Changing Customer Behaviour Redefining Age-old Real Estate Sector Practices


The dynamic real estate market is undergoing a tremendous shift, which is being driven primarily by changing customer behaviour and preferences. In the modern era of new-age customers, the industry that has been infamous for its traditional practices is now seeking convenience, personalization, and sustainability while purchasing and selling property. The real estate industry participants have been ensuring restructuring of their strategies to meet customers’ needs and offer properties that satisfy the expectation of every segment of the populace.

Presently, there has been an increase in the number of knowledgeable and experienced clients seeking value, not just in monetary terms but also in regards to the amount of time spent traveling and the quality of life associated with their property transactions. The evolving market conditions have resulted in a scenario where property developers are compelled to elevate their performance and devise strategic resolutions to meet customer requirements.  From leveraging technology to enhancing customer engagement in every phase of a project, the industry players are now reshaping their strategies to maintain a competitive edge in this competitive sector with significant emphasis on customer centricity.

With the relentless efforts of the industry players to stay agile in the market, the industry has been witnessing the emergence of several new trends such as increased investment in customer relationship management (CRM) systems. In the past few years, the real estate industry players have enhanced their efforts to deliver exceptional customer experiences. Since the new-age customers prefer bespoke and engaging experiences, industry players are adopting more customer-centric approaches and CRM systems that help gain detailed customer insights and offer personalised services. The current real estate market trends indicate that fostering prompt communication, transparency and responsiveness is essential to satisfy modern customers. Consequently, CRM technologies and platforms have improved their capabilities to enable organizations to adapt their customer journey processes to the requirements as well as expectations and inclinations of the contemporary customer segments. New-generation customers are tech-savvy and frequently favour online interactions over face-to-face meetings.  Organisations naturally need to modify their strategy to sufficiently focus on the online spaces where these customers prefer to engage in, rather than trying to draw them to a channel of the organisation’s choice. Besides advanced CRM systems, real estate companies are investing more time and money in incorporating digital technologies designed to listen, comprehend, and interact more effectively with their customers.

Another notable trend in the industry is the growing inclination towards sustainability and eco-friendly projects. Driven by the evident shift to environmentally conscious practices, real estate companies are integrating sustainability into their projects, by opting for energy-efficient and eco-friendly features in every stage of the development of the project. By following sustainable modes of construction, developers are not only catering to customer needs but also contributing to long-term cost savings and sustainability.

In addition, real estate companies are increasingly integrating technology into their operations to provide seamless buying and selling processes. Market trends indicate that industry players are increasing their investments in advanced technologies like virtual reality (VR), augmented reality (AR), artificial intelligence, payment technologies, document management, digital signatures etc. to transform customer engagement with real estate companies. With technological advancements, the real estate industry has evolved to a great extent and now online platforms and mobile apps are being developed to further popularise and boost trust over online property search, digital documentation, and online transactions.

The influence of technology is also clearly apparent in building construction. With evolving customer demands, real estate developers are enabling their projects with state-of-the-art home automation such as Mobile Video Door Phones, Internet of Things (IoT), and appliances and security systems controlled by sensors, etc. The concept of smart homes has gained immense popularity in the real estate and construction sector worldwide.  To stay agile in this highly competitive market, companies are actively integrating cutting-edge technologies at different stages of their projects.

Similarly, technology enhances the community living experience of homeowners and tenants. Real estate enterprises are also empowering their customers with technology that caters to their everyday necessities within the community. Mobile applications enable proprietors to reserve community facilities, handle visitors, submit and monitor grievances, service requests, and so on.

In essence, digitally advanced real estate organizations are striving to transform the entire customer journey into a unified, effortless, and fulfilling experience for the customer.

The new era of property firms has vast potential to revolutionize traditional methods and bring innovation to the industry, while also prospering in a market influenced by customer preferences.