The Impact Of The Covid-19 Pandemic On Purchase Cycles Of HomebuyersSeptember-18-2020
Search, awareness, nurturing, site visits and the final purchase. Traditionally, these were the steps involved in a homebuyer’s path-to-purchase. However, the scenario has changed now. Due to the pandemic, the buying behaviour is changing, and as a result of which, more steps will be added in the buying journey. As the buying cycle changes, Real Estate developers would have to adopt new strategies and solutions to cater to it.
Impact of the pandemic on the traditional buying behaviour
The most evident impact of the coronavirus pandemic on the buying behaviour has been the decrease in the number of physical site visits. Since the pandemic hasn’t ended yet, homebuyers do not wish to risk their health through any form of physical interaction, be it site visits or meeting the sales executives in person.
While traditional site visits have decreased substantially, online enquiries have increased at the same time. Apart from this, consumer surveys indicate that homebuyers are inclined towards buying ready-to-move-in apartments and prefering gated communities. It can be inferred that this perspective originates from their need to have a sense of safety.
New strategies for the new buying journey
Understanding the change in buying behaviour, online presentations by sales executives, virtual tours, and virtual negotiations are some new steps that need to be added to the existing buying journey. To ensure top-of-the-mind brand recall until conversion, and to provide a comfortable buying experience, developers will have to incorporate new solutions that can cater to these new steps.
In this case, adopting sales and marketing automation solutions can offer a great advantage to developers. Such a solution will enable developers to adapt to the new buying journey easily, as well as help them engage better with consumers through features like automated lead management, remote team management, drip marketing, online booking and more.
Sell.Do to the rescue
Choosing Sell.Do, the best CRM for Real Estate, is a wise decision for developers in the current situation. The integrated platform enables online sales with features like real-time inventory management, online booking and cancellation, online paperwork and more.
Through its features, Sell.Do can help make the buying process safer, more comfortable and hassle-free for homebuyers. With Sell.Do by their side, developers can offer better buying experience and surely increase their chances of conversion!
If any business is to survive and thrive, it must be agile. It must adapt to changing markets and consumer behaviour. Real Estate developers must look elsewhere from their traditional processes and incorporate new solutions if they are to bring business back on its feet.