Social Media-Led Technology Is The Way Forward For Developers, Buyers
As buyers, we know that online mediums are better mediums to buy homes in a speedy manner. This leaves no choices for developers but to embrace online mediums. Companies are bust these days evolving new methods to provide the two partners more and more platform.
Sameer Gandotra, Director, Aavaas by Nebula, is one of them.
His company is looking at creating personal apps to take care of various aspects related to home buying. Gandotra says that apps are important for reaching out to the target audience, plus they are also a great way of branding. At the 6th Asia Pacific Housing Forum organised by Habitat For Humanity India, Gandotra spoke of the following:
Single-point interface: Once a homebuyer has shortlisted on a new home, the app would become a mediator between the two. WhatsApp, for instance, can be quoted as a fine example of that. A dedicated app for a developer’s project would mean that there is ample care provided to homebuyers. This would lead to accountability, too, and not just brand management.
Collection of KYC: For a transparent dealing, knowing the customer is as important as knowing the developer. Therefore, the app developed by the developer firm can easily scrutinise homebuyer’s details, cutting down man and money required to approach the consumer.
Site updates: Imagine having to travel a long way simply to check whether the construction progress. Not anymore. At a time when homebuyers would love to have it easier, property developers should aim at granting this wish. The app would help them do that. Real-time construction updates help prove the developer’s credibility, too.
Brochures/TVC’s: Technology and social media could also help cut down costs. Pamphlets, brochures needn’t be printed and circulated. Going social or opting for an app-based marketing ensures that a wider group of people can access it. It is easier for prospective home buyers to consume it too.
Payment reminders: No one can ignore the phone these days. The kind of mindshare social media and technology demand of us is a clear indicator that both developers and buyers should switch for it for cost related notices. Payment reminders, acceptance receipts and other such formalities could be closed on apps.
What’s up with social media?
Here is how social media platforms are affecting different business segments:
Advertising & marketing
Listing of properties has already shifted from newspaper to various real estate portals. Investors these days prefer online portals, as they are search-friendly, target specific customers and save time. Companies also launch their projects on social media platforms such Facebook, Twitter, Foursquare, Yelp, among others, to target the young working professionals, who frequent these sites. With the growing role of NRI (non-resident Indian) investments in real estate, use of social media for advertising and sales will get even more crucial.
The importance of social media branding is also evident from the fact that even real estate advisors have taken to the online opportunity. The preferred platform for real estate agents are Facebook and LinkedIn, for instance. Real estate advisors use social media to generate leads. This trend will only go up only, as customers prefer to use Google rather than company websites for their investment needs.
Customer engagement
Engaging customers and following leads is a job that a number of property advisors and companies prefer to do on social media sites. Regular-and-targeted interactions also help companies build a customer base via the social media. Online presence of companies is also taken seriously by most people, and branding on social media is considered crucial.
Crowdsourcing of funds
Crowdsourcing is fast gaining ground to raise funds for projects. The popularity of this model is evident from the fact that the Securities and Exchange Board of India (Sebi) has come up with guidelines for raising funds via crowdsourcing. If a property advisor or a startup is planning to buy a land parcel with growth potential, all they have to do is convince the Twitterati or Facebook users. A number of projects, both real estate and otherwise, have raised funds using this model.
Data analytics & big data
Rapidly changing trends in price markets are very crucial for the real estate sector. This brings into picture applying data analytics. The process uses algorithms to ease existing data to make a better purchase decision for banks, developers, real estate agents and potential investors. A number of countries, including the US, are planning to come up with pooled public data of real estate prices with inputs from various sources. Such data would give an idea of the past, present and future prices of a locality. It will also be able to guide the investors on unsold inventory, growth drivers and livability index, giving depth to real estate decision making.