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Deepak Chaudhary, Director, Commercial Advisory and Transactions, Savills India sharing his sales experience said, “Customer behaviour keeps changing. Brands like Apple have diversified offerings to meet evolving consumer demands. Likewise, the real estate sector has shifted, with post-pandemic sales strategies focusing on changing demands such as health-oriented workspaces and home office integration.”
Abhishek Mishra, Founder & CEO, Sellability spoke about the major trends that will influence strategy development in 2024, “The market has evolved over the past decade, shifting from generalist to specialist ethos, driven by strategic considerations and a target audi- ence ranging from Gen X to Gen Z. The real estate industry must prior- itize customer experience through enhanced service quality, leveraging technological advancements, and fostering innovative thinking to meet the high expectations of today's discerning consumers."
Akash Pharande, Managing Director, Pharande Spaces expressed, "The key differentiation strategy entails fostering innovation in de- sign, creating user-friendly, efficient systems and, emphasizing technologically advanced products that cater to the under-40 demographic. Coupled with targeted marketing and enhanced customer involve- ment in decision-making processes, solidifies a unique brand identity.”
Sharing an example on the utilization of data analytics and artificial intelligence for decision making, Rahul Bansal, Co-Founder & CEO, Propacity, said, “Our partnership with a Haridwar developer revealed that none of the bookings originated from Uttarakhand, highlighting the necessity for exact targeting and understanding of our consumer base. Consequently, we created a specialized platform for property developers that utilizes educational tools and leverages data analytics to foster a new gen- eration of well-informed brokers, ultimately serving as a repository of invaluable market insights to inform development strategies effectively.”
Nirav Gosalia, Co-Founder, Re- alatte Ventures LLP added, “The age-old conflict between sales and marketing in real estate over lead conversion and site visits is being addressed by integrating full-funnel analytics on platforms like Google and Meta, and through heightened CRM implementations that utilize advanced technology. These solutions not only streamline the tracking of leads to outcomes but also aid in optimizing investment returns. Moreover, the trend towards brand prominence is driving the real estate industry's shift from disorganization towards strategic brand investment for improved market positioning.”
Nitin Pardeshi, Director - Sales and Marketing, Justo Realfintech, added, “Digital platforms are be- coming increasingly crucial in real estate marketing, allowing for broader audience reach with effective strategies. Developers must leverage these platforms beyond traditional methods, offering detailed project narratives includ- ing location benefits and design choices, rather than mere visuals. Consistent marketing messages ensures prolonged engagement with potential clients.”
Kishan Mehrottra, President -Sales & Marketing, Magicrete expressed his views with reference to product marketing, “To address the growing focus on sustainabil- ity and social responsibility, sales and marketing strategies must be refined to boost brand credibility and attract the eco-conscious con- sumer Incorporation of feedback mechanisms and the utilization of customer insights to augment satisfaction and loyalty."
POSITIONING FOR SUCCESS
Abhishek Mishra commented, “At Sellability, our collaboration with architects and developers has shaped our products, utilizing customer feedback from initial projects to enhance subsequent offerings, leading to significant success in product optimization. The real estate industry, though less structured, is adapting positively by benchmarking against more established sectors to refine its sales and marketing processes.”
Elaborating on the shifts in market trends, Kishan Mehrottra said,“In response to rapidly evolving markets, Magicrete implements a strategy encompass- ing extensive market research, collaboration with industry influencers, and proactive consumer feedback. Additionally, we enhance our supply chain efficiency and offer unique services such as expert mason training and post-installation audits to ensure excellence in product application.”
Sharing his insights on managing risks, to circumvent potential setbacks Nitin Pardeshi said, “Due to global economic volatility, Pune's real estate market is facing chal- lenges similar to Mumbai's experi- ence in 2007-2008, with inventory persistence. Developers' attempt to maximize FSI utilization leads to a supply-demand mismatch, as larger units are built than the market requires. Interest rate hikes in the past year have reduced home loan eligibility and affordability, pushing buyers towards smaller units.
Deepak Chaudhary agreed,“Appraisal rates rumored at 3-5% do little to alleviate budget constraints, resulting in a complicated decision-making process for de- velopers between varying building sizes while trying to comprehend buyer needs."
Rahul Bansal said, “Our ambition is to equip Tier 2 and Tier 3 de- velopers with the resources—such as marketing acumen, advanced technology, and extensive distri- bution networks—that their Tier 1 counterparts already enjoy.”
Nirav Gosalia said, “Previous- ly, developers focused solely on immediate sales strategies close to launch dates; now, there is a shift towards a comprehensive full-funnel marketing approach, starting with pre-launch teasers and culminating in targeted online promotions.”
Akash Pharande concluded,“While digital real estate marketing is becoming more effective, there are still issues that need resolution such as hugely cluttered online real estate advertisement space. Efforts are required to create a more rational online representation of projects.”
Feedback plays a pivotal role in info ming market strategy enhancing team training, influencing product development and customer satisfaction- Kishan Mehrottra
Persistent and strategically timed content placement in the digital realm can significantly enhance lead generation and stakeholder value- Nitin Pardeshi
Marketing and sales, traditionally consider d divergent, actually benefit from interdependence. Technological integration and feedback mechanisms have significantly enhanced marketing efficiency- Nirav Gosalia
Leveraging data to design products fosters a collaborative environment between product design and technology teams, ultimately leading to a successful outcome- Rahul Bansal
Even today, with all the buzz around digital marketing, most new projects get roughly 80% of their sales via advertisements, hoardings, in-house sales teams and channel partners- Akash Pharande
Post-pandemic customer preferences have rapidly changed, necessitating an increased focus on customer segmentation and data-driven decision-making- Abhishek Mishra
Given the rapidly evolving market conditions, it is imperative to continuously adjust our strategies to maintain accurate product positioning- Deepak Chaudhary
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