Moving towards TRUST: organized sector to benefit
December 21st, 2020
The real estate sector has many national, big and small regional players. Over the years, reputed and trusted developers have employed several best practices that have been acting as an indicator to watchful buyers of how well a developer can deliver their dream home. For homebuyers’, there are several kinds of research and reports available that assess builders on different parameters. Homebuyers’ trust has always been an important component for realty investment. Considering homebuyers’ behaviour and demand, the developers are constantly evaluating and adopting best practices to gain public trust.
- Digital Transformation- Finding a way through these unprecedented times have accelerated the adoption of online tools and move towards digital transformation. Numerous developers are providing walkthroughs and 360-degree views of their properties. This has helped the buyer envision themselves living in that space.
- Supply Chain Management- From the enquiry process to the final sale, many developers were successfully able to reduce their inventory during the past quarters. To cater to the growing needs of their customers, developers have started providing lucrative deals and discount, redesigning floor plans to incorporate a study room, automated lifts & lights and coworking spaces in common areas.
- Workforce Management- The pandemic resulted in construction workers fleeing to their respective villages from construction sites during the initial phases of the lockdown. With confidence returning to almost normalcy stagnant construction sites, developers have arranged the transportation, food, stay and medical assistance for their respective labour force and enticing them to come back.
- Track Record- Managing a good track record is of paramount importance for developers. This will determine the number of sales the company can convert from the initial enquires. Having an established name will also provide a good word of mouth promotion as well as customer testimonials from existing clients. Retaining and cultivating customer confidence is an ongoing process in order to protect and enhance their brand in the market.
Financial Portfolio : To help battle all obstacles, the real estate sector has been successful in availing stable assistance and aid from the government. The stimulus package and SWAMIH funds have been planted to further boost the real estate sector. The developers only hope that this backing will get stronger as the years pass by. With the real estate sector playing a pivotal role in the revival of the economy, the Government must cooperate with the developer’s needs. It is vital for developers to project realistic forecasts in order to achieve them.
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