same period last year.

At a time when consumers are moving online, the need of the hour for real estate builders is to reinvent themselves with a newer way of marketing, sales and customer retention.

Topics

  • Urgency of Digital Transformation in Real Estate
  • Consumer Lifecycle Phases
  • End-to-end Real Estate Technology Solutions
    1. Marketing Solutions
    2. Pre-sales & Sales Solutions
    3. Channel Partner Solutions
    4. CRM Solutions
  • Implementing Vertical-Focused Solutions

Urgency of Real Estate Digital Transformation

Most homebuyers now have turned fence-sitters and are delaying their purchase decisions hoping for further discounts. In such a scenario, setting a command over the right selling price in a buyer’s market requires:

  • A trusted brand with a strong delivery record
  • The perfect product with the right location, amenities & specifications
  • An enhanced buying experience in both the physical & digital world
  • Collaboration within internal teams & with channel partners

Given these challenging market conditions, developers need to focus on technology that can help them establish a strong brand perception, create a strong top-of-the-mind recall through omnichannel communication and leveraging data & automation for enhanced customer experience.

But before diving into the details, we first need to understand the real estate buying process and the journey homebuyers go through, from being aware of your offering to being a happy customer.

Consumer Lifecycle Phases

The consumer lifecycle begins the moment you first catch a potential customer’s attention. All the steps from here to ultimately retaining your customer form the buyer’s journey for your product. By successfully guiding customers through these stages you will end up gaining enthusiastic advocates for your brand.

Let’s take a closer look at each step and the relevant business activities along the way.

Consumer Funnel

Awarness & Reach

Activities

Engagement

Activities

Consideration & Purchase

Activities

Post Sales

Activities

 

Awareness & Reach

Your relationship with a customer begins when they first become aware of your existence

Activities

PR, Advertising, Lead Generation, Social Media Outreach, Influencer Campaigns, Brand Building, Thought Leadership, Channel Partner Outreach, Database Marketing, Webinars, Consumer Research

Engagement

Customer starts seeking out and interacting with your marketing content

Activities

Lead Engagement, Create more touch-points, Virtual Tours, Site Visits, Lead Enrichment, Newsletters, Product Explainers, Sales collateral, Video Content Personalization at Scale, Micro-moment Marketing

Consideration & Purchase

Customer considers your offering and ends up making a purchase

Activities

Negotiations, Offer & Schemes, EOI, Payments, Inventory & Price Optimization, Customer Stories, White Papers, Reduce Cancellations, e-Commerce

Post Sales

Building a relationship with the customer by continuing to provide quality service and support

Activities

Document Verification & e-Signing, Agreements, Payments, Demands & Payment Schedules, Service Requests, Follow-up, Referrals & Loyalty, Customer App, Property Management

Download the Complete Guide

End-to-end Real Estate Technology Solutions

Now that we understand the buyer journey, we can now proceed with uncovering the right tools and features that should be a part of each stage. Keeping stage-wise business activities in mind, a One Technology Solution for Real Estate Sales & Marketing is needed that should cover all your internal functions and stakeholders.

Let’s look at a stage-wise plan and what technology solutions fit in those stages for each business department and function.

Marketing Solutions

Marketing function begins with an unaware lead and ends with nurturing a converted customer, thus, covering all the four stages of the consumer lifecycle phases. It includes solutions ranging from ad automation to consumer engagement portals.

     
Awareness & Reach
  • Ad-Automation
  • Remarketing & Custom Audience Automation
  • Social Listening: Meltwater
  • Channel Partner Marketing
  • Measurement, Optimization & ROMI
  • Higher Visibility
  • Higher Qualification & Conversion ratios
  • Data & Reporting Transparency
  • Spending on high-performance platforms
  • Understand brand buzz & sentiment
Engagement
  • Website, Chat, Chatbot, CRO
  • Lead Integrations — FB, AdWords, YouTube, Portals
  • Analytics 360, People Analytics, A/B Testing
  • CRO Tools
  • Lead Capture
  • Marketing Automation
  • Easy for customers to reach out
  • Understand customer intent
  • Helps run experiments – test, iterate & fail faster.
  • Measure the success of strategy & communication
  • Engage with in-the-moment marketing
  • Get in touch immediately with leads active online
  • Instant gratification for customers with auto-responders
Consideration & Purchase
  • Content Marketing Automation
  • Remarketing Engine
  • Video & Content Personalization at scale
  • More engaging video formats personalized at scale
  • Create more touch-points
Post Sales
  • Customer Facing App
  • Loyalty & Referrals Program
  • Customer Engagement Platform
  • Increased brand advocacy
  • Provide service beyond just the product
  • Better ROI & low maintenance costs with IoT-enabled remote and integrated asset and property management

Download the Complete Guide

Pre-sales & Sales Solutions

After the first stage, a lead moves onto the second phase where the role of pre-sales & sales team starts. They cover the middle two sections of the funnel and at both the stages strengthen and simplify sales functions.

     
Engagement
  • Call-Centre — Cloud Telephony
  • Email & SMS Automation
  • Workflow Engine
  • Escalation & TAT Measurement
  • Remote work with Cloud Telephony
  • Zero upfront infra cost
  • Better audits & quality maintenance.
  • Cater to international customers.
  • Improve conversion with Sticky Routing & AI.
Consideration & Purchase
  • Sales Automation
  • Inventory, Negotiation & Approvals —Cost Sheets & Payment Schedules
  • Offer, Schemes, Online Payments
  • Video Conferencing, Online Presentations, Virtual Site Visits, 360o Tours
  • Collaboration with Channel Partners, Sales
  • KYC, Loans, Agreements/Document Management & Digital Signatures
  • Complete visibility into lead pipeline
  • Easy sales forecasting
  • Optimized response time for customers
  • Follow-up with automation
  • Secure access to information and documentation
  • Easier Collaboration, Negotiation
  • Secure way to maintain all customer
  • All stakeholder on one platform
  • Faster booking to agreement
  • Prioritized bookings to financially qualified leads to reduce cancellations
  • Focus on right leads
  • Create the same brand experience online.
  • Take sample show apartments online

Download the Complete Guide

Channel Partner Solutions

Channel partners play a crucial role in pushing an aware customer further down the funnel. Thus their role comes into play at the middle stages of the funnel. The technology features allow complete transparency and help in the successful management of channel partner operations.

     
Engagement
  • Website, Chat, Chatbot, CRO
  • Scheduling & Sales collaboration
  • Lead Conflict Resolution
  • Lead Capture
  • Email & SMS Automation
  • Create more touch-points with channel partners
  • Personalized content in the middle of the funnel
  • Get in touch immediately with leads who are active online
Consideration & Purchase
  • Inventory — Cost Sheets & Payment Schedules
  • Offer, Schemes
  • Video Conferencing, Online Presentations, Virtual Site Visits, 360o Tours
  • Document Management
  • Online Payments
  • Channel Partner Apps
  • Brokerage Calculations
  • Online sales with Pre-sales, Sales, Channel partners, customers all on one platform
  • Reduce Office visits & physical interactions
  • Manage channel partners as sources
  • A single platform to reach, engage & activate channel partners during launches
  • Brokerage calculations, invoicing & ledger for frictionless working

Download the Complete Guide

CRM Solutions

A CRM platform performs a variety of crucial relationship management functions across departments. But generic CRMs fail to provide the features and solutions that an integrated strategy needs. Covering the last two stages, an all-in-one CRM solution would ensure that all customer-facing teams are empowered with the right data to create incredible customer experiences.

     
Consideration & Purchase
  • Agreements, Receipts, Booking Forms & Allotment Letter automation
  • Document Management
  • Faster documentation
  • Reduced cancellations
  • Secure way to maintain all customer documentation
  • Multiple touch-points with customers with personalization to stabilize cash-flow
  • HR cost optimization
  • Clear real-time insights on recovery to plan and manage funds
  • Better collaboration with customers
Post Sales
  • Demand Letters, Ledger, Payment Follow-ups
  • Case Management, Property Customization
  • Follow-up & Reminder Automation
  • Calling, SMS, Email Automation
  • Frictionless process for creation of Demand Letters
  • Standardized communication to all customers without any delays
  • Faster recovery of payments

Download the Complete Guide

Implementing Vertical-Focused Solutions

Once the components of the system have been laid down, the next step is the implementation of this system. Successful system implementation requires:

  • All systems connected with data flowing across seamlessly
  • All stakeholders with access to a common system
  • Platform available online for ease of use, secure & controlled access
  • Allowance for faster growth experiments

Choosing a vertical-focused solution and then tailoring those solutions to fit internal requirements is a cost-effective and efficient option for real estate builders. It offers a low cost of ownership with innovative industry solutions and faster go-to-live timeline.

Final Words

The right tools and solutions across the consumer journey cycle can help all your departments and stakeholders function at optimum potential. It is also an important part of growth marketing that allows gathering and analysis of the right data, on-the-go optimizations and seamless collaborations between internal teams. With the uncertainty of the pandemic looming large, it’s best to put your best foot forward with end-to-end technology solutions for the real estate industry.

Need help with the way forward? We are India’s pioneering growth marketing agency that has helped numerous real estate brands achieve sustainable growth over the last ten years. Feel free to get in touch to discuss post-COVID growth strategies for your business.

To get in touch,
email at vikram@amuratech.com

Download the Complete Guide

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Comments (38)

  Sylvia posted 14 days ago

The use of chatbots should be approached with caution. I know people who really get pissed when they realize they are not interacting with an actual human.

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  Storm posted 14 days ago

Whatever digital solution a real estate company adopts, it should clearly align with its current goals and strategies. It is a very delicate process that should be approached with utmost care.

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  Anderson posted 14 days ago

There is a lot of cost savings associated with a digital transformation. This should be more than enough reason for real estate developers to make the shift.

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  Shantel posted 14 days ago

Making a digital transformation can sometimes pose a challenge to real estate developers who have become accustomed to the traditional way of doing things. For this reason it may be important for them to hire professionals that can help them make the transition smoothly.

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  Louis posted 14 days ago

The importance of a digital transformation in the real estate sector cannot be overstated. Practically every other sector has already or is in the process of doing the tranformation.

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  Teddy posted 14 days ago

Many times the post sales gets ignored. It's important to note that post sales is just as important as the rest of the processes.

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  Daphne posted 14 days ago

I fully agree with you on the point about generic CRMs fail to provide the features and solutions that an integrated strategy needs.A good CRM should be well customized to fit the strategy and goals of a real estate developer.

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  Oliver posted 14 days ago

When employing digital marketing solutions, it is of utter importance to keep track of the analytics. It is a great way to see how effective the methods one is employing are.

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  Patricia posted 14 days ago

Your coverage of the consumer life cycle phases is very exhaustive. There are a few steps that were totally new to me. Thanks for the information.

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  Meg W posted 14 days ago

The real estate builders have all been forced to adopt new techniques to market themselves. Failure to do this can simply spell doom.

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  Roy posted 14 days ago

A 29% reduction in first quarter residential units sold is a big deal. Looks like the pandemic has a much larger impact than initially thought.

Leave a Reply

  Jay posted 18 days ago

Post covid has forced all businesses to rethink their approach. Your guide is extremely helpful to the real estate industry. The graphics in your article are well-structured and remind me of an infographic. Perhaps you should brand it and give the visuals an easy way to be embedded and shared on other sites. This could really boost your authority and reach to help more businesses and people with your great content and insight.

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  Erza posted 18 days ago

First off we are not yet at the end of the tunnel for there is no cure/ vaccine as of now. I think w should concentrate on that before crossing the post virus bridge. One step at a time.

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  Jerry Croft posted 18 days ago

The correct tools across the journey cycle can assist all your departments. It is a vital aspect of growth marketing.

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  Akinleye posted 19 days ago

I love this research work output. This has kept being my question, how will people relate with real estate firms or individuals.

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  Priyanka posted 19 days ago

People are tending more towards online world for every aspects in this pandemic, so as to for real estate as well. Being a real estate developer, which foot should I step forward to establish a strong brand perception?

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  Tejas A. posted 19 days ago

What are some of the digital alternatives for site visits and how effective are they in the long run?

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  Prajyot posted 19 days ago

Thanks for sharing, got a complete understanding about the need for digital transformation throughout the funnel.

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  Amanda Putri posted 19 days ago

Nice article. With the uncertainty during and maybe post Covid19 how many real estate brands can really survive and keep their growth?

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  Mico posted 19 days ago

Frankly I cannot imagine it yet since we are far off to the end of this crisis. However, one thing is sure, hopefully er get out better than before when the smoke clears.

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  AJ posted 19 days ago

It really is quite amazing how we can really adapt to the pressing needs of every business especially real estate in India during the pandemic. It is sorely needed in order to be able to survive as a business - going digital - in these most trying times.

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  Priya posted 20 days ago

Thanks for sharing this detailed article! Do you think Covid-19 related change is here to stay, or is it just going to be a temporary blip in our timelines?

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  Frank Jerry posted 20 days ago

Interesting read, good solution for the Indian market. The people needs good marketing leads

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  David Tjoe posted 20 days ago

The market is currently in a "waiting" condition for both buyers and suppliers until the situation becomes "safe" and able to "save" their financial position. This is also very dependent on the government and stimulus to the property business.

Leave a Reply

  Sheila Simmons posted 20 days ago

Many real estate brands have gained good growth in the past 10 years. It is a nice blog for discussing business growth strategies.

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  Oyeyipo Oladele posted 20 days ago

I love this post for its real content. Real estate broken to the root for us to grab during and after the covid19 pandemic.

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  Jiffy Rando posted 20 days ago

Even real estate is going digital huh? It can work in other industries but not here in my opinion or at least not as efficient. I for one is the type that would like to see first hand what it is I am dealing with. How much more if we are talking about a property? Screen shots are fine but it is lacking for me.

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  Prince posted 20 days ago

We are into newer way of marketing, sales and customer retention. We are moving and thanks to you people, this piece is a blessing and I hope it gets out there.

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  Athena posted 20 days ago

I downloaded the complete guide and currently learning a lot from it. Thanks a lot Amura.

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  Kei posted 20 days ago

This is a great content. Industries should adapt to the new normal, so that economies will rise again.

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  Angelo posted 20 days ago

This is not too long, but full of great information to absorb. Thank you for sharing.

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  Glad posted 20 days ago

This article is very interesting I must say and an eye opener to real estate agenies. No one knows when this pandemic would end, so you just have to find a way out to keep your business going. Thanks.

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  Maury Cheskes posted 20 days ago

Thanks so much for defining lifecycle phases, the buyer's journey and channel partner solutions. We can't led COVID destroy the real-estate sector and this article is an amazing resource for being proactive.

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  conrad pranze villas posted 20 days ago

Interesting point of view. These study clearly shows that we can easily adjust to any situation. I will try to share these with my colleagues.

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  Jayanth N posted 21 days ago

From physical-site visits to virtual tours, we can see the shift. Would like to know more in detail how the real estate industry is responding to this crisis digitally?

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  Suchita posted 22 days ago

Nice article! How will the customers approach change towards real estate post Covid19 and even after Covid19?

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  Nazish posted 22 days ago

Interesting read!! Please suggest the best digital platform to generate quality leads.

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  Pritam Yaduvanshi posted 23 days ago

Interesting read! Valuable content and insights. One query - Is novel COVID 19 forcing the digital transformation?

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