“The COVID-19 pandemic forced the global real estate industry to adopt digital transformation almost overnight. We take a look at some ways in which real estate developers leveraged technology and digital strategies in the short-term. “
The COVID-19 pandemic dealt a huge shock to the global market, affecting nearly all industries but especially those where the majority of operations depended on physical interactions, such as the real estate industry.
Sustained global travel bans and varying degrees of local movement control measures that were implemented with little warning had a significant impact on the real estate industry. Customers were no longer able to visit showflats or property launches. Lockdowns meant that property agents and legal offices were closed for an extended period. Developers had to scrap their property launch and seminar plans.
While many industries were able to seamlessly leverage technology to transition to remote-working without much disruption, real estate developers had to accelerate their adoption of digital transformation and technology in almost all aspects of their working process overnight. Industry players who were able to do so successfully saw lower than expected impact to their business and increased brand loyalty among their customers.
We take a look at some ways in which real estate developers around the world transitioned to digital in the short-term.
Many countries in the world imposed stringent movement control restrictions, which meant that leaving home for non-essential purposes was not allowed. This resulted in the overnight cancellation of home and showflat viewings. Some developers were able to quickly adopt advanced Virtual Reality (VR) and 360 degree 3D rendering technology to build virtual galleries on their websites that enabled their customers to get an immersive experience with their homes.
Developers who were still using analogue methods of managing their inventories finally adopted cloud and blockchain technology to do so. The signing of documents and transfer of property that previously required customers to be physically present at legal and property offices were handled digitally using secure technology like DocuSign. This was a win-win situation for both customers and developers, where customers were able to complete their transactions seamlessly and developers managed to retain their customers and stick to their projected revenue estimates.
In today’s world of chatbots and Artificial Intelligence (AI), speaking to a real-human makes all the difference for customers when they look for help. Property developers and their agents stepped up their customer service offerings during lockdown periods, offering consultations via video conferencing while going the extra mile to offer customised solutions to their customers. Digital-first products and services such as tele-health, no-touch delivery, 24/7 concierge services were offered to residents as part of developers’ commitment to enhancing their residents’ living experience during the lockdowns. SC Asset’s one-stop living solutions app Baan Rue Jai ensures that residents are able to chat in real-time with an actual customer representative 24/7.
While technology certainly improves residents’ quality of life and allows developers to maintain standards consistently, it is important to strike the balance between efficiency and having the human touch.
The sudden halt in physical property launch events and closure of sales galleries meant that developers had to rely on digital means to continue to reach out to their customers. There has been a drastic shift towards omnichannel digital marketing efforts – where developers were able to effectively reach out their local and international audiences through integrated marketing campaigns on digital platforms such as social media. Advertising online also allowed them to accurately target specific audience segments which ensured a higher quality of leads.
Other digital efforts that developers have undertaken include running virtual seminars and producing customised digital collaterals and sales presentations that are specifically catered to the potential homebuyer. The ease of virtual communication and marketing also allows developers to easily translate collateral for potential homebuyers in foreign countries. SC Asset was able to successfully reach out to their target audiences in the region by organising and promoting a successful series of webinars that highlighted the benefits of investing in Thailand property.
As the world slowly recovers from this pandemic, the digital transformation of the real estate industry offers developers the opportunity to stand out among both their local and international competitors, and build strong brand loyalty among their customers. Digital technology will increasingly be commonplace as a complement to developers’ typical offerings, integrated into every step of the customer lifecycle.
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Communication and provision of various information relating to products and services of the Company and offer of any projects in which customers may be interested
Preparation of marketing plan and analysis, process, development and improvement of products and services of the Company
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This policy shall be used for personal data protection for clients of SC ASSET Corporation Public Company Limited and its affiliated companies (the "Company") which you provide personal data through online and offline channel such as site visit, website, mobile application, social media (“Platform”), allowing you to search for, visit, use products and services of the Company and/or its business partners such as:
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