A lot has changed since March 2020, when the COVID-19 virus started spreading in India. Particularly in Real Estate, there has been a shift in the mindset of homebuyers after multiple lockdowns. As per a “Property Buyer’s Sentiment Survey” conducted by magicbricks.com, more than 50% respondents cited financial problems and property price discovery for deferring their buying plans. Due to this change, developers have witnessed a dip in their sales.
Businesses have been adversely impacted due to the pandemic and lockdowns. But as they say, lows are simply new opportunities to reach for the highs. In the ‘Unlock’ phase, Real Estate businesses need to adapt to the new market in order to revive their businesses. Understanding the changing customer behavior and home buyer preferences can be a good starting point.
Noteworthy Sentiments of Homebuyers
To serve potential homebuyers to the best of their capabilities, developers need to consider various consumer sentiments like income uncertainties, future plans and expectations, role of ready-to-move-in properties, and apprehensions regarding site visits. To stand out in the current scenario, developers need to empathize with the customers.
Let’s understand some of the homebuyer sentiments in detail.
Buyers are actively reconsidering their budgets. They’re also looking for attractive deals to suit their budget. Due to this, mid-segment properties (INR 40 Lakh - INR 80 Lakh) seem to be attracting huge interest.
Plans of Buying Property Still on:
As per recent surveys, there has been a steady realignment in buying timelines by about 6-8 months as well. The adoption of the new normal and the subsequent stabilization of the initial panic has led to this improvement. What’s noteworthy is that people haven’t yet dropped their home buying plans as such.
Expectations of Ready Properties and Gated Communities:
Ready-to-move-in properties in gated communities have seen a surge in demand recently. In cities like Delhi-NCR and Kolkata, gated communities have emerged as the top priority of homebuyers owing to factors like better management and privacy.
Expectations of Price Reductions:
Customers are going through a wave of emotions while constantly tracking property prices. Even though property prices have decreased by 2-9% across India, customers are expecting further price cuts and offers.
Apprehension for Site Visits:
There’s an obvious apprehension of actual site visits among homebuyers. The introduction of a vaccine for the novel coronavirus still seems distant, which is adding to the reluctance of homebuyers even further. However, online property platforms as well as developers with online sales infrastructure have been witnessing a surge in the volume of property seekers.
Apprehension for Site Visits:why Developers Need to Customise Their Processes?
With changing customer requirements, developers must modify their processes. Adopting innovative solutions, particularly a Real Estate CRM, can be a smart decision for developers. With its features like virtual tours, video conferencing, real-time inventory view and online sales, developers can make the buying experience safe, convenient and hassle-free for homebuyers, which is the need of the hour. Moreover, in times when customers are taking longer than usual to make a purchase, its lead nurturing features can help developers engage customers in a better way by addressing their pain points, thereby influencing their purchase decisions.
Until recently, traditional ways of searching properties, site visits and bookings worked for Real Estate. COVID-19 has changed all of that. Now Real Estate businesses must reinvent themselves as per needs of the consumers if they wish to sustain and thrive.
Sell.Do is the best real estate CRM software for developers that can help them get their businesses back on track. With all the features mentioned above—virtual tours, video conferencing, real-time inventory view and online sales— plus many more, it can enable developers to prepare their business for the new market.