Mr. Samudragupta Talukdar, Founder & CEO, Relata
Real estate has become the most expensive buy in the world not just for consumers and investors, but also for the 3Bs – Builder, Broker and Banker. The fourth B in this ecosystem, the Buyer, is always on the lookout for a good deal that gives value for money. Conventional ways of reaching out to these buyers are on the decline. According to a recent study on Global Marketing and Advertising Trends by Financial Brand, search engines drive almost 93% of all website traffic. It has further necessitated that the sellers ensure their presence in the online world, where they can directly reach out to a wide spectrum of prospective buyers.
As the digital space is growing, so are the proptech services. Today, a lead that can help in landing a deal has become the most expensive commodity in the space. In realty sales, everyone is focussing on the rearrangement of the alphabets “LEAD” to “DEAL” through the process of sales. These leads are created not just through website traffic but with innovative digital marketing techniques through different channels and campaigns, thereby helping in lead initiation, i.e. the click of the prospective lead.
First and foremost, it is crucial to recognize that the journey of the home buyers from a click to an actual conversion is a multifaceted process. It involves understanding user behaviour, preferences, and pain points. By leveraging advanced AI based analytics, we can gain valuable insights into how users interact with our online platforms. These insights serve as the foundation for tailoring our approach, optimizing the user experience, and ultimately driving conversions. Navigating the dynamic landscape of online realty sales is both a challenge and an opportunity. In the digital era, where a mere click can translate into a potential lead conversion, understanding and leveraging insights become paramount for success.
As we understand that each click is a prospective buyer expressing interest, we prioritize a data-driven approach that involves tracking and analyzing user journeys. This allows us to identify patterns, recognize popular features, and understand the factors that contribute to successful conversions. The integration of Artificial Intelligence (AI) and Virtual Reality (VR) technologies plays a pivotal role in enhancing this process. AI enables us to predict user behaviour, personalize recommendations, and provide real-time assistance. VR, on the other hand, transforms the online property viewing experience, allowing potential buyers to virtually walk through spaces before making a decision. These technologies not only drive engagement but also significantly influence the transition from a click to a successful conversion.
Many successful cases have been seen in the recent past. A Realty firm targets about 10,000+ site visits during a mega launch, from their different initiatives and to convert 30% of them into Tokens and EOIs in less than 45 days. Which means time is crucial and manually it’s going to be an uphill battle for higher conversions. An AI-based system can be adopted where every action is driven by scan, click, scroll, select and navigate. The understanding that the above actions were not only done by the prospective property buyer, but also all the stakeholders starting from Tele callers, Receptionist (GRE’s), Sourcing Managers, Closing Managers, CRM team and Finance Checkers, can lead to better insights and a higher conversion rate.
The most important aspect of these actions was the kind of behavioural analytics getting created for different stakeholders on different elements, like the ads running in the social media space, engagement and interaction during the discovery phase, exploring project collaterals, navigating from immersive tech collaterals like VR and others, playing with kiosks and the content created, and last but not the least, evaluating commercial information and documents.
Moreover, a commitment to transparency and information accessibility is a key component. By providing comprehensive details about properties, transparent pricing, and an efficient booking engine, buyers can be empowered to make informed decisions. This not only builds trust but also streamlines the conversion process. Today, we are approaching the journey where the sales cycle can be made more efficient and shorter, which also means we are focussing aptly on optimising Cost Per Lead (CPL), Cost Per Qualified Leads (CPQL) and CAC (Cost of Acquisition), which are the three major factors to drive the journey of Clicks to Conversions.
