Transforming real estate marketing with virtual experiences & AI solutions

The surge in home-buying sentiment across India can largely be attributed to millennials, who are reshaping the real estate landscape. According to Statista, the Indian real estate industry, valued at approximately USD 477 billion in 2022, is projected to soar to USD 1 trillion by 2030. This burgeoning trend in homeownership reflects millennials’ quest for stability in the aftermath of the pandemic, but the tech-savvy generation is also significantly influencing the real estate sector in numerous other ways. Committed to sustainable practices, there is a demand for innovative marketing strategies that cater to their digitally savvy generation.

This demand has sparked a dramatic transformation in the real estate industry, which once relied heavily on traditional marketing methods like print advertisements, television commercials (TVCs), hoardings, and even word-by-mouth. The winds of change began with social media emerging as a powerful force in real estate marketing. Platforms like Twitter and Instagram turned out to be godsends for real estate developers and agents to advertise their inventory. It offered an inexpensive way to display properties to a large audience and receive instant feedback. The digital landscape also saw influencers taking over, replacing traditional word-of-mouth strategies. The evolution has now gone beyond posting pictures, with platforms now enabling the creation of immersive 3D virtual tours, bringing properties to life in a way that was previously unimaginable.

The growing significance of digital marketing is changing the way the industry interacts with its customers and its developers in the current era. The digitisation of processes and the emergence of new technologies with solutions such as virtual tours are changing the very process of placing and selling real estate. As a result, real estate professionals are embracing new technologies to reach their customers and meet their expectations for transparent, efficient, and environmentally conscious homeownership as well as for investment.

Virtual tours have emerged as a game-changing tool in real estate marketing, offering potential buyers an immersive experience from the comfort of their homes. These interactive, 360-degree tours provide a realistic representation of properties, allowing buyers to virtually walk through rooms, explore layouts, and get a feel for the space. With this advancement in technology, the physical gap between buyers and properties narrows down to such an extent that it enables them to view properties from anywhere in the world. It also saves valuable time and costs that are involved in physical visits.

Artificial intelligence (AI), on the other hand, is revolutionising the real estate industry by automating tasks, providing insightful data, and enhancing customer experiences. AI solutions are being implemented in areas such as property valuation, lead generation, marketing automation, and market analysis. AI algorithms can analyse vast amounts of data to generate accurate property valuations, eliminating the need for subjective estimations. AI chatbots can handle initial customer interactions, qualifying leads and directing them to the appropriate agents. AI tools can also identify opportunities and potential risks by analysing market trends.

In fact, we have witnessed the important part AI plays in project management. As our real estate consulting firm expanded, we implemented Salesforce Dot Com, along with its product Tableau, to standardise processes across the country and enhance data security, management, and lead management. It turned out to be empowering as it offered workflow optimisation and maintained transparent communication with our agents and stakeholders.

The digital transformation of real estate marketing is ongoing, with exciting possibilities on the horizon, and the future holds exciting possibilities with the emergence of new technologies. Companies in India, which takes its customers seriously, as is evident from the fact it is ranked third globally and first in the Asia Pacific Region on customer experience (CX) maturity, are investing heavily in emerging technologies like augmented reality (AR), virtual reality (VR), and blockchain. These technologies provide a competitive edge as well as offer immersive experiences to buyers, where they can digitally place furniture and decor into a property; the experience is further enhanced with realistic lighting and sounds. Blockchain technology, on the other hand, is already creating a wave by streamlining processes in the sector, ensuring security, and increasing transparency in transactions.

If the pandemic accelerated the digital transformation and marketing by forcing everyone to go digital with online bookings and Zoom calls, we have come a long way in virtual experiences becoming an integral part of digital marketing now. Sustainability has emerged as a key driver in the real estate sector, especially among millennials. The growing demand for eco-friendly buildings has not only influenced construction practices but has also made it an unlikely but powerful digital marketing tool. Developers who embrace green elements and sustainable practices are considered trustworthy, responsible, and conscientious, attracting both buyers and investors.

By embracing a multifaceted approach to digital marketing, the real estate industry has clearly demonstrated its adaptability and dedication to meet the evolving needs of a generation that values both technological innovation and environmental responsibility.

This article is penned by Jayesh Rathod, Cofounder & Director of The Guardians Real Estate Advisory.

Disclaimer: The article features the opinion of the author and does not necessarily reflect the stance of the publication.