Real Estate In India And The Importance Of CRM Solutions

Category : Real Estate Sector
Blog posted by : Admin / 03 Mar, 2020

The Indian Real Estate World

Pundits have countless theories and opinions about the Indian Real Estate world; and many might contradict each other, but one thing that is very clear is that CRM systems are the need of the hour. In 2020, it is common knowledge that customers are the nucleus of any business. But, in today’s extremely competitive Real Estate world, simply targetting and acquiring customers is not enough. Serving your customer base and maintaining a good relationship with them is just as important (if not more). With businesses raising the bar for Customer Relationships Management, it becomes imperative for every business to do the best to maintain an active and pleasant relationship with their customers making them feel valuable.

The Real Estate Market in India certainly has a great deal of demand as people are willing to invest more and more in Real Estate. But this is not translating into an industry boom as efficiently as it should because of a number of challenges present in the industry.

There are quite a few problems that the Indian Real Estate world is facing. This includes problems that can be dealt with, and problems that exist out of human control. The problem that sticks out the most in the industry is probably excessive project delays. The causes for this are of many natures, and every expert will assign a different amount of impact to each cause; nevertheless, this issue is certainly one of the most significant issues if not the most. Then there is the non-availability of land inside the cities, rising property prices, financial changes due to the state of the economy, and unsold inventory. Most of these problems are related to each other and cause more of an impact collectively to the industry.

Before we talk about the role of CRM in Indian Real Estate, it is important to understand what exactly CRM is. This might seem too basic, but the meaning of CRM differs widely for people. There are certain facets one might ignore while thinking of CRM, thereby overlooking some of its crucial elements.

So, what is CRM?

Many may define it as the tool with the technological capabilities to manage an organisation’s interactions and relationship with its customers. But that statement does not quite capture the fullness of what it is. It is a methodology to strengthen relationships with customers and to understand customers better. Essentially, a CRM system is meant to leverage customer relations to the maximum benefit. A proficient CRM Solution should use technology to best serve its customers, gain insights into customer behaviour while ensuring a pleasant experience for customers.

Importance of CRM in the Real Estate world in India

There are a lot of benefits and advantages that CRM provides as most people are aware of, but let us take a look at how exactly CRM proves to be significant in the Real Estate world in India.

  • Robust Project Surveillance: As we saw earlier, excessive project delays is arguably the biggest problem being faced by the Real Estate industry in India right now. In such situations, it is imperative to stay on top of things at all times and have complete information about happenings. Equally important is it to ensure that customers have accurate and timely updates of project status, especially in a time where the industry is facing excessive project delays. Efficient transaction records and tracking mechanism will improve the experience for both the customer and the business. It also provides a proficient bidirectional communication channel between the business and the customer.

  • Regulatory Compliance: The Real Estate sector in India is taking efforts to ensure better regulation and transparency. A huge step taken in this direction is the introduction of the RERA Act. The Act requires developers and promoters to furnish approvals, details for the land, layouts and other such project details to the regulatory body, as well as the customer. A capable CRM system will play a huge role in ensuring that all these requirements of providing documents and updates are met.

  • Grievance Redressal: A major problem plaguing the Real Estate industry in India is the lack of a structured system for addressing customer grievances. Due to this, customers often end up voicing their grievances on social media. CRM solutions provide a structured mechanism for addressing grievances that makes customers feel heard and valued. It also allows the customer to provide feedback, which will add value to the business by pointing out areas of improvement, as well as letting the customers know that their opinion is valued. With businesses across industries providing the best customer experience powered by the latest technologies, customers expectations are set high. In order to meet these expectations and satisfy the customers, Real Estate businesses need to leverage the best of technology to provide around the clock support to customers. A capable CRM system will have provisions to set timelines for addressing queries and issues, as well as a robust system for recording and sharing updates with the customer regarding their reported issue. This goes a long way in ensuring customer satisfaction.

  • Efficient execution and transfer of product: A robust CRM solution will ensure reliable bookkeeping. In the Real Estate business, this is crucial as it affects demand letters and other business activities. An efficient record keeping and reporting system with enhanced tracking capabilities will help track payment progress and accordingly ease and smoothen the handover process against payments received.

  • Enhanced Reporting: In a market with rapid growth such as Inda’s, it is important to leverage any and all tools at disposal to gain an edge in the industry. It can be said that this is the ideal time for Real Estate businesses in India to invest in capabilities that will help them to stay on top of things and be proactive in strategising. This not-so-fancy seeming capability makes a huge difference in efficiency and driving value.

To summarise, capable CRM solutions are the need of the hour in the Indian Real Estate world. There is no disputing the fact that CRM solutions will add immense value to the Real Estate world in India and boost business. Especially considering the RERA Act and the movement of the industry toward more transparency and better regulations, CRM systems should certainly be on top of the priority lists for Real Estate businesses in India.

In order to leverage a CRM solution for best results, Real Estate businesses should use a CRM solution designed specifically for Real Estate businesses. StrategicERP’s Real Estate CRM is a web and mobile-based end-to-end CRM solution that is tailor-made to meet the needs of Real Estate Developers.

                                                                                                                                     -  Jasper Nadar

Top Blogs