Introduction:

Customer centricity is a business strategy that prioritizes the needs and preferences of customers at the core of all decision-making processes. It involves putting customers first and ensuring that their experience with a company is smooth, efficient, and personalized. This approach has gained significant importance in recent years, particularly in the real estate industry, where the customer experience has historically been overlooked.

Let’s understand customer centricity with some examples

The evolution of makeup brands embracing inclusivity in terms of skin types and skin colours serves as a powerful example of customer centricity. In the past, the beauty industry predominantly focused on a narrow definition of beauty, often overlooking the diverse needs and preferences of consumers.

The shift towards inclusivity in makeup brands has had a significant impact on consumer behaviour, resulting in more people exploring and engaging with these brands. By expanding their shade ranges and catering to diverse skin types and colours, these brands have successfully tapped into previously underserved markets and attracted a broader customer base.

In terms of specific brand examples, IKEA has a strong customer focus. IKEA exemplifies customer centricity through its immersive in-store experience and user-friendly digital tools. Customers can explore furnished spaces, enjoy food options, and even access complimentary childcare. ‘The IKEA Place’ app enhances the digital experience, allowing users to virtually place 3D models in their own space and easily find the perfect product. By prioritizing customer needs, IKEA creates a seamless and enjoyable shopping journey.

Why should your business become customer centric!

To reinforce the significance of customer centricity, numerous studies have substantiated the existing claims. The studies listed below provide valuable insights into the benefits that businesses can reap by embracing a customer-centric mindset.

• Customer-centric companies are 60% more profitable than companies that are not focused on the customer.
• 86% of customers are willing to pay more for a better customer experience.
• In the US, the estimated cost of customers switching due to poor service is $1.6 trillion.
• 79% of US consumers want brands to demonstrate they care before they even consider making a purchase.
• 70% of companies that deliver exceptional customer experiences use customer feedback.

Importance of customer centricity in the real estate industry:

The real estate industry has traditionally been a seller’s market, with the focus on maximizing profits for agents and brokers rather than meeting the needs and preferences of the customers. This resulted in lack of transparency, poor communication, and a general sense of distrust among customers.

However, with the advent of technology and the rise of customer-centric companies in other industries, customers have become more empowered and are demanding more from the real estate industry. They want a seamless and personalized experience that meets their unique needs, preferences, and budget.

Adopting a customer-centric approach is, therefore, crucial for companies in the real estate industry to remain competitive and relevant in the rapidly evolving business landscape. It not only enhances customer satisfaction and loyalty, but also increases the chances of referrals and positive reviews which ultimately leads to more business opportunities.

Why is an Improved Customer Service Important for the Growth of Real Estate Business?

Real estate is a highly competitive industry where customer service is of utmost importance. It can make or break a business. A real estate business that is serious about growth and sustainability understands the importance of good customer service. This is why they regularly analyse their services to continuously improve their quality.

Revitalizing Real Estate: Areas in Need of Customer Service Enhancements

Transparency: Providing transparency is vital. Customers need to be assured that their investments are secure and transparent.

Competence: Real estate executives must be aware about trending market strategies and information. They must also be capable of dealing with clients. This means having excellent communication and interpersonal skills.

Availability: Real estate businesses must be available to provide support to their customers. Thanks to technological advancements, builders can now employ automated communication systems, sending timely and relevant emails to keep customers engaged and informed. This bridges the industry gap, fostering a natural bond between builders and homebuyers that has long been missing.

Listening: Businesses must attentively listen to their customers and address their concerns before making an investment. This helps build trust and confidence in customers.

Customers are the driving force behind the success of any industry. Therefore, it is essential for businesses to make their customers feel prioritized from the very beginning to the end. In doing so, businesses generate more sales and create a positive image.

Role of PropTech in Customer Centric Real Estate

Bringing Transparency across the Processes, Payments, and Communication:

Smart devices under the Internet of Things (IoT) system enable builders to provide more clarity and real-time conditions of the properties to the homeowners. The same technology also brings transparency throughout payment and communications for real estate managers. This makes the waiting period of a homeowning journey less stressful, thereby giving homeowners a better experience.

Reduction of Paperwork and Easy Data Collection:

The latest developments in real estate have greatly reduced paperwork, saving time and resources. As a result, buyers and sellers can focus more on communicating with other market participants, doing market research, and attending to the other crucial aspects of the real estate industry. Additionally, PropTech simplifies data collection by automating it.

Proptech Brings the Benefits of CRM:

Customer Relation Management (CRM) software is another method in PropTech that helps real estate businesses. CRMs now constitute a sizeable portion of PropTech and offer the following benefits to the sector.

Increase in Productivity and Efficiency:

CRM enables businesses to automate routine operations so that their sales teams can concentrate on more important responsibilities. The automation presented here can speed up sales and marketing cycles and enable more efficient business practices.

Higher Customer Retention:

CRM keeps customers engaged by sending them periodic emails, offers, blogs, newsletters, and other updates. The automated message tools keep customers under control and pave the route for their retention.

Faster Response to Customer Queries:

Customers can be automatically contacted in a matter of minutes. Additionally, customizable messages contain thorough information that human operators could overlook.

Customer-centric strategies are constantly improving with the right technological assistance. Today’s home-buying experience is far superior to that of a decade ago. Real estate firms have shifted their focus on understanding and empathising with their clients’ emotions, values, and aspirations, with the goal of creating meaningful and memorable experiences that go beyond functional benefits.