REAL ESTATE TECHNOLOGY SOLUTION

Understanding the requirements & Proposal of an End-to-End Implementation

Overview of Residential Real Estate – India By 2040, real estate market will grow to Rs 65,000 crore (US$ 9.30 billion) from Rs 12,000 crore (US$ 1.72 billion) in 2019. Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13 per cent of the country’s GDP by 2025. The Indian Residential Real Estate Market had to face multiple hardships over the last couple of years. The initial impact of demonetisation followed by a dual structural reform like RERA & GST caused major problems & delayed project launches. Though these reforms brought in positive changes like higher efficiency & transparency, they resulted in dampened sales throughout 2019. As the sector was picking pace, it had to face negative consumer sentiment & a complete lockdown with Covid-19 since the start of 2020. The sales of residential units have decreased by 29% in Q1 2020 when compared with the same period last year. Most of the buyers have turned fence sitters & are delaying their purchase decisions, expecting further discounts. Given these challenging market conditions, developers must reinvent themselves with a newer way of doing marketing, sales and customer retention. This paper takes a deeper look into the need for an end-to-end technology Solution for Real Estate Sales & Marketing.

Urgency for an End to End Technology Solution for Real Estate With Real Estate market being a buyer's market & looking at the current situation with Covid-19; consumers expect discounts & will negotiate hard. In such a scenario, what helps a developer command the right selling price in a buyer’s market:

1. A Good Brand & a strong delivery record. 2. A Good Product with the right location & amenities, product specifications. 3. An Enhanced Buying Experience in the physical & Non-physical World & Collaboration with internal Teams & Channel Partners.

In this White Paper, we focus on how technology can help developers establish a strong brand perception, create a strong Top of the Mind Recall through omnichannel communication, by leveraging data & automation for an enhanced customer experience.

Current Challenges Lack of an Integrated Technology Platform for all Stakeholders Companies lack a single technology platform that can bring all stakeholders from marketing, pre-sales, sales, partners, CRM, to customers on a single platform; ensuring faster communication & collaboration; seamless flow of data; providing Business Insights for faster decision making. Lack of End to End Funnel View As Real Estate Sales is a longer cycle with multiple touch points; it’s important to get end to end visibility into the customer journey - from the First Ad impression to how the consumer moves through the call-centre, sales, On-site Experience, Negotiation-Booking to After-Sales up to Possession. With no single platform or with little data integrations; this is a current challenge most enterprises face. View & Control over a Standard Customer Brand Experience A lot of enterprise businesses have a well-defined brand experience document but are unable to leverage technology in deploying it for a seamless customer journey. With more standardization, adherence to brand guidelines and control over process automation; businesses can establish themselves as ‘Customer Focused Brand’ Dependence on Physical In-Person Interactions & On-Ground Sales A high dependence on the physical site experience & on the sales staff for pitching & convincing customers will prove insufficient in the post Covid-19 World. Customers wouldn’t want to visit sites multiple times, will start expecting more information prior to visits & would want to avoid unnecessary travel for paperwork & documentation. Channel-wise Insights Again, lack of an end to end data repository, it’s difficult to understand which channels are getting the most ROI not just on the marketing spend but also for site-visits or bookings. Sales & Marketing Automation Software are not customised to measure take-rates to measure for online, offline, channel-partners, referrals & various other channels and mostly work in silos. It’s also difficult to set up quick but successful growth experiments.

Bank, Loans, Documentation & Automation of Processes One of the most critical influencers in a real estate purchase journey is Financial Help & Loans. Customers decisions can completely shift to the other end with lack of clarity or rejection of their loan requests. Most existing software completely ignore Banks & Financial Institutions as a key stakeholder & have no integrations or automations in place to help customers with this key task. Secured Access to all information to work from home With Pre-sales, Sales & Marketers along with Channel Partners all working remotely; it’s very important that every stakeholder has access to the same information, in real-time & in a very secured access-controlled fashion. A lot of the software are online or in the cloud; but lack true collaboration features that are the need of the hour.

Blueprint for Digital Transformation With this background on the current Real Estate Situation & various technology challenges that enterprises face; we are proposing a blueprint for digital transformation. This transformation has to be accelerated & needs to cover all stakeholders in an organization. Consumer Journey & Business Actions Let’s look at the consumer journey & the various business activities relevant at every stage Phase Business Actions

Awareness & Reach PR, Advertising, Lead Generation, Social Media Outreach, Influencer Campaigns, Brand Building, Thought Leadership, Channel Partner Outreach, Database Marketing, Webinars, Consumer Research

Engagement Lead Engagement, Create more touchpoints, Virtual Tours, Site Visits, Lead Enrichment, Newsletters, Product Explainers, Sales collateral, Video Content Personalization at Scale, Micro-moment Marketing

Consideration & Purchase Negotiations, Offer & Schemes, EOI, Payments, Inventory &Price Optimization, Customer Stories, White Papers, Reduce Cancellations, e-Commerce

Post Sales Document Verification & e-Signing, Agreements, Payments, Demands &Payment Schedules, Service Requests, Follow-up, Referrals & Loyalty, Customer App, Property Management

Consumer Journey Phases & Tools Required With these activities in mind, here are the recommended tools & features that should be part of this One Technology Solution for Real Estate Sales & Marketing.

Reimagined Sales Process

Awareness & Outreach

Feature Advantages Benefits Sell.Do Advertising Automation & Remarketing

1. Quick & AI driven set up customized for Real Estate Industry

2. Generates keywords, text-ads, bids, media plan using historical data & insights.

3. Manage all ad-platforms from a single dashboard (Google, Facebook, LinkedIn, Taboola)

4. ML Driven Real time optimization on bids and across media channels.

1. Higher share of voice & Visibility 2. Higher ROI with highly targeted

keywords & ad setup 3. Higher Qualification & Conversion

ratios 4. Data & Reporting Transparency 5. Helps run Experiments & spend on

high performance platforms.

5. Understand Creative Fatigue, Analytics at one place.

6. Connects with CRM data to complete lead feedback.

Website, Chat, Click-to-Call, Chatbots, CRO, A/B Testing, Form Builders

1. Lead Generation & Information sharing channels 2. VRs, Walkthroughs, Video, Image content 3. Q&A format to answer basic product questions

via Chatbots. 4. Improve conversion ratios with targeted

personalized communication 5. Test campaigns, communication routes across

audiences with A/B Testing on Landing pages 6. Quickly create custom forms to collect

information from leads, customers.

1. First source of information 2. Ease for customers to reach out to

your brand. 3. Understand customer intent &

behavior for tailor-made remarketing & personalized sales-pitch.

4. Helps run Experiments – Test & Iterate & fail faster.

5. Directly interact with customers collecting feedback & surveys.

Sell.Do Analytics, Google 360, Mixpanel, Meltwater

1. Ad analytics – Ad metrics, Campaign Engagement, Budgets & CPLs, Demographics

2. User Behavior Analytics – Page Analytics, Content consumption patterns, Location & Channel wise analysis.

3. People Analytics – Per user level behavioral data, Funnels, Cohorts, Prediction & Signals

4. Sell.Do Analytics – Connected with CRM data – web-behavior, pre-sales & sales behavior.

5. Social Analytics & Social Chatter

1. Informed decision making to run ad-campaigns, optimize landing pages.

2. Measure Success of Strategy & Communication

3. Predictive modelling to save time & higher efficiency.

4. Understand Brand Buzz, Brand Sentiment

Engagement

Feature Advantages Benefits Call Centre with Cloud & On-premise Capabilities

1. IVR, Welcome messages, Branded Tunes 2. Intelligent & Sticky Agent Routing with

Availabilities & Break Times. 3. Predictive Outbound Dialer. 4. Call Recordings & Transcripts 5. Direct Mobile Access (w/wo Internet) 6. Works with Normal Telephony &/OR VOIP. 7. India & International Support – Numbers &

Calling.

1. Teams can work remotely & from homes with Cloud Telephony.

2. Zero Upfront infra cost - Pay as you go model.

3. Better Audits & Quality maintenance. 4. Never miss Call Leads 5. Cater to international customers. 6. Improve conversion with Sticky

Routing & AI.

8. IVR Blast 9. Agent, Calls, Reporting, Audit Reports

7. Better client context with always available call-recordings from pre-sales, sales & post-sales.

Marketing Automation 1. Lead Nurturing with Drip Marketing 2. Bulk Email & SMS Marketing 3. Automated Campaign ROI up to Site visit,

Booking 4. Custom Audience Marketing & Re-marketing 5. Lead Capture Forms & Phone Number Tracking 6. Online & Offline Campaign Set up & Tracking 7. Email Builder 8. Notifications for Lead Events like Email

opened, SMS delivered, Sales events like Site visit done & Website revisits or interactions like video viewed.

9. Create custom user journeys & personalized content

10. Integrated Live-Chat, Facebook, LinkedIn & YouTube Lead-Gen form.

11. Personalized Video Communication. 12. Insta-connect

1. Create more touchpoints with customers.

2. Engage with in-the-moment marketing 3. Personalized content in middle of the

funnel 4. More engaging video formats

personalized at scale. 5. Get in touch immediately with leads

who are active online. 6. Instant Gratification for customers

with autoresponders & immediately connected calls on enquiry.

7. Informed decision making with data from advertising to sales on a Single Campaign dashboard.

Omnichannel Communication Platform

1. Communicate via Email, SMS, Calls, WhatsApp 2. Allow customers to connect via Short-Codes. 3. Bring all customer communication on a single

platform. 4. Measure customer sentiment & lead-score

based on engagement and response to communication.

5. Canned Messages & Templates

1. Ease of communication for customers by enabling all popular channels.

2. Faster response times & Higher open rates with WhatsApp.

3. Standardize communication with auto-messages & canned responses.

Consideration & Purchase

Feature Advantages Benefits LMS & Sales Automation with Automation Workflows

1. Lead & Pipeline Management with full inventory, communication at one place

2. Actionable insights based on ML for faster closure

3. Complete E-commerce Tracking 4. Lead Activities Track with Lead Engagement

Scoring

1. Complete visibility into Lead Pipeline 2. Easy Sales Forecasting 3. Higher Sales Efficiency with

Automation. 4. Escalation & Optimized Response

times for Customers. 5. Multiple Touchpoints & Follow-up

with Automation

5. Sales Performance Reporting, Pipeline Analysis, Inventory, Collection Reports and Sales Forecast Reporting

6. Workflow Automation to optimize sales processes.

7. Automated Follow-ups, Meetings, etc. 8. Escalation Matrix

Lead Segmentation & Smart Lists

1. Custom Pipeline Builder 2. Lead Enrichment from social & financial

systems. 3. Smart Segmentation & Dynamic Lists 4. Manager Access & Work Allocation. 5. Focus on work stream, project-based, task-

based, lists for work prioritization.

1. Right & Personalized Messaging to 2. Work Prioritization with Quick Access

to Leads to Focus. 3. Demographic, Financial Enrichment to

understand lead quality

Site Visit Management 1. Site Visit/Online meeting management 2. Verification via OTP 3. Source tracking and management 4. Feedback on Site Visit/Online Meeting 5. Integrated with Video Calling Software like

Zoom, Hangouts, Teams, etc. 6. Integrated with Sales Presenters, Decks &

Virtual Tours

1. Better Online & Offline Site Visit Management

2. Create same site experience online with Virtual Tours, etc.

Predictive Lead Scoring 1. Rule Builder for Lead Scoring based on lead activities on web assets, communication or physical activities

2. Custom Pipeline/Buckets based on lead score for lead prioritizing

1. Better Decision making with knowledge on which leads to go after.

2. Higher Sales Efficiency

KYC & Govt. Backed Authentication

1. Complete KYC Module for capturing multiple KYCs against the booking

2. One-click Documentation upload for KYC Documentation

1. Faster Documentation 2. Reduced Cancellations 3. Reduced Booking to Agreement Time-

Gap

3. Multiple Document support 4. Integration with Govt. Authorized Partners for

online verification of the KYC Documentation

EOI & Launch Management

1. Real time Token Generation from multiple sources

2. Slot Management 3. Site Management 4. Online/Offline Allotment Provision

1. Manage EOI based launches online. 2. Easy payment collection 3. Focus on Higher Intent Leads

Online Inventory, Price Quotes, Schemes Management

1. Inventory Control and Management Module 2. Scheme Management and Negotiation Engine 3. Real Time Cost Sheet and Payment Schedule

Builder 4. Price Control/ AI based Price Escalation. 5. Keep track of all price quotes & related

communication with leads

1. Access to information in a secured and access-controlled format.

2. Easier Collaboration, Negotiation 3. Get premium leveraging demand-

supply dynamics.

Document Management with Google Drive & Other Integrations

1. Document tracking and sharing 2. Better Collaboration with the Customers 3. Secured Storage and Ease of access

1. Secure way to maintain all customer documentation.

Collaboration Tools like Email, Chat, Calendar, Video Conferencing, Docs, Tasks

1. Seamless Process for Sales and Customer 2. Insights on Meeting Quality due to integration

with LMS 3. Slot Booking Management for Sales Meetings 4. Tasks and Reminders for Sales Assistance

1. True Remote working from home for all stakeholders.

2. Online Sales with Pre-sales, Sales, Channel partners, customers all on one platform.

Loans & Banking Integrations

1. Fetch CIBIL Score 2. Retrieve preapproved loan amount 3. Deep Integrations with Financial Institutions

from File Creation to Disbursement

1. Faster Booking to Agreement 2. Prioritized bookings to financial

qualified leads to reduce cancellations. 3. Sales Efficiency with Focus on right

leads.

VR/AR Tours 1. Online Project Site Experience 1. Create same brand experience online. 2. Take sample show apartments online.

2. Interactive Tours with detailed views/facing, location etc.

3. Event tracking to understand Customer intend/preference and lead data enrichment

3. Bring insights back on the lead.

Online Payments & Invoicing

1. Online Payment Module 2. Offline Payment Tracking Module 3. Automated Receipt Generation 4. Notification Engine for Payment Follow Ups 5. Completely RERA compliance with multiple

accounts set up.

1. Work during lockdown & beyond. 2. Reduce Office visits & physical

interactions 3. Easy Refunds & Tracking 4. RERA compliance 5. Fixed Transaction fee on Net Banking

for Real Estate (high value transactions)

Partner Management 1. Channel Partner Onboarding

2. Project Info Management/ Offer Management 3. CP Engagement/Loyalty Program / Referral

Program 4. Performance Management / Leaderboards 5. Incentive Tracking

1. Manage channel as a source 2. Single platform to reach, engage &

activate channel during launches 3. Brokerage calculations, invoicing &

ledger for frictionless working.

Post Sales

Feature Advantages Benefits Payment Management 1. Integrated Payment Module

2. Auto Updated Ledgers 3. Automatic Interest Calculation 4. Payment Reminders 5. Ledger Management 6. Cashflow Predictor 7. Deviation Management

1. Faster Recovery of payments 2. Multiple touchpoints with Customers

with personalization to stabilize cashflow

3. HR Cost Optimization with platform doing the management of interests, ledgers etc.

4. Clear Real time insights on recovery to plan and manage funds

Demand Letter Generation and Communication

1. Auto Demand Letter Generation based on project stage

2. Auto Communication to all the Customers

1. Frictionless Process for creation of Demands

2. Standardized Communication to all the Customers without any delays about the generated demands that avoids delays

Desking and Query Management

1. Query Management 2. Integrated Calling and Communication Tools 3. Reporting 4. Escalation Matrix for unresolved Customer

requests

1. Enhanced Customer Experience for managing the queries

2. In-built Communication Tools that help you enable workflows and automation in handling queries from Customers which reduce dependency on CRM team

3. Clear transparency on Customer Service to take corrective actions

Document Management 1. Agreement/Lease Management 1. Better Collaboration with Customers

2. Receipts Management 3. Demand Letter Management

2. Single Store for all documents with secure and easy access

Customer Engagement 1. Property Management Tools

2. Referral and Loyalty Programs 3. Home Automation Integration 4. Community Event Calendar 5. Project/Construction Updates

1. Increased Brand Advocacy through the acquired customer base

2. Provide Service beyond just the product with Tools and Technology that help them beyond possession

3. Remote and Integrated Asset and Property Management with IOT that yield better ROI for Investors and bring down the maintenance costs for the end users

Other Tools

Feature Advantages Benefits Reporting and BI 1. Single Platform to track the journey from

Advertising to handover/possession 2. Custom Report Builder 3. Real Time Snapshot of the KPIs

1. End to End Visibility into Full Customer Funnel.

2. Faster Growth Experimentation 3. Focus on Innovation

ML/AI Driven Insights 1. Customer Sentiment analysis 2. Real Time Campaign Optimisation, Automated

Bid & Budget Shuffling. 3. Recovery & Payment blockages. 4. Focus on Highest Quality Leads 5. Optimise Marketing & Sales Funnel, Path to

Purchase Prediction

1. Leverage ML for better decision making in sales, marketing, product design, strategy

2. Higher efficiencies & reduced costs across the business.

Audit and Compliance 1. Audit Trail 2. Access Control 3. Data Security

1. Better control 2. Better access to funds

Implementation Approach Once we have laid down the components of the system & understand the Advantages & Business Benefits, we explore different approaches to implement this system. Here are the most important requirements to consider for a successful system implementation:

a. All systems need to be connected with data flowing across seamlessly b. All stakeholders in the ecosystem need to have access to a common system c. Enable Sign-on and ensure the platform is available online for ease of use, secure & controlled access. d. The platform should allow for faster growth experiments & should adaptable, modular & configurable.

We would like to explore the common implementation approaches and study their benefits & risks. Approach 1: Multiple platforms & build the integrations Companies going with this approach choose generic platforms which allow heavy customisation & then build integrations, customisations to fit internal requirements. Approach 2: Choose a Vertical Focused Solutions like Sell.Do Companies choose vertical focused solutions & then tailor them to fit internal requirements.

Cost Benefit Analysis

Factor Approach 1 Approach 2 Build Cost & Time Benefits:

1. Allows full customisation 2. You can purchase the best in class

software for every function/requirement

Risks: 1. Time to go-live, Delays 2. High dependence on consultant –

things can go wrong.

Benefits: 1. Has pre-build customisation for your

need. 2. Faster go live with a fully configurable

system. Risks: 1. May not be the best in class product.

Cost of Ownership Benefits: 1. High cost of ownership (Detailed report in provided in next section)

Benefits: 1. Low cost of ownership (Detailed report in provided in next section)

Innovation Benefits: 1. Product innovation is fast-paced. Risks: 2. Adoption & Industry specific

innovation is slow with dependence on implementing vendor.

3. Very high dependence on a mediocre vendor partner for innovation. Real Estate is not the primary focus of most key vendor partners.

Benefits: 1. Faster industry innovation 2. Learnings from Industry Leaders &

multiple businesses from same vertical flow faster.

Risks:

1. Dependence on the software provider for innovation.

2. Internal team innovation may not be pushed.

Knowledge Partners 1. Separate Real Estate Consultant required for implementation & AMC along with an implementing partner – keeping cost of ownership high.

1. The software provider is already a knowledge partner & can provide for the onboarding, consulting support keeping cost of ownership low.

Full Picture