Over the past year as life has started to return back to normal inch by inch, the housing industry has seen massive demand in the top 8 Indian cities. With stamp duty cuts by state governments, low housing loan interest rates, and incentives to homebuyers, more people are looking to own a house today.
The Real Insight Residential report has observed an annual growth of 7% from 66,176 units sold in Q1 2021 to 70,623 units sold in Q1 2022. In the supply department, over 79,000 units were launched in Q1 2022 compared to 53,037 units during the same time last year.
In today’s thriving market, a real estate customer is not only looking for a home, but also for value added activations. With new builders and project launches coming up, what do real estate companies need to focus on to make customers happy and increase referral sales?
This blog will delve exactly into that and so much more to give every builder the roadmap to higher sales and more satisfied customers.
The current real estate customer mindset
Today, the average Indian homebuyer is investing around 77% of his/ her total wealth in buying a home. Needless to say, in most cases, real estate is a one-time purchase. For such a significant personal and financial investment, the millennial generation is looking for more than just a unit.
To satisfy the current expectations of customers and cut through the clutter of ever-increasing competition, real estate builders must look beyond just good construction and high-quality materials, if they want to increase referral sales.
But why focus on referral sales at all?
The number one reason to grow your referral sales is that it reduces your per sale cost by around 80%. Real estate builders have to spend a lot of money on traditional and digital marketing to increase the outreach of their products.
As for channel partner sales, developers have to give around 3-4% commission on property value to real estate agents. With referral sales, developers can easily bring down these costs and increase profit margins.
The only thing that builders need to perfect to get more referral sales is to create a system that encourages existing customers to refer properties to their friends and families.
With Reloy, every builder is in control of creating a loyalty and referral sales ecosystem with the ConnectRE platform. Sounds interesting?
1. Regular communication and updates
After buying a home, many buyers face post-purchase remorse and start second-guessing whether the investment was worth it. It becomes even more difficult as communication drops between real estate builders and buyers.
However, with the implementation of real-time construction updates, the homebuyer remains well-informed and feels assured by constant communication.
But these updates need to be rolled out in a non-intrusive manner at one place. Reloy’s ConnectRE app allows builders to do just that. The platform becomes a one-stop destination for all purchase related information for homebuyers.
2. Streamlining the formalities
In many ways, there is a certain romanticism attached to buying a house. However, the reality of it is far more complex as homebuyers need to fill in forms, document purchases, and complete a list of tedious formalities.
To streamline this process, builders can use the ConnectRE app and enable their homebuyers to access all important documents, receipts, and invoices in one secure and downloadable location.
3. Engagement and activations
A significant part of growing your referral sales comes from adding more value to each customer’s life and making them feel like a part of a privileged community.
The ConnectRE platform by Reloy allows customers to engage in regular weekly events and enjoy curated offers, discounts, promotions, and activations from premium and PAN-India brands.
This makes every customer feel special and cared for, building conversations around the real estate builder through word-of-mouth. Not just that, each event also creates a sense of community among all existing homebuyers, thus adding a layer of emotional fulfillment to each of their lives.
A big part of building warm and tight-knit communities also come from publishing interactive blogs that are exclusive to homebuyers. This allows them to frequently exchange ideas and stay updated on the good things happening around the world through bite-sized reads!
Reloy has deployed the ConnectRE platform with all of the above features for several of the top real estate builders in the country. The company has been able to scale up referral sales growth from 6% to 16% for one of its clients in less than 10 months!
With ConnectRE, it is definitely changing the landscape of real estate in the country and making housing more affordable and fulfilling for all stakeholders involved!