Key drivers fueling growth:
- Organized sector growth
- Advent of MNC realtors entering market
- Boom in income of 30 – 45 yrs. age group
- B2B and B2C e-commerce
- Federal government impetus to infrastructure development
- Easier financing
- Technology adaption by both demand & supply side
The realty sector comprises four sub sectors - housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations.
Market size :
- US$ 180 billion by 2020 (Cushman & Wakefield).
- Housing sector contributes 5-6 per cent to the country's Gross Domestic Product (GDP).
- CAGR of 11.2%
- Retail, hospitality and commercial real estate are also growing significantly, providing the much-needed infrastructure for India's growing needs.
- Software applications for design, development and project management
- Corporatization of realty vendors (fueling potential for digital enterprises)
- Realty portals giving easy to action intelligence on real estate as per custom filters
- Business intelligence and data mining adaptation by high-end firm
- e-Enablement of citizen property services by federal and state government
- Mobile applications (varied) for demand-side
- e-Procurement of realty project inputs
- Security features in documentary collateral
- Digitilization in legal framework processes (limited and including digital notarization)
- Project planning & execution using web and mobile technologies on intranet and extranets
- Various consortium initiatives on web
As per the EY report in 2013, 1 of every 4 people prefer to choose internet as medium for making research about real estate properties. Many real estateagencies started adopting digital transformation to stay competitive in this stiff competitive market.
- How to differentiate your projects from other competitors? Stiff competition is biggest challenge for real estate enterprises. Innovative digital transformation strategies can help in boosting digital presence differentiating brand from others.
- How to build trust and reputation in the heart of the customers?
- How to reach your target customers effectively with appropriate message? Integrated Omni-channel communication strategy.
- How to utilize and integrate digital marketing with traditionalmarketing strategies?
- Finding cross-selling and up-selling opportunities is another huge challenge
- ORM solutions especially designed for real estate enterprises
- Build-to-suit marketing campaigns: Integrated marketing campaigns encompassing various channels – Social media, PPC, PR and search engines.
- Creative UX and UI ensuring the best user experience of your customers at your website
- Mobile App development: Tap the potential of reaching your customers through the most effective source of communication.
- ERP implementations
- Tactical consulting
- Digital Marketing Services (retention based)
- Online Reputation Management (ORM) services
Web Wisdom Lore:
As a real estate service provider, you need to keep your company evolve and adapt to changes in the market and expectations of the clients. Digital disruption for real estate has shown remarkable increase in leads almost by 300%. Digital transformation is the solution that can help you to eliminate most of the barriers to growth. At Webisdom, our team of seasoned experts can help you with rich knowledge and insights into real estate markets.
With 3D renderings, virtual tours, virtual reality and 360 degree drone videos, the buyers have started to have virtual experience of propertylocations from the comfort of their offices and homes.
The companies that do not embrace digital transformation or are not digitally promoting their projects are exactly heading towards the path of extinction.