Today’s real estate market is more intelligent, informed, and online than ever before. Market players strive to provide great product, excellent customer service and a great user experience that is personal to user. But to understand today’s market, we have to realize that each demographic has unique expectations and needs that make up their consumer persona. So how can the real estate industry evolve to meet the individual needs of its clients?
Let’s take a deep dive into understanding the new, revolutionized market.
Prop-tech Market demands digital sophistication
In a post-pandemic world, the user is more digitally savvy than ever. They demand not just an excellent online experience like an easy to use website but features like virtual viewings, the ability to save and organize properties they are interested in, and other automation that will give them the information they need at lightning speed. Digital transformation has accelerated in the last few years, but a huge proportion of population and real estate business still stays untouched from digital reach.
They do their research
In today’s digital world, customers are influenced by social proof – they read online reviews, ask for recommendations on social media channels, and talk to friends, family, and colleagues, and go on to see what’s trending in market (offline/online). They’re comparing products and prices and then making purchasing decisions based on what past clients say about your business.. It’s one of the best ways to get your name out there, generate leads, and increase sales.
They want a good user experience
User experience is so important because it impacts how consumers view your platform. Today’s picky customers will not hesitate to break up with a brand if they aren’t receiving exceptional customer service. The real estate industry has always been about building relationships with clients, but today’s consumer wants more than just good service. They want their whole experience to be smooth and seamless. The changing times have forced businesses to first focus on the customer’s experience.
They value integrity and transparency
Real estate agents who provide clear communication and honest advice will be rewarded with increased loyalty from clients. Credibility is a deal breaker, and consumers aren’t afraid to shun businesses that don’t show credibility and authenticity. You should pay particular attention to your brand story – the narrative that expresses what motivates you to deliver results for your consumer.
Author – Karan Meena, an IIM Vizag alumni, current serving as Head of Corporate Strategy at an upcoming name in PropTech industry, meriproperty.com