Technology and data have not just influenced, but also reshaped the way the world communicates. Riding the wave of mobile penetration, we are witnessing a host of ways on how information is relayed to individual consumers, in a manner of their preference.
The Indian market is perpetually on its feet, with consumers demanding quick, speedy, and highly personalised information. The trick lies in converting it from scattered formats to refined goals.
The technological disruption that is happening in real estate will radically transform the sector in the times to come. The use of technology and digital platforms have brought a valuable bridge between prospecting in the virtual world, to experiencing and buying homes in reality.
According to a study by Assocham, Indian real estate companies spend an estimated Rs 2,500 crore on marketing every year. Around 25 percent of this expenditure is now being used on social media marketing, and this percentage is likely to multiply over the coming years. With the humongous growth in internet penetration and an increasing dependence on the digital medium, data will be the next key driver for reaching out to consumers.
India has one of the largest social media users in the world, so companies are taking significant efforts in enhancing their digital presence to connect with the end consumers. Social media works best to engage with users and talk about your upcoming projects, make fleeting conversations, pin interesting designs, share pictures and press notes, and much more. It is extremely important to understand the utility of each of these mediums and use it appropriately for the right messaging.
Video marketing holds high engagement rate for prospective customers in digital marketing. The ability to predict human behaviour through qualitative data analysis of social media such as ‘likes’ on Facebook, YouTube videos, twitter feeds and similar trends have become a game changer for the real estate sector.
With the advent of Virtual reality and Augmented reality applications, builders are filling this gap and giving these new age buyers a bigger and better experiential tour of their future homes. Technological changes have enabled real estate purchases more pleasing for the buyer with an enhanced perspective and a heightened customer experience, using simple and intuitive applications.
Virtual reality is valuable when people are trying to visualise what an empty house would look like once they have been filled in with furniture, much like a blueprint. This increases the chances of prospective buyers making an offer once they get to picture the look in their minds.
Buyers would get a more realistic view of their property through advanced technology and advanced services thereby enhancing the transparency in the market. Improved engineering, sales channels, customer proliferation and advanced modelling systems are going to make a large impact with a heightened technology use.
Drones, IoT and the future
The use of drones has become a routine exercise in having a quick overview of properties. It allows real estate marketers to showcase the actual condition of a property which has been appreciated and well received by the buyers. The ‘look-touch-feel’ factor through drones to capture 3D views, new apps for capital markets, business development tracking tools and many more have proved to be a blessing for this business
Real estate organisations willing to excel would need to use technology for successful interpretation of the data, providing them an insight into their customers, enabling them to augment their levels of efficiency, and to understand the market better, making it more transparent. A detailed point of view on the core customers will prove indispensable while strategising targeted marketing, promotions and other elements of the brand. Also by the power of data and analytics, one can personalise their offers to suit the needs of their customers. This is just one instance to highlight how technology will dominate in the coming days.
The Internet of Things which connects variable technologies for creating a more comfortable environment can immensely help in improvising on the operational efficiency by reducing machine breakdowns through real-time monitoring of remote sites and sensor-based preventive alerts from the safety perspective.
For buildings, the introduction of the IoT through lighting controls, smart systems and devices interacting with other data source and other applications of new technologies in your building system could have infinite possibilities. Combining real-time information from multiple data sources and systems, a smart building is embedded with the intelligence of responding, adapting and optimising based on real-time needs and conditions.
The involvement of various stakeholders during the life cycle of a project is one of the key reasons that is hampering the implementation of end-to-end technologies in real estate. Though there can be both merits and demerits to the usage of technology and its impact on real estate, it is certain there’s no doing away with it.
Surendra Hiranandani is chairman and managing director of House of Hiranandani.