Martech Tools Shaping Real Estate Industry
Effective marketing plays a pivotal role in empowering customers to make informed decisions, driving convenient and seamless interaction with the brand, and encouraging meaningful engagements. The advent of MarTech solutions to the real estate industry came in the form of tech-enabled platforms such as Magicbricks that transformed the way customers searched for homes. Since then, MarTech and real estate have evolved closely to create new mediums and channels to bridge the gap between a customer and their dream home.
The process of digitisation was accelerated in 2020, especially in a category that traditionally relied heavily on in-person interactions and site visits. This growth is a testament to the fact that homebuyers also evolved into digital-first customers who rely on platforms like Magicbricks to seek information from the initial search and shortlisting to the final transition into new homes.
As Magicbricks’ PropIndex report observed, between January and March 2023, residential demand increased 14.2 per cent year-on-year and is expected to continue increasing. Hence, the need of the hour is to continue leveraging martech tools to assist customers on this high investment and emotional journey with the right value unlockers and expert advice. Real estate developers have recognised the reach and cost-effectiveness of online marketing, leading them to allocate approximately 30 per cent of their advertising budget to online channels. This strategic shift aims to effectively engage with the evolving digital audience.
AI and Chatbots for Real-time Engagement:
AI-powered chatbots have revolutionised customer service in the real estate industry and have emerged as a powerful martech tool. These chatbots provide round-the-clock assistance, answering customer queries, and offering tailored recommendations in real-time. Leveraging machine learning algorithms, these intelligent bots understand customer needs and provide accurate responses, thereby enhancing customer satisfaction.
Additionally, AI-powered chatbots streamline lead generation by engaging potential customers, collecting relevant information, and automating follow-ups. Through conversational marketing, real estate marketers can bring more convenience and build more confidence amongst their target audience by improving response times, operational efficiency, and overall customer experience. With the integration of AI and chatbots, the real estate industry can deliver prompt, personalised, and efficient services to customers, thereby driving growth and higher conversions.
3D Virtual Tours:
3D virtual tours are the table stakes in the times to come as experiential real estate browsing will be a prerequisite to site visits. 3D virtual tours provide potential buyers with a realistic and interactive experience, allowing them to virtually explore properties as if they were physically present. By leveraging 3D virtual tours, brands can showcase properties in a visually stunning and engaging manner and can be of great assistance, especially for international and out-of-town buyers. Furthermore, 3D virtual tours expand the reach of real estate marketing efforts as they can be easily shared on various online platforms, social media, and property listings, reaching a wider audience.
The Power of Video and Blogs:
The real estate category is a bellwether industry for the economy and buying a home is one of the most important purchases one makes in their life. For high involvement and emotional decisions like these, customers constantly seek reliable information and expert guidance. In this context, leveraging martech tools responsibly can facilitate the seamless integration of knowledge and storytelling, unlocking value through advisory services.
Recognising this early on, we invested in research and editorial capabilities that bring together data-backed and insightful videos on localities and projects, offering customers an authentic preview of various options available at their disposal, and empowering them to compare and make informed decisions. This led to the launch of India’s first real estate YouTube Channel, MBTV which today, has become a one-stop destination for property-related advice, expert opinions, and newly launched projects.
Similarly, blogs can provide guidance on topics such as home-buying tips, market trends, investment strategies, and neighbourhood spotlights. They also contribute to search engine optimisation (SEO), as they generate organic traffic to websites and increase online visibility. We have seen immense success with Magicbricks Blogs which has become an authentic voice of the industry since it was launched in 8 languages to support customer requirements from across the country. Combining the power of videos and blogs in real estate marketing amplifies the impact and reach of a marketing campaign.
Essentially, martech tools help real estate marketers stay ahead of the curve by presenting unprecedented opportunities for them to connect with their target audience, deliver exceptional user experiences, and drive sales. By harnessing these tools, real estate marketers can seamlessly adapt to the changing consumer expectations and unlock new dimensions of success.
(Devarshy R. Ganguly is the Head of Marketing at Magicbricks)
