By CJ Mathews
The real estate industry has seen a drastic shift in consumer behavior in the last three years. Everything has been impacted by the pandemic, from how people search for homes to what they expect from real estate developers. A key sentiment which has emerged across the board is that consumers not only want to be the centre of attention but also want an elevated customer experience and a good relationship with the brand. Customer centricity, however, goes beyond simply prioritizing your customers; it also entails giving them the greatest possible experience both before and after they buy a home and during the house-hunting and purchasing processes.
Today, there is no one-size-fits-all solution to understand consumer needs. Modern homebuyers have more access to information than ever; they are well-read, well-traveled, and committed to the environment. Some customers appreciate tech-enabled, efficient designs, while some are looking to safeguard their future and have become key contributors to the demand for residential real estate, all of whom have evolving home-buying preferences. With perceptions around lifestyle changing rapidly, the value proposition becomes crucial. Hence, simply delivering ‘exceptional residences’ is not enough. The developer community now needs to adopt a buyer-centric business approach and provide truly differentiated customer experiences as they will aid in making one stand apart from the competition, building a loyal consumer base, and eventually creating brand identity.
Here are some key parameters which could redefine a seamless customer experience in the real estate sector:
Meeting the needs of the consumer
The value that buyers place on community, neighborhood, spatial design, amenities, and services is a reflection of the shift in lifestyle attitudes brought about by the new post-pandemic realities. It is critical for developers to constantly map the customers’ changing needs and develop projects that meet the needs of the customers and their family members.
Establishing trust
Every real estate success story revolves around trust. Building trust is essential because sellers and buyers approach real estate transactions with conflicting feelings shaped by past experiences. Building trust is built on the foundation of transparent communication. It entails disclosing every aspect of the property, including any potential downsides. A strong foundation of trust is established with clients when they perceive that developers truly care about their needs. Efficient communication reduces uncertainty and facilitates well-informed decision-making, encompassing property specifics and legalities.
Transparent communication
Investing in a state-of-the-art Customer Relationship Management tool (CRM) could do wonders to improve your relationship with your customers. The CRM should be used efficiently to have a seamless customer communication flow. Key details like project completion, status on multiple permissions, slab-wise construction details, etc., are information points that help customers know every possible detail about their dream home and increase their trust. For buyers, transparency means access to comprehensive property information, including pricing, history, and condition. It also entails being forthright about potential challenges and risks associated with a property. For sellers, transparency involves realistic pricing and a clear understanding of the market dynamics. Real estate professionals can build trust and create a more positive client experience by openly sharing information and setting realistic expectations. This leads to successful transactions and fosters long-term relationships and referrals as well.
Conclusion
Developing a reputation for trust and loyalty is essential in the fast-paced real estate industry, where properties influence many narratives. The cornerstones of success are open and honest communication, customized experiences, and regular follow-ups. Real estate agents who invest in excellent customer relations generate a positive feedback loop that benefits them and their esteemed clientele. In a field that is always evolving, these long-lasting connections are assets that endure the test of time and market swings.
CJ Mathews – Vice President Marketing, Ashar Group.
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