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Re-orienting real estate - Process: the creation of customer delight - EY - India

Re-orienting real estate

Process: the creation of customer delight

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Customers today are highly aware of the offerings of the market and expect the best-in-class service.

 

Building a sustainable customer base is another challenge.

A customer typically engages with a real estate developer for a minimum of two to three years – from the launch of a project to construction completion and finally possession. During this period, developers should ensure a positive experience to enhance the possibility of reinvestments and referrals - the key drivers of sales in the real estate space.

The current scenario and the need for change


Customers today are highly aware of the offerings of the market and expect the best-in-class service. Unlike the customer-seller relationship trends in other industries, customers maintain long-term relations with their real estate developers.

Given this larger context of “customer relationship,” developers compete on their customer service skills and try positioning it as a key differentiating factor to build their brand image and make sales effective. While a customer may not be proactive about spreading a favorable word, any bad experience with a developer would bring massive public criticism and put reputation at stake.

Developers need to tweak their customer service policies due to the following reasons:

  • Pressure from consumer forums/regulatory framework
  • Rising competition
  • Inconsistent practices
  • Customers’ expectations

Building sustainable and long-term relationships with customers


Relationship building and impression forming starts at the very point when a customer connects with a company staff to state requirements. The quality and effectiveness of communication with customers at various stages of the project life cycle (and even after that) creates the experience of “absolute delight.”

Building sustainable and long-term relationships with customers
Building sustainable and long-term relationships with customers

Enabling the change — the role of technology


Real estate companies are finding it difficult to manage information on brokers, customers, property databases, marketing, campaigns, etc., through manual methods such as excel sheets.

CRM software applications can play a significant role in enabling the organization to deliver a truly differentiated customer experience.

What does a good CRM software application look like?
What does a good CRM software application look like?

 


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