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Indian Real Estate Rely on Virtual Reality and Digital Marketing Tools Amidst Coronavirus Outbreak

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There is no denying in saying that coronavirus outbreak is affecting the Indian market and in the same manner real estate market may also face the effects of the same.

Increase of the deadly virus has made everyone confused. Like other sectors, real estate is also getting affected. Digital marketing is now counted as boon for the business as it comprises all the essential tools of marketing t4hat utilizes internet and online based digital technologies including laptop or desktop, smartphones and other modes of communication.

Talking about the importance of real estate investment in these testing times, Nayan Raheja, Executive Director Raheja Developers said, “While we wish everyone to be medically safe this season, it is also a fact that financial safety in these volatile times is getting eroded with banks, stock markets, bonds, bullion, currency all collapsing due to corona scare. In these testing times the only time tested, long term and stable investment option globally is real estate.”

Rohan Chheda, CFO, Rodium Realty Ltd, said,”Rodium Realty Ltd. has been at the forefront of using virtual reality and digital media in enhancing the experience of our customers and making it easier for our sales team to showcase our products to NRI clients and clients who cannot come for site visits to see the developments and show flats. We use products like Digislate and Archicad to create realtime immersive experiences so as to demonstrate our premium residences and close deals. It gives us an avenue to reach out to more clients, and for the clients to better understand the vision and product before purchasing.”

Mr. Avneesh Sood Director, Eros Group said, “Virtual reality is seen as an alternative marketing tool for now, with the global impact of the coronavirus expands, but I expect it will grow in popularity as people see how helpful it is during times like these. In addition to virtual reality and virtual tours that are already available on many listings, we’re also using other relevant social media channels like YouTube, Instagram, and Facebook to orchestrate our virtual open houses. All our listings have 3-D walkthrough tours and floor plans that allow people to tour each level online”.

Buyers are now searching the property online and shortlisting the properties depending on their needs and budget before visiting the site. There are more than 450 million internet users in India and this offers an opportunity and a challenge for the developers. People are present on all digital platforms, for example Facebook has more than 240 million users in India who access it through phones. Numbers are a clear indication that the digital market is a potent tool, especially during the current scenario when the use of social platforms is likely to increase manifold.  This is the time when social media analytics tools should be utilized to understand consumers and create targeted campaigns.

Ankit Kansal, Founder and Managing Director 360 realtors said, “Digital marketing is really helping the real estate sector as it is helpful in standing out of the crowd and also helping in boosting the brand exposure. Besides, it is helping in saving time and money. The stage is set for real estate players to take benefit from online marketing and the positive aspect of the same is that they can engage their consumers by realigning priorities from revenue-generation to creating value for consumers. The content should be created that home seekers should find valuable and the developers must know who they’re speaking to. Understanding the audience is a must and by targeting them through content is half the battle won. Another aspect is that the campaigns should be created for mobile as majority of the Indians are now using mobile to access internet. Tools like use of regional languages and voice search options should be kept in mind while designing a digital marketing campaign.”

Vikas Garg, Deputy Managing Director MRG World said, “We all are going through a tough time due to coronavirus but I appreciate our customers who are approaching us through online medium. It is the most important factor that makes digital marketing popular in the modern real estate industry is its right reach at affordable prices.”

Digital marketing, virtual reality tools must be utilized and real estate has realized it very early which is reflected in the increase in digital marketing spend over the years. However, in the coming months the use of this tool will be maximized. Facebook real estate marketing tools, Twitter, Instagram, email newsletter and e-mail blasts are some of the ways that are being utilized now.

Gautam Tewari, Co-Creator of Trezi, “In these times, when even stepping out of one’s home is rife with risk, VR is a very viable solution to stay under lockdown and yet conduct business as usual. The building industry relies on site visits, in-person visits and dozens of mock-ups and samples to finalize projects or designs – but several of these processes can be conducted remotely, using virtual twins of catalogue products. On a larger scale, this will also help the real estate sector stay afloat, by providing buyers the opportunity to view potential properties within VR and make informed decisions about their investment. These solutions are not merely stopgaps for the pandemic – adoption of VR to enable remote collaboration on the product front will help us curb time and cost overruns in the long run.”

ALSO READ: Houston Association of Realtors’ flagship listing site, HAR.com, is no longer displaying open houses

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