According to research firm Knight Frank, the industry is facing a real estate slowdown in major Indian cities. Economic Times reports that this has led to a significant price drop of properties over the last year.
As a real estate developer in India, this is a worrying situation. Business is slow, and as the number of unsold units piles up in major cities, the pressure to make things profit-driven increases.
Reports suggest that at the current pace of sales, it will take around 2 years to sell off the 1, 30,000+ units that are awaiting purchase. This is just the story of the biggest arena in Indian real estate. The same situation persists in Chennai, Delhi, Bengaluru, and Pune among others.
The question that you need to ask is simple. How do you battle this condition and move your sales further? Let’s take a look:
Create referral potential in customers (to tackle real estate slowdown)
Real estate customers bring a lot of sales potential – all you need to do is create a good referral incentive to create interest. It could be anything from cash incentives on closed deals to events and activities to keep them engaged with your company.
Once this stream of revenue opens up, it will become easier for you to sell units fast. Building long-lasting relationships with your existing customers are the best marketing plan for your real estate projects!
Become the preference of channel partners
Another major stream of real estate sales in India is channel partners or real estate agents. Contributing close to half the total number of sales, this is one of the most important sections on any developer’s pie chart.
But how does one become the preference of channel partners?
Simple – by giving them better incentives. Here’s how you can create different parameters for their rewards:
- Number of walk-ins
- Number of site visits
- Total square feet sold
- Total units sold
The channel partners that contribute most can be given incentives in cash or kind in addition to the commission that they are already entitled to for each property sale.
3. Give vendor benefits to residents
Shifting to a new home can be an exciting and yet tedious process. Nevertheless, people have to get familiar with their new lives and there are a thousand things to take care of. As a developer, you have the power to completely transform this experience.
Consequently, tying up with packers and movers, salons, fitness centers, clubs, restaurants, and spas to give your home-buyers a great loyalty experience. As a result, their positive word of mouth goes around, selling your real estate projects faster.
Always remember, there is no better marketing tool than a satisfied customer!
Use these methods and get ahead of your contemporaries in battling the slowdown – making the customer happy is always the best way to create a great business experience. To know more, get in touch with Loyalie.