In 2016, when the tech giants launched their own chatbots and bot platforms, not many have truly anticipated the widespread adoption of bots or their extent of implementation in business verticals. Kenyt’s core team is made of some of the individuals who grasped the potential of chatbots.
By 2020, 80% of businesses want to implement chatbots. Today, bots are being deployed in most of the major industries, healthcare, e-commerce, retail, hospitality, manufacturing, IT and even real estate too. At first glance, one might wonder how chatbots fit into the real estate industry, but bots are transforming the real estate landscape and the transition has been natural too. We say that because we are one of the major players providing chatbots to the real estate domain.
Here’s what we learned in our journey with 150+ clients in the real estate industry.
Indian real estate and proptech
- Real estate is one of the major sectors globally due to its industry size and revenue generated.
- In India, the trend is no different, real estate is expected to contribute 13% of the country’s GDP by 2025.
- The industry valued at $120 billion (USD) in 2017 is predicted to reach a market size of $1 trillion (USD) by 2030.
The Indian real estate is shifting gears and picking up its pace. Between the informed consumer base and globalization, the real estate industry is moving towards centralized processes and organized structure. The most significant change is the marked shift of the sector from family-owned businesses to professionally managed ones. Developers are managing multiple projects across cities, organizing manpower and hiring professionals for project management from engineering, architecture, accounting and finance streams.
Proptech is the union of property and technology, the evolution of the rigid and traditional property sector enabled by technology and innovation. The term is not new or just theoretical. The real estate industry is on the onset of another proptech revolution- the first one came in the form of online listing and brokerages digitizing the real estate sector. The second was less technology oriented but just as game-changing when coworking and co-living spaces became the rage.
Chatbots are now powering the third wave of proptech, making the existing online set up more approachable and user-friendly.
Where Kenyt steps in
Kenyt is one of the leading chatbot service providers in India. While we cater to all industry verticals and sectors, we have a distinct advantage in real estate. Chatbots and virtual assistants are cross-domain applications which have their roots in artificial intelligence, machine learning and natural language processing. But the realization and success of a bot depends on its implementation.
Our unparalleled experience in real estate bots added to the strong technical base makes the go-to-guy in the field. We can gaurantee you:
- 3X more leads from existing marketing budget at one third of the cost per lead.
- Lead filtering through email & phone number verification to skip processing junk leads.
- Ranking leads to address and go through them on a priority basis.
- Client detailed profiling such as their preferences in budget, location, interest areas to help the sales team.
- Mobile apps for instant notification of leads to sales team for easy processing.
Benefits of using a chatbot in real estate:
While they have several benefits for businesses, they value addition to real estate is especially significant. While property listings have eased the buyers’ struggle, the solution is far from complete.
One major benefit that chatbots give your website user, is in helping them find the properties they seek. Almost all the sites offer filters for the location, price range and other similar requirements or amenities. But a real estate provider has more information about the property than the generic filters show, information that can make the decision making easier and faster for the buyer. A chatbot can help filter the property listings on several different parameters.
Informing about the properties
Interacting with a real estate agent gives the potential buyer a lot of insights and knowledge about the the property, locality, price ranges and trends, etc. Property listings cannot provide that kind of information to the customer. This is one of the reasons individual brokers are still preferred by some. A chatbot, however, can step up to the role of an agent and can answer all the questions a buyer has.
Once the prospect is deeper into the sales funnel, the bot can schedule a home tour and in a way, take care of introducing the client and the real estate agent. At this point, the agents or sales team can take over the reins. Automation clubbed with human interaction plays a key role here.
Conducting virtual tours
With prospects being too busy to see the property in person, chatbots in real estate can give interested prospects a quick virtual tour through the bot itself. Recently the industry has developed the concept of 360-degree tours too. This gives them a fair idea of what the property would look like before even scheduling a property visit.
Challenges of the real estate industry:
The real estate industry faces several challenges because of its very structure and the increasing expectations of the consumers is only adding to it. The following are some of the simple challenges that can be readily addressed without needing change in the industry or legal structure or government policies. We will walk you through each challenge and how it can be resolved by deploying chatbots.
High volume of demand:
Real estate is an evergreen industry, it faces its ups and downs as the demand and supply vary, or during policy changes, but the demand itself is continuous and never ending. People need houses to live in, the manufacturing and processing industry need warehouses and storage for their raw and finished goods, businesses need commercial spaces for work and retail, hospitality and travel industry needs affordable spaces.
The sheer volume of consumers a real estate developer has to handle is high and requires resources and manpower to support the sales.
Need for consumer oriented practices:
Most businesses are now providing live support available for the user 24×7. While live support enriches the user experience in general, extended support is a requirement in the real estate industry.
Take the case of an average buyer interested in buying a property. A jobholder usually looks into properties after they finish their office work, maybe even just before going to sleep. Most of the sales process is carried out beyond the working hours making constant support is essential for this sector. Failing to engage potential customers when they seek your site is a huge opportunity lost.
Long presales process
Finding the right property can happen in a week or can take six months. The potential buyer goes through different channels, registers in different property listings, shortlists several properties based on their requirements, visits some of them and finally narrows down on a few options. This process happens simultaneously with different developers and property managers too. The presales process is long for real estate.
At each step, there are interactions between the buyer and the agents, follow ups, conversations and negotiations. Yet, only one in a hundred (if not thousand) interactions actually becomes a sale and only one of them pays off. The presales costs in terms of time or resources cannot be cut because the quality could be affected. Chatbots are an elegant solution as they automate most of the redundancies saving both time and money.
Large number of players in the market
The real estate sector in India is getting more organized by the day, but by no means is it small or uniform. There are a plethora of players in the market, big and small, agents, developers, resellers, etc.
The success of a real estate company comes down to ease of buying and selling and giving extensive and quality choices to the customers. While the latter depends on several factors external to your business, the latter can be easily remedied through internal structuring and decisions. Implementing chatbots is one such decision that gives your business an unfair advantage in the field.
The road ahead:
Not only is the real estate industry size massive, but this is also set to scale up due to the distinct advantages on its side making it high time to invest in a chatbot.
- Strong demand: Real estate has become the preferred asset class for investment, increasing incomes, urbanization and growth all point to a healthy demand for real estate.
- Growing opportunities: Warehousing, hospitality, affordable spaces, coworking and co-living spaces are opening up new avenues attracting investors.
- Policy support: Real Estate Regulation and Development Act (RERA, 2016) and the government’s aim of ‘Housing for All by 2022’ are promoting this sector too.
- Increasing investments: Growing transparency and returns are bringing private investments and cross border capital to the property market.
Do you want to scale or pace your operations? Reach out to us today for a consultation!