The real estate sector has many national, big, and small regional developers. Over the years, reputed and trusted developers have employed several best practices that have been acting as an indicator to watchful buyers of how well a developer can deliver their dream home. For homebuyers, there are several kinds of research and reports available that assess builders on different parameters. Homebuyers’ trust has always been an utmost priority for realty developers. Considering homebuyers’ behavior and demand, the developers are constantly evaluating and adopting best practices to gain the potential clients’ trust.
- Digital Transformation– Finding a way through these unprecedented times has accelerated the adoption of online tools and move towards digital transformation. Numerous developers are providing walkthroughs and 360-degree views of their properties. This has helped the buyer envision themselves living in that space. Eliminating the middlemen for a purchase or a sale has also become a major asset. All details about the project, the features, amenities, the look and feel of the project, the legal documentation, pricing, etc. can be shared without any confusion leading to a more transparent and efficient dealing. This is a professional way of doing business, making the customer consider you as a serious player and creates a positive perception about the whole project in his mind. Also, it saves time as the customer can physically visit the site only after clearing all doubts and going through various options.
- Supply Chain Management– From the inquiry process to the final sale, many developers were successfully able to reduce their inventory during the past quarters. To cater to the growing needs of their customers, developers have started providing lucrative deals and discounts, redesigning floor plans to incorporate a study room, automated lifts & lights, and coworking spaces in common areas.
- Workforce Management– The most prominent change in the industry has been the dynamic shift in the structure of the workplace and the way in which employees function. The pandemic resulted in construction workers fleeing to their respective villages from construction sites during the initial phases of the lockdown. With confidence returning to almost normalcy stagnant construction sites, developers have arranged the transportation, food, stay, and medical assistance for their respective labor force and enticing them to come back. Overnight, the real estate industry had to shift the formal workforce to working from home and had to also enable the blue-collar workforce to operate in the new normal of social distancing.
- Track Record– Managing a good track record is of paramount importance for developers. This will determine the number of sales the company can convert from the initial inquiries. Having an established name will also provide a good word of mouth promotion as well as customer testimonials from existing clients. Retaining and cultivating customer confidence is an ongoing process in order to protect and enhance their brand in the market.
Financial Portfolio: To help battle all obstacles, the real estate sector has been successful in availing stable assistance and aid from the government. The stimulus package and SWAMIH funds have been planted to further boost the real estate sector. The developers only hope that this backing will get stronger as the years pass by. With the real estate sector playing a pivotal role in the revival of the economy, the Government must cooperate with the developer’s needs. It is vital for developers to project realistic forecasts in order to achieve them.
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