Real estate as an industry struggles with establishing positive brand equity. They face several challenges throughout their buyer and channel partner journeys that hamper their brand perception.
But can these limitations be identified and reversed?
Will a more qualitative approach towards their stakeholders bring significant improvements to their brand image while also opening up to 30% more in sales? What initiatives from a developer can help re-establish trust and goodwill for the brand?
Here’s our look into the challenges and finding holistic solutions for them.
On average, a homebuyer invests 77% of their personal wealth when purchasing a property. The sheer magnitude of the investment, combined with hearsay and self-doubt often compel the customer to question their decision of buying into the brand.
This feeling remains unaddressed in most cases and escalates further as the new homebuyer starts paying EMIs for a product that takes up to 5 years to deliver. With growing disconnect between the developer and homebuyer post-purchase, customers feel emotionally and financially stranded. This decreases the likelihood of referring the brand to their friends and family.
Most real estate purchases are purely transactional in nature. Even though the product holds immense emotional and financial value, developers focus their attention more on clearing their inventory.
However, every existing customer is a potential brand advocate when they are happy with the product and post-delivery services. If developers are able to successfully tap into this potential, then it will not only improve their brand equity, but also open up a safer channel of sales.
Close to 50%-70% of real estate sales by developers come through channel partners. Yet channel partners face numerous challenges when dealing with developers. These could range from payment delays to lack of lead updates, lead poaching, and other issues.
For a sales channel that does most of the selling, real estate developers need to start focusing on creating a transparent and trustworthy communication system.
Building the people-centric aspect of a real estate brand could set a new trajectory for the company’s growth. One of the most cost-effective ways to tackle all of these aspects of brand trust, is to start a loyalty and referral program.
Having a comprehensive platform that is designed to build customer delight and channel partner transparency is one of safest ways to increase sales in the long term.
Developers who are inclined towards building trust and monetizing their brand equity can open up a new vertical of sales altogether. However, this is a holistic process. Adding a loyalty program and making it successful requires know-how and dedication from their part.
Creating an omnichannel approach to make a seamless customer journey is the key. Helping customers deal with their paranoia through project tracking features and regular communication allows them to form long-lasting faith.
Once developers start on the right foot, every little initiative made by them can reduce post-purchase dissonance. If customers are satisfied with their product, process, and every additional benefit, then referring their family and friends come naturally to them.
Homebuyer referrals can increase your sales by up to 30% and require little extra effort once you have a streamlined loyalty and referral program in place. In fact, since your loyalty program is a sub-brand that is purely customer-centric, and interacts directly with customers, it starts bridging the gap between a big real estate company and a single unit homebuyer.
A part of brand value also lies with the other stakeholders. In case of real estate, channel partners play a key role in the company’s growth.
A loyalty program aimed specifically at the distribution network will build trust among them and incentivize selling for the brand. Also, satisfied channel partners are more likely to advocate your brand over others to prospective buyers and channel partners, thus expanding your overall network of selling.
A structured loyalty and referral program can open up to 30% more in sales from customer referrals and increase brand equity & recall. However, there is more for developers in between the lines.
Not only do your homebuyers become brand advocates, but also, you reduce the cost of sales to <2%. Additionally, a channel partner loyalty program helps create a seamless and transparent work environment for real estate agents and incentivizes them to sell for you.
Interested in setting the wheels in motion? Schedule a demo with us to set the process of long-time scalable sales growth!