India’s Real Estate sector is still in its infancy in terms of its organization in spite of being a big one. As a developer you can definitely win the game and beat your competitors if you follow the steps outlined.
1. Get RERA Registered in Your State
RERA 2016 (Real Estate Regulation Act, 2016) has made it mandatory for all developers, agents and firms to get registered under it in their respective states. The developers who have registered themselves already have more credibility than their competitors. You can market yourself as a RERA registered developer to attract more buyers and prospectors. Every state has their respective RERA site. One can get all the information about the procedures and processes directly from there.
2. Get a Digital Referral Platform
A good amount of real estate sales directly come from referrals. These referrals are made by buyers who are already residing in any of the developer’s projects or know about it. People tend to refer projects to their closest: friends and family. Most referrals are done by word of mouth and the whole system is unorganized. The best way to make this process easy for the buyers and the referrers is to implement a digital referral platform. An app for referring is a very practical and hassle free method for all. With a good percentage of Indians having access to smart phones, implementing a digital referral platform eases and organizes the whole process with the end result being a greater number of referrals.
Loyalie can ease all your digital referral requirements as it is a legal and hassle free RERA compliant platform. Your buyers will be able to make referrals directly from the app as well as get updated about events and avail customized vendor offers of your choice. Click here to know more.
3. Go Digital
Internet data packs are virtually free these days. Every person is connected with one another having a digital presence of some sort. Prospective buyers tend to do online searches first these days if they are looking to do any buying of any sorts. As a developer, you should not only have a strong web presence in terms of website and social media sites but an influential one as well. You will have to have engaging as well as informational content to attract their attention to convert it into leads.
4. Keep Track of Your Competitors
If you see your other competitors closing more sales and generating more revenue, then they must be doing something right. Make a careful analysis of all their marketing as well real estate campaigns and strategies. You can then start to adapt what is working for them and turn it into your strengths. Most real estate business is dependent on vital connections and networking. You can get ahead of others if you get your networking correct.
5. Know Your Market
Every developer should know what projects to undertake and who to market to. Market demands vary over time to time but a developer should be able to know what projects are really feasible and can generate expected profits even in the long term. India having a varied demographic nature has still a lot of scope for different kinds of projects for different income groups. A developer who caters to a specific niche according to the demand can surely be expected to win the game.