The rapidly changing real estate market in India requires developers to adapt to the latest trends to cement their places. The affordable housing initiative is a major driver of this transformation. With the current government focusing on ‘Housing for All’ by 2022, developers should focus on this segment; supplementing it with customer loyalty could boost it further.
However, the concept of it remains fluid and generic, giving no real shape to the need of the hour. Anarock Research claims that only 29% of the inventory that builders are calling ‘affordable’ really fits the bill.
How does that affect the market?
The definition of affordable housing was set for an area of the 60-meter square and a ticket price of 45 lacs. This bracket is too fluid for most major Indian cities – it might work for Kolkata or the outskirts of Hyderabad, but when it comes to places like Mumbai, Bangalore, and Delhi, the price range should be set higher.
It is this lack of regional specifics in a definition that is leaving home-buying customers confused about their investments.
What this lack of definition results in (and creates your need for customer loyalty)?
⦿ There is a steady increase in the house rent industry of metropolitan cities. Millennials are not looking for a long-term commitment. A job change often comes with location change and buying a house doesn’t seem smart for them.
⦿ Unsold inventory in most cities is a result of the wrong product category; they are not the current market demand. Often, these properties do not offer the right price tag or area.
⦿ Demand for new housing is there among urban families but they are not getting the right kind of reassuring experience to actually pursue an investment like home buying.
How a dedicated real estate customer loyalty program can help?
The immediate change that is necessary to go toe-to-toe with these emerging real estate trends is a better customer experience.
For instance, the introduction of loyalty benefits and referral programs for home-buyers that reward with cash or kind incentives is what could get developers out of this slowdown.
Engagement programs, local benefits, memberships, and other vendor affiliations will work extremely well in giving your homebuyers a holistic experience that matters and bringing them back to the mindset that is eager to settle and look forward to a secure future.
In fact, referral programs also allow existing buyers and customers to build their community with people they are close to and benefit from it. A comprehensive loyalty program will reinstate the community values that are likely to disappear in this fast-paced world. Truly, this solution does not just work for developers but also for society as a whole.
To know more about how to engage the right way with your customers, visit Loyalie now.