Why does a Real Estate Business need Customer Loyalty Programs?

Posted on Posted in Marketing, Real Estate, Sales, Service

Why does a real estate business need customer loyalty programs?

Transformation of the Real Estate Sector

The Indian real estate market has taken quite a turn for the better in the last couple of years. Especially since the advent of RERA Act (2016) in most of the states, there has been a sincere focus on organization and transparency in the real estate industry.

Like many other contemporary industries, this industry also, has taken up Customer Service as a very important part of the entire buying process.

What is a Real Estate Loyalty Program?

It is necessary to understand that your relationship with your customers go beyond the closing. Buying a property to live in requires a substantial amount of money and effort. This important event in a buyer’s life should be made even more memorable – and that is where loyalty programs come in.

A Loyalty program determines the needs of customers and provides for the same. A real estate loyalty program seeks to address the various needs of home buyers. Through a loyalty initiative, the developer can connect with his/her home buyers and residents in a comfortable space. Through loyalty programs, developers provide home buyers with perks and privileges. This can be in the form of engaging activities organized for the residents and their families. Or, it could be offers and discounts for home buyers from luxury brands. It can also be deals from a local restaurant or a gymnasium for a smooth settling in to a new neighborhood.

Why does a real estate business need customer loyalty programs?

How can it benefit Real Estate Developers?

Brand Loyalty programs engage home buyers, leading to customer satisfaction. As a result, these home buyers refer your brand to their friends and family. In terms of marketing costs, multiple researches have shown that campaigns for gaining new customers have proved to be more expensive than leads generated from existing customers. It is more cost-effective to engage your existing customers in events as that extends their loyalty and drives positive word of mouth for your company.

Around 30-40% of real estate sales depend on Referrals. And positive word of mouth about a real estate business directly converts to quality referrals which in turn churn out sales. Thus customer loyalty programs result in a significant boost in real estate sales.

Loyalie’s Loyalty Program and Engagement Activations

Loyalie is a marketing tech company with tie ups with various luxury and mass market vendors. Loyalie organizes deals & discounts for your home buyers that would be available to them through Loyalie’s user-friendly mobile phone App – ConnectRE.

As an advanced marketing platform, Loyalie also organizes Engagement Events and Activations on behalf of developers, for their residents. Events include luxury day trips for wine tasting or amusement parks for children and much more.

Right from prospecting to moving in and beyond, Loyalie keeps home buyers engaged with events, loyalty offers and benefits. As a result of such programs, home buyers develop a sense of trust and loyalty towards the developer. Thus in turn, the developer generates large number of quality referrals which convert to actual sales. Loyalie’s ConnectRE platform is the evolution of real estate sales.

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