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Real Estate Sales

Top 4 Advantages of Having Strong Channel Partners

real estate channel partners

When it comes to business expansion in real estate, there are several steps that you can take in 2023- some of these include hiring more staff, outsourcing work to other businesses, or collaborating with a BPO provider call support. An alternative choice is having a channel partner- a company or real estate broker platform that aids in promoting and selling your goods or services.

In the realtor business, partnerships and real estate sales are essential. Having strong channel partners will not only help you access resources and networks easily but also boost your business by improving your business’s visibility in the market.

Read on to explore how your company can grow to new heights with the support of channel partners and  real estate marketing.

  • They Help by Sharing Sales Responsibilities
BeyondWalls Brokers App

Channel partner networks can assist you in establishing contact with potential new clients who may not be familiar with your company. They can aid in spreading the word about your company to a huge new audience by informing their clients about your goods or services. Even after a customer has signed a contract with you, your partners can still sell them better properties and projects since they keep ongoing ties with their contacts. It’s a present that never runs out.

  • They Help in Filtering Out the Right Prospects & Increasing Conversion Rates
Broker Network

Your lead conversion rate can also be raised with the aid of channel partners. When you collaborate with a business, they frequently have a sales team of their own that can promote your goods or services to their clients. This can be very advantageous if you sell a complicated good or service.

You can generate more leads with the assistance of some  channel partner networks that offer lead-creation services. You may improve the number of high-quality leads you have access to by using these services. As a consequence, you’ll be able to close more sales, which will help your company expand more quickly.

  • They Help You with Expanding Brand Awareness through New Channels
Magnet Real Estate Broker App

The ability to increase brand recognition is one of the key advantages of working with a channel partner. When you partner with another company, you essentially form a team to market your goods or services. This implies that your brand and your products will be known to their customers. Channel Partners can also assist you in expanding your market reach.

You can easily and rapidly increase your reach without putting in more effort by collaborating with a business that already has a presence in these markets. A good internet presence is crucial in the commercial world of today. Your online presence can be improved by channel partners who advertise your goods and services on their websites and social media pages.

  • You Can Use One Broker Network to Sell All Projects
PropertyPistol Syndicate

Each lead is completely identified when you try to sell directly through channel partner networks or  real estate broker apps. The potential clients already have a source of reference through someone they know and trust when you sell your projects through a partner program. As a result, they are more likely to trust your brand, which should increase your conversion rate.

Building closer connections and utilizing a single, unified broker app with your clients is another fantastic advantage of working with channel partners. When you collaborate with a business, they are more likely to help you sell your goods or services to their clients. It implies you will have the chance to establish rapport with these clients and give them the greatest possible experience.

Conclusion

The five advantages discussed above convey how and why working with channel partner networks is beneficial in today’s world. Companies that cultivate strong relationships with their channel partners benefit from a wide range of advantages, such as greater customer insights, improved efficiency in operations, an increased ability to respond quickly to changing markets, and many more.

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Real Estate Sales

How BeyondWalls Presented 57 Midtown to be a Lifestyle Everyone Dreams Of!

BeyondWalls is a digital marketing and growth agency leveraging its resources to drive tangible growth strategies for many real estate developers. Time and again the team of BeyondWalls is tasked with attaining results that may seem out of the ordinary, but its capabilities always come through. Though there are times when a challenging project comes along with interesting targets, which BeyondWalls is always eager to take head on.

One such residential project by Sonigara Group was 57 Midtown in Wakad. It offered a never-seen-before lifestyle statement to its homebuyers. Its concept was unique and the value proposition it added was something to get excited about. #LifeOnTheCurve was the central idea behind the communication, which made the relatability of the project leaner towards the audience.

The project facilitated ease of commute along with recreational avenues and conveniences right at the doorstep. 57 Midtown poised itself as an ideal project for homebuyers with amazing nightlife avenues, fine-dining, shopping, entertainment, and workplaces nearby. An enviable lifestyle in PCMC’s most bustling location, 57 Midtown’s strategic positioning in the market made it one of most sought-after residential projects in the area.

In this article, we will explore how BeyondWalls was a driver for real estate sales growth and major contributor to 57 Midtown’s growth.

Challenges 57 Midtown Faced

Like many residential projects in Wakad, 57 Midtown also had its own set of challenges that needed to be overcome in order to yield higher sales growth and targets. As a real estate marketing agency, BeyondWalls identified and addressed the following challenges:

Designing an inventory that looked premium in an otherwise mid-segment market. The project’s ticket size for the units advertised was reasonable yet it was supposed to be marketed as premium in PCMC’s growing real estate space via positioning it as a lifestyle statement.

Another challenge that was in front of the BeyondWalls team was to address the issue of the limited supply of large carpet area offered by the project. The challenge was to portray the project as premium one but with smaller carpet area units, which posed an issue in terms of lead conversions where homebuyers were looking for a greater carpet area.

Other significant challenge to be solved was positioning the project as modern yet chic, giving prospective buyers a good experience and market the project with innovative theme to attract luxury buyers.

BeyondWalls’ Approach – Project & Pricing Strategy

As per BeyondWalls’ plan of action, 57 Midtown was positioned as a whole new product that’s centered around downtown living, which extended to fashion and retail avenues nearby making it the most happening place to live in as there is Phoenix Marketcity in proximity.

3 & 4 BHK units were priced around ₹1.15 Cr. to ₹1.7 Cr.

The market average PSF rate of this residential project in Pune was ₹6,300, but with right product planning, the project was positioned at a premium with PSF rate of ₹6,700.

The concept of ‘Life on the Curve’ was introduced as a central communication in accordance with the building and facade that was designed carefully to keep lesser density in custom two towers.

The architecture was also in sync with the design to make the project stand out more.

BeyondWalls’ Solution – Go-to-market Strategy

The campaign was strategically positioned around living in an iconic tower where the homebuyers would get the feeling of living in ‘Downtown’, hence the project name was coined to be ’57 Midtown’.

A visually appealing campaign was designed to attract the luxury buyer segment where the creatives and copy were eye-catching, which invoked the desire to enquire about the project.

With the careful positioning of the project, selling 90 units out of 105 was made possible even without sample flat being ready.

The communication explicitly highlighted the ‘CURVE’ aspect of the project or the building per say in a creative way. The creatives of the project were also designed in a similar manner to reflect the essence of the core communication for maximum outreach and relatability.

The site visit experience for prospective homebuyers was made more engaging by emphasizing the curves and arches built around the project so that they can relate more and spend more time exploring the project. 

Realizing the Efforts & Achievements

A fruitful collaboration between BeyondWalls and 57 Midtown by Sonigara Group resulted in reaching some good milestones, such as:

  • Successfully sold 90 units in a month
  • Successfully generated revenue worth ₹100 Cr.
  • Successfully kept the marketing and sales cost at 3.7%

57 Midtown in Wakad is the epitome of a transformational lifestyle with its 2 & 3 BHK residences consisting of 216 units. BeyondWalls with an extensive channel partner network, its practical strategy and out of the box approach assisted 57 Midtown in achieving its sales targets with a cost-effective method and truly stood out by facilitating #LifeOnTheCurve!

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Real Estate Sales

Peninsula AshokVann – A Symbol of Serenity & Urban Living

BeyondWalls is a renowned real estate marketing agency in Pune contributing to real estate sales growth for many developers across India. With its huge channel partner network, BeyondWalls has successfully provided all the necessary resources for multiple developers starting from a real estate project launch to booking conversions and even after-sales services.

So, when Peninsula Land Ltd., one of our major clients came to BeyondWalls with an objective to create high aspirational value for its project Peninsula AshokVann, we ensured that the project becomes the most appealing choice for the customers. We did this by tackling challenges with a differentiated approach to achieve effective results efficiently. Before diving into its dynamics, let’s first explore Peninsula AshokVann comprehensively.

Introducing Peninsula AshokVann

A gated plotting community amidst the scenic views of lush greenery, Peninsula AshokVannn is Situated in the prime locality of Gahunje. It is well connected to the infrastructural hub of West Pune. The project occupies a sprawling area of 19 acres, of which 8+ acres comprise open spaces. Plus, as revealed before it is developed by Peninsula Land, Ashok Piramal Group. AshokVann successfully combines the serenity of nature with an urban living experience.

Now that we have established what Peninsula Ashokvann is, let’s dive deeper into how BeyondWalls helped the project in gaining maximum outreach.

Challenges Addressed by BeyondWalls

  • Lack of Product Awareness – Peninsula AshokVann is a one-of-a-kind project that was previously unknown. To make consumers aware of the benefits of investing in it, the appropriate communication and branding strategy had to be used.
  • Lack of Urgency for CustomersPeninsula AshokVann is not a project with an immediate end-use in mind. Because it was made up of villa plots, there was no need for consumers to make a quick purchase.
  • Uncertainty of Token Conversions – There was uncertainty about the tokens secured by the project due to the strong presence of market competitors

The Go to Market Strategy Applied by BeyondWalls

  • Product Positioning – We centred the project on the ‘luxury of space’ it provides. The product positioning narrative focused on how consumers can build their dream homes on spacious lands surrounded by nature as well as modern lifestyle amenities, where value proposition, conceptualization, and extensive market research assisted us in developing the right positioning strategy.
  • Value-based Selling – We informed customers about the high value of purchasing villa plots and how it could provide a good return on investment. Creatives were created to explain how villa plots could be more cost effective than ready-to-use properties. Plot size, constructed carpet area, total price, and effective rate per sq. foot were some of the factors considered for this comparison, and calculations against each of these criteria revealed that Ashokvann’s plots had more value associated with the purchase.
  • Omni-channel Marketing & Sales – An omni-channel approach was also used, coupled with the application of various platforms. Digital remarketing, as well as OOH activation and word-of-mouth marketing, were used. The online remarketing strategy was implemented concurrently via multiple channels, including the website, email marketing, the launch of digital ads utilizing the full capabilities of the Beyondwalls real estate brokers app.
  • Channel Partner Aggregation – BeyondWalls’ extensive network of Channel Partners was used to broaden the scope of the marketing efforts. They, too, used the value-based selling approach, which made Ashokvann appealing to customers. In order to generate interest in the project, we also organized an on-site event for Channel Partners.
  • Enhanced Customer Experience – During the launch, customers had a smooth and seamless experience. IRIS, a technology platform, was used to optimize the entire booking process, which included event curation, closure tools, 360-degree virtual link generation, and Razorpay Payment Gateway Integration. All of these features contributed to a better overall customer experience. Consumers were given information about the pricing model, as well as a special launch discount.

It was evident now that with BeyondWalls intervention, Peninsula Ashokvann became a desirable and one-of-a-kind real estate opportunity thanks to the proper project positioning and marketing strategy.

Making It All Possible

BeyondWalls managed to generate leads up to 4355 out of which, 488 successful site visits were made possible from 93 tokens with over 30 successful bookings and more than 200 units were sold! In this way, people searching for residential NA plots in Pune, found their home in Peninsula Ashokvann with a sizeable contribution from the BeyondWalls team.

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Real Estate Sales

Top 5 Real Estate Broker Apps in India 2024

best real estate broker apps

The Indian real estate market is growing at an ever-increasing rate. With the rise of technology, more and more brokers are turning to mobile apps for their real estate needs. In this blog post, we’ll take a look at the top 5 real estate broker apps in India for 2024 and what advantages they offer – from price comparisons to virtual tours and more. Keep reading to discover which apps can help you take your business to the zenith of success!

The Importance of Mobile Apps for Real Estate Brokers

Over the past few years, there has been a dramatic rise in the number of mobile apps being used by real estate brokers in India. This is due to the fact that these apps offer a number of advantages over traditional methods of marketing and selling properties. Some of the main advantages of using real estate broker apps include the following:

    • Increased Visibility:

With so many people now using smartphones and tablets, it is important to have an online presence that potential buyers can easily access. By having a real estate broker app, you can make sure that your properties are always visible to those who are looking to purchase, and you can connect to them instantly.

    • Greater Flexibility:

One of the great things about using an app is that it allows you to be much more flexible in how you market your properties. You can update information and photos quickly and easily, and you can also target specific demographics with ease.

    • Better Customer Service:

Another advantage of using a real estate broker app is that it allows you to offer better customer service. With most apps, you can set up push notifications so that customers are alerted as soon as new listings become available. You can also use the app to answer any questions they may have about the property-buying process.

    • More Leads:

With real estate brokering, you can generate more leads than you would through traditionally marketing methods. This is because potential buyers will be able to find your properties more easily and will be able to contact you directly. You will also be able to connect to them and store core lead information easily.

Top 5 Real Estate Broker Apps in India

Now that we have understood the importance of mobile apps for brokers, let’s dive into the top 5 apps that are changing how brokers navigate the real estate industry.

1. BeyondWalls Brokers App

BeyondWalls Brokers App

Being India’s leading integrated PropTech ecosystem, BeyondWalls Brokers app for real estate agents has transformed its tech-driven platform into an easy-to-use mobile app offering end-to-end services to real estate brokers.

The app couples a seamless user experience with its distinctive features to empower brokers to sell more and grow their businesses. Custom lead form fields, robust data capturing, on-time notifications & reminders keep brokers on their toes and let them know what’s hottest in the city and what’s trending, all the while enjoying high incentives and timely payouts. Known as SuperBrokers, BeyondWall’s connected channel partner network also get marketing collaterals, tips and tricks, and rewards & recognition from the firm’s marketing division at no additional cost.

2. Broker Network

Broker Network

Designed to be a suite of services for brokers, the Broker Network acts as a bridge that connects brokers with properties and brokers with buyers. The app features a new launch feature that allows brokers to know about upcoming projects and get in touch with the developer through the app.

The app has all the features brokers look for, including posting the property, real estate project launch, adding the team to the organization, securing leads, chatting with customers, special offers, invitations to exclusive events, CP meets, and more.

3. Magnet Real Estate Broker App

Magnet Real Estate Broker App

A new real estate broker app in the industry, Magnet, was introduced to the real estate realm in 2019, taking on existing prominent players in CRM, lead management, and the real estate channel partner business network. Centred around the growing needs of real estate agents and businesses, Magnet has come out as a 360-degree technology solution covering all the real estate brokering needs.

The app supports real estate brokers with the following:

  • Technology: All the capabilities of a real estate CRM software fused with modern technology
  • Faster Pay-outs: A stress-free business opportunity for brokers with good customer support and timely pay-outs.
  • Higher Commission: Creating a win-win solution with a higher commission slab
  • Support: A seasoned team at the helm of supporting brokers
  • Magnetshala: Tips & tricks to grow their business.

4. PropertyPistol Syndicate

PropertyPistol Syndicate

The PropertyPistol Syndicate is a modern tech-based platform designed with the brokers’ needs in mind to simplify the selling process. PropertyPistol presents a new app-based networking platform, a tool that updates you with the right information and helps you generate quick revenue. Here’s what Syndicate real estate broker app offers:

  • Complete control: 360-degree history of leads
  • Alerts & reminders: Necessary for follow-ups and action items
  • Real-time updates: For real-time needs of the customers
  • Customized listing: Client-specific listing creation ability
  • Transparency: Real-time updates from developers and clients
  • Access to a powerful network: Being a part of the Syndicate ecosystem

5. Propliv Agent

Propliv Agent

The Propliv Agent platform was specifically designed for Real Estate Agents in India to connect with each other. It helps real estate brokers generate more leads and business opportunities by connecting you with top developers, builders, investors, and owners across the country.

Here are some of the top features of the real estate broker app:

  • Access to the real estate inventory
  • Alerts and notifications for new properties
  • Ability to search as per client’s requirements
  • Record site visit experience
  • Handsome commissions and incentives

In Conclusion:

Real estate brokerage apps have become a lifesaver for real estate agents and buyers alike. These apps provide numerous advantages as compared to manual methods, such as efficiency, convenience and ease of use. Therefore, it is essential to choose the right real estate broker app for your business in India this 2024.

Real estate brokers can use India’s integrated PropTech mobile app- BeyondWalls Brokers apps for real estate agents, to seamlessly grow their business with the hottest projects, high incentives, timely pay-outs, and the largest channel partner network.

   
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Real Estate Sales

Real Estate Market 2023 by Vikram Kotnis, Exec. Chairman & MD

Pune Housing Market 2023

After Russia-Ukraine war, the world collectively saw a downfall of $17 Trillion; 20% of the global output India is among the top 5 countries contributing to this loss and this may lead to a further increase in fuel and food prices. 1/3rd of global economy is in Recession. Globally, central banks have increased interest rates with an aim to reduce inflation. The housing interest rates in India have increased from an average of 6.5% to 8.75%.

The increase in interest rates along with uncertainty in jobs has made homebuyers confused on making any purchase decision. The property prices have already increased by almost 15% in most of the urban markets like Pune, Mumbai and Bangalore. There was almost no effect or say of UDCPR in this price increase.

  • Property Price Trends – Pune

Sell Aspirations/Lifestyle

(*The rates mentioned above are all inclusive rates)

The overall cost of home ownership has increased by almost 58% compared to 2019. Besides that the possession dates have moved ahead by 3 years after RERA, i.e the possession that buyer would generally get within 3-4 years, would now get after 5-6 years.

Sell Aspirations/Lifestyle

Although, the demand in mid to premium segment is still intact and the momentum for listed large developers with projects in prime localities and with larger carpet is good. Decision making of the buyer with buying capacity is zeroed down to the brand value, prime location and bigger homes.

The projects in this category of pricing and location will sell but the buyer is not desperate and would not take any decision until he finds the right deal.

What are Home Buyers Saying?

Our research team spoke to over 150 homebuyers to understand their current mood.

  • 86.7% people say the increase in interest rate is affecting their buying decision
  • 62.3% people are waiting for economic condition to stabilize before they make any purchase
  • 25% of the homebuyers have postponed their homebuying decision

 The interest rate may even touch a double digit number in 2023.

Before the situation worsens, it is extremely crucial for developers to manage their cashflows.

The hottest selling micro markets of Pune for eg. – Baner, Balewadi and Wakad, have started seeing drop in real estate sales since July 2022 to the tune of almost 19%; which is indicative of the homebuyer’s sentiment. The developers with right pricing and locality are able to sell, making it a buyer’s market.

Sell Aspirations/Lifestyle

The sales trends in hottest micromarkets show a drop in sales after September 2022. There are 1.09 Lac unsold apartments in Pune alone out of which 80,000 are under construction and 28,000 are ready to move in. While there is demand to purchase, there is no desperation and buyer is ready to wait until they get the right deal.

Managing funds to fuel each stage of the project is critical for Developers. Developers need to ensure availability of construction funds so as to de-risk the project. Based on the inventory and sales velocity, developers also need to absorb 50% of their next quarter’s targets into the current one and open up all the channels for widening their top of the funnel. The target should be to sell 35% of inventory to de-risk the project, not to sign any resource-intensive JV and wait it out till the market stabilizes.

Regarding pricing, instead of having a profit-first approach (increasing the price), developers should take a cashflow first approach and stagger their pricing to maintain sales velocity. Market may further dip by 6-7%, this should be kept in mind while taking any big decisions on projects.

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Real Estate Sales

The Real Estate Sales Process: An Overview

Buying and selling a property is a big decision and a big venture and needs a lot of planning and preparation. There are a lot of aspects involved in the process, from listing the property and finding the right buyers to finalizing the deal and paving the way for post-sale services- and it takes a lot of effort in the long run. This blog will look at those steps and how they lead to sales.

Real Estate Sale Process: A Step-by-Step Guide to Follow in 2023

There are a lot of factors that go into making a real estate sales. A set of processes must be followed to sell a residential or commercial property. Once you’re familiar with the process, you’ll be able to confidently sell your property—or buy the home of your dreams.

• Listing the Property

To list your property, get your home ready for sale. Once your home is ready, it will be all set to be listed and shown to potential buyers. The listing process is outlined into four stages:

• Creating a Landing Page

The landing page is where your leads will ‘land’ or arrive after clicking on your paid ads. Essentially, it is a virtual showcase of your entire project. So you can offer all the information about your property concisely without making a website. Use clear and concise language with images. Furthermore, include your contact information prominently on the page so people can quickly get in touch with you.

• Create Listing on Property Sites

To list your property on one of these sites, you will typically need to create a user account and share all the relevant information about your listing. By creating a listing, you can share all the information about your property, such as its features, photos, and contact information. 

• Creating a Digital Presence 

Creating a comprehensive and effective digital presence is essential to enhance your real estate sale process. You should also ensure that your listings are easily accessible on all major real estate listing portals. 

• Marketing the Listing

Real estate marketing is key to sale strategy once you are ready to list your property for sale. It is essential to ensure that it is well-written and informative, with high-quality photos that accurately represent the property.

In terms of actually marketing the listing, there are a number of different channels that can be utilized. It is essential to use as many channels as possible to maximize its reach. 

• Staging the Property

When it comes to the real estate sales process, first impressions are critical. This is why staging the property is so important. By taking the time to declutter, personalize, and stage your home, you can make it more appealing to potential buyers. 

When you’re ready to sell your property, you’ll want to let potential buyers know all about it. You can do this in several ways, such as through online listings, print ads, open houses, and word of mouth.

Organize as many property visits as possible to improve your real estate sales strategy. Make sure potential buyers can view your property in person and get a feel for what it would be like to live there.

• Promoting the Property

When selling a property, it is essential to promote it to attract potential buyers. Different methods are available that can help businesses reach more people daily. Social media plays a vital role in this regard. Apart from that, other paid advertisements and email marketing can also help promote a property, so it reaches the target customers.

• Run Email and SMS Marketing Campaigns to Prospects

You can create a list of people interested in buying the property and send them regular updates about your listing. Be sure to include information about any open houses or special events you host. You can also use this platform to answer any questions prospects may have.

• Offers and Discounts

Offering a competitive price or other incentives can encourage buyers to put your property at the top of their list. However, it’s essential to be strategic when offering discounts, as you don’t want to devalue your property or leave money on the table.

• Keep Your Prospects Posted w.r.t any Developments

As a property owner, it is your responsibility to keep your prospects posted on any developments during the sale of your property, i.e., informing them of any changes in the price, status of the property, or any other important information. Keeping your prospects informed can build trust and credibility, ultimately leading to a successful sale.

• Negotiating the Property

When selling a property, it is essential to be aware of the current property rates in your area. If prices rise, you may get a higher price for your home. Additionally, overpricing your home will likely prevent it from getting sold. Furthermore, it is also essential to be flexible on that terms.

• Closing the Deal

After you have negotiated the sale of your property, there are still a few things to do before the deal is closed. You will need to sign a sales contract with the buyer. Once the contract is in place, the closing date will be set. On the closing date, the buyer will pay the purchase price, and the property will be transferred to their name.

• Complete the Paperwork

The paperwork for selling property can be overwhelming, but it is essential to ensure a smooth transaction. Consult with an experienced real estate agent to determine what paperwork is required. Gather all the required documents, including the sales contract, title insurance, and any disclosures.

• Pave the Way for Post-sales Service

Once your property has been sold, a few post-sale services still need to be taken care of. These include things like transferring the title of the property to the new owner and dealing with any final payments that may be outstanding. This is one of the best real estate sales tips that can change the game for you in the long run.

Conclusion:

The real estate industry is amidst a digital transformation, and BeyondWalls is at the forefront of this change. It is India’s only integrated PropTech Ecosystem that helps buyers and sellers streamline the sale process- they have quickly become the go-to platform for Real Estate Developers and Channel partners.

The company has helped connect hundreds of home seekers with their dream homes and has been praised for its easy-to-use platform and customer-centric approach. They make it easy for buyers to find properties that fit their budget and preferences and for sellers to list their properties and reach a wider audience.

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Uncategorized

Recession: Everything Real Estate Developers Must Know for the Upcoming Year

real estate recession 2023

The first quarter of CY2022 was a boom for real estate in India; the sales had finally picked up. For the city of Pune, the CY2021 closed with 37,218 units and going by the figures of Q1 of CY 2022, it is expected that the year would be crossing record-breaking 50,000+ units.

However, just when the industry was recovering from the effects of the pandemic, the Russia-Ukraine war gave rise to inflation, making the costs of crude oil, metals etc., plunge.

The situation saw an increase in the cost of building raw materials by 20-30%, forcing builders to increase the prices of real estate projects. According to the CREDAI reports, around 60% of real estate builders had anticipated a 20-25% hike in property prices.

The inflation of the costs of commodities, the slowing down of the export cycle globally and the tightening of domestic policies have fueled a risk of a prolonged recession. While we are not overheating like the U.S., but neither is demand fully recovering. The investment firms that had plans to diversify their portfolios in real estate have also halted the plans because of significant losses in shares. The falling rupee price has also made the economy volatile and vulnerable.

According to RERA and IGR data, there are more than 45,000 unsold inventories in just Pune which will take approximately 2 years to sell.

Such a situation leads to a problem where the gap between supply and demand is widening because the homebuyer’s preferences do not match the supply of the market. Developers are still inclined towards premium pricing, while homebuyers are unable to stretch their budgets.

We, at BeyondWalls, recently conducted market research on home buyer’s preferences from Pune and here are the findings:

  • In mid-segment, 2 BHKs between INR 45-60 Lac is the most in demand. Whereas the 60%+ supply of 2 BHKs is in the range of INR 65-90 Lac.
  • For premium and luxury – the demand has increased in last 2 years after lockdown due WFH & hybrid module. This demand is for 3 BHKs in the range of 70-90 Lacs whereas, price of a premium 3 BHKs ranges from 90-1.2 Cr.

Also Read :

Proven Framework for High Velocity Launches

With respect to preferences, buyer’s prioritized factors in the following sequence:

  • Pricing

  • Location

  • Apartment Size

  • Possession Date

  • Amenities

  • Developer/Brand

Pricing being the main factor for selection, it will become crucial for developers to launch/bring the pricing in this range to sustain, sell and grow.

However, while the buyers in India will delay their homebuying decisions, the NRI investors will find it cheaper to invest in properties in India, opening a small window of opportunity.

To Sum it Up for Real Estate in Pune,

Real estate developers must keep the following points while traversing the industry:

  • Property pricing will play a significant role for developers. Understanding the market demand will be crucial
  • There may still be an increase in demand for mid-segment at the right price, but anything premium will see a decline
  • The saleable premium location projects with no competition will still thrive
  • Buyers will not take risks with the new launches unless they meet their every preference and expectation. The volume of real estate sales we generally see during a new launch will be slower
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PropTech

How is PropTech Shaping the Real Estate Industry?

real estate proptech

PropTech is the newest catchphrase in the real estate industry today. Although challenges exist, PropTech has changed the real estate sector with the inclusion of technology, bringing multiple benefits to buyers and sellers. Erstwhile, the industry used to rely heavily on paper-based processes and personal contact. However, developers and consumers have taken things to the next level using technology in recent years.

From searching for preferred properties and constructing a unique project to selling to diverse audiences, PropTech has changed the environment for real estate stakeholders. Here, we study the way PropTech is benefiting the real estate industry.

Benefits of PropTech in the Real Estate Industry

The Indian real estate industry is growing fast. It is expected to occupy a market share of $1 trillion by 2030 and contribute 13% to India’s GDP by 2025. PropTech aspires to increasingly adopt new advancements & strategies to drive this sector, streamline operations, cut down on paperwork, reduce losses, and improve customer satisfaction.

Here are a few ways that are aligning real estate where PropTech companies in India and abroad benefit the real estate world:

  • Reduction of Paperwork and Easy Data Collection

    • Automating processes and real estate innovation drastically reduces paperwork, saving time and resources. Therefore, market players can focus more on communicating with market players, conducting market research, and attending to the other critical aspects of the real estate business. PropTech also makes data collection easier through automation.

  • Bringing Transparency across the Processes, Payments, and Communication

    • Smart devices and sensors under the Internet of Things (IoT) system enable property owners to bring more clarity to the real-time conditions of their properties. They can coordinate with tenants 24/7 regarding the security and maintenance of facilities.

    The same technology also brings transparency throughout payment and communications for real estate managers. For example, since Real estate sales have also gone online, business is transacted digitally, and documents are shared online in real-time. As a result, the process is a faster and more efficient way of transparently conducting business.

  • Proptech Brings the Benefits of CRM

    • Another way that PropTech benefits real estate companies is through Customer Relation Management (CRM) systems. CRMs have come to be a significant part of PropTech and bring numerous advantages to the industry, including:

    1. Increase in Productivity and Efficiency

      2. With CRM, you can automate repetitive tasks wherein your sales teams can focus on more critical activities. The automation herein can decrease the turnaround time for sales & marketing cycles and pave the way for more streamlined operations.

    2. Higher Customer Retention

      3. CRM keeps customers in the loop, updating them with newsletters, regular emails, and so on. The automated messaging features help to keep the customers in check and drive the way to retain them.

    3. Multi-channel Integration

      4. CRM also helps to bring various platforms together through a single window, ensuring seamless communication between customers and various departments within the company.

    4. Faster Response to Customer Queries

      5. Customers can be reached automatically within minutes. Moreover, customizable messages include comprehensive information that manual operators might miss.

  • Taking Sales & Marketing to the Next Level with Automation

    • AI and other related technologies eliminate the monotony from sales and marketing. Using automation, marketers process huge volumes of information available through PropTech databases. It enables them to make better leasing, investment, and buying decisions. They can also benefit by finding best-selling opportunities. This step ties in nicely with the advanced features of a CRM.

  • Empowering Real Estate Digital Platforms and New-Age Agents

    • PropTech introduced cutting-edge technologies with digital platforms tailored to the needs of new-age agents who are only too eager to benefit from these new real estate trends. The real estate market, which historically lagged in technology utilization, has started to turn to PropTech and reap benefits in the past few years. 

    A prime example is how property managers can now use automated IoT systems to monitor energy and water consumption to minimize wastage, among other aspects of daily life at particular properties. 

  • Showing Novel Ways to Manage Inventory Digitally

    • Inventory management is becoming more tech-driven than previously, based on manual methods and endless paperwork. More data is available to evaluate inventories and make purchase decisions making the entire stack of inventory management fast and efficient through a single window.

    For example, the holding period of a property is 24 months before a new property owner can claim tax benefits. Delays in seeing units and subsequent allotment can cause loss to a property owner due to additional taxation. The tech-driven inventory management enables swifter transactions because prospective buyers can see units in real-time, and sellers can allot them faster.

  • IoT-Powered Property Management Tools

    • With internet-powered devices surrounding us, PropTech makes the best use of the Internet of Things (IoT) to power business functions and operate using connected smart devices. A prime example of IoT-enabled products and services is the emergence of smart cities and smart buildings as a result of PropTech real estate innovations.

  • Drones, BIM, & AI for Improved Construction Techniques

    • Building Information Modeling (BIM) forms the basis of digital transformation in the construction and real estate industry. PropTech has motivated real estate companies to use technology like AI and other tools for conducting their business. 

    Among such is the rising trend of drone usage. While visiting a property, it is not always possible to physically view the entire property span, particularly in gated communities. Prospective buyers can see the property in its entirety, significantly impacting property listings for a particular property.

    1. Drones

      2. Drones

      Drones enable prospective buyers to see not only the immediate property they are considering buying but the entire layout, which is otherwise not physically possible.

      Drones also help maintenance by scanning buildings for defects. For example, a palm-sized drone can scan a skyscraper in a short time and record the surface for cracks, measure the temperature, and so on.

    2. BIM

      3. BIM

      BIM provides critical guidance to architects and engineers by helping them design and constructs buildings according to set procedures and safety guidelines.

    3. AI

      4. AI

      AI uses algorithms and data analytics that provide critical information for future scenarios. Smart Contracts use AI to enable speedy transactions, drastically reducing searching and sorting. AI also helps in accurate property valuation. Even building services management has become AI-driven today.

  • Advanced Analytics and Reporting for Improving Operations

    • Companies are now set up to extensively use advanced analytics and reporting for improved decision-making and daily operations. As mentioned above, PropTech has introduced customized digital platforms tailored to the specific requirements of the real estate industry.  

    Real estate sales and marketing involve collecting, processing, and storing huge volumes of data. PropTech digital platforms enable easier, more efficient, and swifter data handling. It also provides AI-driven solutions in the various areas of real estate marketing, like investment, leasing, buying, selling, and development.

Conclusion:

PropTech is universally beneficial to consumers, brokers, and developers in the real estate industry. Consumers get a 360° view of their options from digital access using IoT-powered tools. 

Brokers make the best use of real estate digital platforms. They can improve their operations using the advanced analytics and reporting systems that PropTech brings. And finally, developers use drones, BIM, and AI to optimize construction techniques. 

Digital transformation still needs to be completed in the real estate sector. But as we have highlighted here, PropTech is taking the real estate world to a whole new level. Stakeholders who believe in technology-driven real estate solutions need to take the plunge because it seems likely that the PropTech market is going to be on the winning side of technology in the future of the real estate world.

Brokers make the best use of real estate digital platforms. They can improve their operations using the advanced analytics and reporting systems that  PropTech brings. And finally, developers use drones, BIM, and AI to optimize construction techniques.

Digital transformation still needs to be completed in the real estate sector. But as we have highlighted here, PropTech is taking the real estate world to a whole new level. Stakeholders who believe in technology-driven real estate solutions need to take the plunge because it seems likely that the PropTech market is going to be on the winning side of technology in the future of the real estate world.

Categories
PropTech

PropTech and Its Benefits for Consumers and Developers

PropTech or property technology refers to the tech tools used to optimize how real estate sales are planned and performed. It is a force that drives an ecosystem of inventive businesses and products across the commercial and residential real estate markets. It also led to huge investments post the global pandemic, and it is expected to hit almost 1TN USD by the end of 2030. 

Commercial and residential real estate PropTech refers to the various tools PropTech companies use to probe, rent, and market residential and commercial properties. This includes property search platforms, construction planning and managing tools, evaluation and financing tools, asset utilization tools, etc., supported by blockchain, machine learning (ML), artificial intelligence (AI), virtual reality (VR), augmented reality (AR), the Internet of Things (IoT), and 5G.

Despite being new, the PropTech market has drastically modified various real estate trends. In today’s world, real estate businesses across the country are increasingly exploring integrated PropTech solutions to beat the challenges at the commercial and residential levels. 

The conventional consumer real estate approach was hanging on word-of-mouth marketing and physically surveying the property. However, PropTech solutions have customized buying and selling experiences. Consumers can explore property and surroundings in real-time remotely. Further, the advent of real estate PropTech has enabled real estate buyers and sellers to establish agreements without any involvement of brokers. 

The PropTech market has benefitted not only the consumers but also the developers. PropTech has made brand awareness, engagement, and advertisements comparatively cheaper than the conventional marketing model. 

Real Estate PropTech Benefits to Consumers in India

Real estate Proptech benefits consumers by easing their search for a property and offering transparency. PropTech provides explicit awareness to consumers that avoid misreading and squandering. Check out a few significant benefits of PropTech to consumers.

PropTech benefits for consumers

  • Easy Property Searching

    • With the ever-expanding potential of the PropTech market, the real estate space changed its marketing way. It now focuses on listing residential and commercial properties online for easy sales. This integrated PropTech approach has enabled consumers to view multiple properties from the comfort of their homes.

    Further, numerous property search platforms backed by AI, sale tools, financing tools, and management tools (IoT-powered tools) offer customers easy access to properties with minimum brokerage fees and hidden expenses and their reviews and tools to rate the infrastructure, making properties easily searchable.

  • Secure & Seamless Buying 

    • Property technology offers a seamless and straightforward model for buying a house. Its primary objective is to make the entire experience of buying a house more user-friendly and efficient. Many notable companies in the PropTech market offer property sale tools, evaluation and financing tools like transaction underwriting & management, debt financing platforms, etc.

    With these tools, loans, mortgages, and refinance formalities can be completed online, at least partly. Further, blockchain technology can be used to confirm encrypted transactions and ensure that no tampering impacts financial records. It will make the buying process more secure and seamless.

  • Automation Of Paperwork

    • Real estate sales and purchases entail a lot of documentation and formalities. However, with digitization, online property paper verification tools, legal consulting, and notarization services, this aspect has been simplified and eased documentation, making the entire process easier for the consumer.

    With the help of blockchain, Proptech helps buyers and sellers instantly create and authenticate contracts and essential documents. Real estate agents can use PropTech tools to do digital contracting. With the automation of paperwork, consumers can buy property easily. 

  • 3D Virtual House & Apartment Tours

    • PropTech technologies like 3D virtual tours and virtual reality (VR) help give consumers demos and virtual tours that effectively add value to the real estate experience. Consumers can move from one room to another, mount stairs, and even imagine homes that are not yet completed.

    Most of these tools allow consumers to play around with the colors, textures, furniture, and fittings for a more authentic experience. Consumers can know the area, design, and ventilation of the property. This customization style certainly amuses consumers deeper as they can visualize themselves living in that house. 

  • Direct & Effortless Communication

    • PropTech technology has allowed buyers and sellers to communicate directly, making the process more comfortable. Tools like blockchain, big data, and artificial intelligence (AI) provide customized buying and selling experiences. It also forms a socially interactive experience among buyers and sellers. 

    Many PropTech companies offer tools like online help, virtual assistants, and chats to help consumers clarify queries and apprehensions directly. In case the consumers need further assistance, actual calls are made by the sales or technical team to communicate with them.

  • Real-Time Updates at the Fingertips

    • With the rise in PropTech culture, consumers can keep everything at their fingertips with their mobile app for real-time updates. Various mobile app lets consumers keep documents, download agreements, obtain real-time notifications, view events & meetings, and much more.

    Further, with tools like smart devices and sensors (IoT), property owners don’t have to inspect their properties physically, as all the updates about the property’s security and maintenance are accessible on a mobile screen.

Benefits of PropTech to Developers in India

Real estate developers are benefiting from the surge in new PropTech technological developments to bring digital changeover to the property industry. Let’s read through a few significant benefits of PropTech for developers.

PropTech benefits for Developers

  • Smart Marketing & Sales strategies

    • Proptech big data tool is used to improve the marketing of properties to redefine target buyers and get better offers. Further PropTech tools have escalated real estate marketing strategies. Technology-enabled design and construction tools have helped observe growth, investment, leasing, buying, and selling options. Further 

    The focus is on accelerating the construction process, reducing waste, improving quality, and reducing the overall costs of construction. It is helping real estate developers indicate the most profitable locations to build a new property and choose the amenities that will suit the buyers.

  • Exploiting IoT, Robotics, Drone, & BIM 

    • For real estate developers, PropTech allows accurate plan construction to reduce mistakes or failure to meet deadlines. Accurate planning of construction reduces, if not eliminates, the chance of critical mistakes or failure, which may result in millions lost.

    Further efficient use of IoT-powered tools, robotics, drones, and building information modeling (BIM) offers successful data-driven decisive insights at a granular level. It helps predict property deals, efficient risk management, and enhance consumer engagement.

  • Transparent Communication & Payments 

    • With the help of PropTech, most of the processes can be automated. This brings clarity to all stakeholders, management, employees, banks, channel partners, customers, etc. It allows commercial and residential developers to move towards smart documents and securitize using blockchain.

    Further, property management platforms can use the payment facilitator model to create a secure and seamless payment experience for the consumer. Also, they can offer multiple payment options to facilitate the consumers.

  • Digital Inventory Management

    • Real Estate developers transfer a significant number of inventory regularly with their consumers. A digital inventory management tool is used to keep track of these inventory-related transactions.

    It helps view and analyze data in real-time and facilitates inventory accounting. Furthermore, it allows for valuable statistics about how the business performs. This enables identifying trends and taking benefit of shifts in the real estate market.

  • Reports & Analytics

    • Real estate developers can predict a property’s future perils and prospects based on geography and other factors. PropTech allows for exceptional granularity of the research, which otherwise may not have been available. Thus, PropTech is transforming real estate reports and analytics. 

    PropTech companies use big data to forecast property prices with greater accuracy. Big data can also be used to improve the marketing of properties, as big data analytics tools can be used to redefine target buyers and get better offers. Big data can also help in risk analysis of investing in new projects.

  • Superior Post-Sales Services 

    • Post-Sales Services allow developers to channel the requests of consumers to solve them all and thus guarantee their total satisfaction. Property real estate technology supports developers in providing superior post-sales services by following up and closing transactions.

    It effectively converts leads into customers through features such as cost sheet management, post-booking communication, demand letter generation, payment reminders, customer loyalty, and other essential processes.

Conclusion:

PropTech has a massive mark on real estate for both developers and consumers. It has changed every facet of the real estate business. The blend of AI, automation, and big data has created an environment in which the PropTech market has strongly emerged.

India’s market has risen and produced some of India’s most notable PropTech companies. They offer unique tools and platforms that contain the various solutions required for the growth of the real estate sector in India.

Categories
Real Estate Sales

How is PropTech Playing a Role To Digitize Real Estate Sales in India? 

India recorded a staggering number of 658 million internet users this year. With the help of these statistics, it can be concluded that there is an enormous digital presence in the country, and that people are increasingly relying upon it. Real estate has a commercial stronghold in the country, and it is soon expected to account for approximately 13% of the nation’s GDP. Since digitization has taken over so many other aspects of our lives, has a sector as important as real estate also been digitized?

Digitization of Real Estate in India

Digitization of Real Estate in India

The answer is a definite yes. A recent survey has shown that upto 40% of consumers today are willing to purchase homes completely online. With the increasing adoption of the internet, it has become the primary source from where most homebuyers begin their purchasing journey. The reliance on physical listings has gone down, and websites and apps have become the new ideal marketplace for real estate properties.

The pandemic played a major role in this change, since it made people more familiar and comfortable with the digital world. In the case of real estate, the emergence of Proptech too contributed to the increasing popularity of real estate online sales.

The Role Played by PropTech

The Role Played by PropTech

Proptech is the combination of ‘Property’ and ‘Technology’. It means the adoption of technology for various aspects related to property development, marketing & sales. With the growing presence of Proptech and emergence of more PropTech companies, the real estate industry has been completely transformed.

Real estate sales are the most crucial aspect of the operations of the industry. It is the main source of revenue for the industry, and hence it is essential that sales are carried out as productively as possible. Such high productivity can only be attained with tech adoption, which is where Proptech benefits the industry,

Here’s how PropTech is enabling digitization in real estate:

  1. Enhancing Marketing Efforts:

    2. Enhancing Marketing Efforts:

    Marketing is the step that precedes sales, because it is only through marketing that your brand and its products can be seen by your target audience. With PropTech, marketing efforts can be automated to yield maximum results for minimum efforts. It also has a variety of other benefits such as:

    • Efficient lead generation and lead capturing
    • Enables personalized interaction with leads
    • Omni-channel marketing

    These benefits greatly help in creating a bridge between a real estate brand and a homebuyer, which can ultimately result in optimizing real estate marketing and sales efforts.

  2. Enhancing the Site Experience for Consumers:

    3.  Enhancing the Site Experience for Consumers

    Site visits can make or break a real estate sale. The most significant advantage that Proptech has for the digitization of sales, is the enhancement of site experience for consumers.

    Proptech has brought with it several new technologies, such as VR and AR, with the help of which a site visit can be experienced by consumers from any corner of the world. Sales are no longer restricted within geographical boundaries, which expands the scope of sales.

    Furthermore, site visits are also not limited to properties with completed constructions. Under-construction properties can be transformed by technology, and the site visit can give consumers a feel of how the property will look upon completion. With this, the sales velocity can be boosted since even under-construction properties can be sold.

  3. Seamless Sales Cycle:

    4.  Seamless Sales Cycle

    One of the biggest challenges in the traditional real estate sales process is that it is not simplified. There are a lot of complications and nuances, which prove to be a hassle for consumers. Proptech, however, has created a smooth and seamless sales cycle.

    During the sales journey, consumers need to be nurtured and kept engaged. With automation, these tasks can be easily and effectively managed. Timely interactions can be initiated with consumers at every stage, and communication too can be made personalized based on the unique requirements and preferences of each consumer.

    • Property negotiations
    • Finalization and closure of deals
    • Tracking and execution of payments
    • Document creation and management

    can all be performed with the help of technology. With the streamlining of these activities, the entire sales cycle is optimized.

    Proptech is thus the foundation upon which the digitization of real estate relies. It has disrupted the traditional operations of the sector, making it highly efficient and effective.

Case Study for Real Estate Sales Digitization- Mahindra Happinest

Happinest Palghar, a project of the renowned housing society Mahindra Happinest, had a landmark launch and sales process.

The project was launched during the covid outbreak, where people were extremely hesitant to step out or interact with other people. This made the traditional real estate sales process an impossible proposition for Mahindra Happinest. This challenge gave rise to a revolutionary idea, wherein the entire sales process was made completely digital. India’s leading CRM solution was leveraged to curate a technological platform that could enable the end-to-end online sale of homes.

By harnessing the power of Proptech solution to digitize the sales process, Mahindra Happinest scaled their sales and achieved:

  • 300+ bookings in 3 weeks
  • 250+ daily virtual meetings

India is on an optimum path to adopt digitization in real estate sales and boost the growth of the sector. Proptech is an inseparable part of this journey and can be the ideal partner for real estate businesses. BeyondWalls is an integrated Proptech ecosystem in India, which can streamline all entire real estate operations. It is an end-to-end marketing and sales partner, which aims to make homebuying a seamless and elevated experience.