Tag Archives: Technology in real estate

Digitisation to see blockchain adoption must faster

Posted on by Track2Realty

Bottom Line: Blockchain will allow real estate to be traded in a faster and more cost-efficient way, finds a Colliers Research. 

Blockchain Technology, Blockchain in real estate, Technology in real estate, Investment in blockchain, Blockchain changing real estate, India real estate news, Indian realty news, Real estate news India, Indian property market news, Realty Plus, Realty Fact, Track2Realty Full adoption of blockchain technology in Indian real estate may appear a remote possibility, however, low transparency provides an incentive for adoption of blockchain rather than an obstacle; and we see several near-term applications for the technology.

These include digitisation of land title, recording of transactions, multiple listing services and fractional ownership of real estate assets.Other sophisticated services such as smart contracting, notary services and due diligence should follow over the longer term.

In India, the use of blockchain technology is still at a nascent stage of development, but some progress has been made recently in the real estate sector, which mostly relies on manual records, and thus transparency is relatively low.

Blockchain technology makes it practically impossible to alter or reverse any information once it is added to the blockchain system. The use of the technology will legitimate the government-mandated record of real estate transactions and improve the overall transparency level in the system.  

“Despite the roadblocks, the blockchain disruption is a long-awaited reform that the real estate industry arguable requires worldwide. Its inherent characteristics of being faster, tamper-proof and transparent are the pulling forces which entice not only the institutional investors and government institutions, but also retail investors”, says Joe Verghese, Managing Director at Colliers International India”. 

Here are a few areas where blockchain can make a significant contribution for Indian real estate sector: 

Digitisation of land title: 

Digitisation of land title can only be done through a piecemeal adoption approach. Blockchain could be introduced to the lands belonging to the government and various authorities such as railways, defence and ports in phase one. Subsequently, it could be implemented on mortgaged land and private land. As blockchain-secured land records should be less risky, they may command a premium over time and so may command higher investor interest. 

Fractional ownership services:

In the traditional Central Business District (CBD) areas of large cities, most of the buildings are sold on a strata-title basis and have multiple small owners. However, since there is no central data or authority to control the ownership, maintenance of these buildings is becoming increasingly difficult. As per Colliers Research, companies such as PropertyShare and RealX are ecommerce based tech-enabled platforms that offers fractional ownership in a much more transparent manner and claim to be based on blockchain technology system.

Internationally, there are more evolved versions of the fractional ownership services provided by companies such as Atlant which facilitates tokenisation, listing and trading of the assets on its platform. 

Multiple Listing Services (MLS):

In the past few years, multiple websites provide listing facilities which capture essential details about the property, agent information and contact details of the owners. The data in the listing websites are often not updated, decentralised and non-accessible which dilutes the service utility while making a well-informed purchase decision. As per Colliers International, the introduction of the blockchain in the real estate sector will rectify the issue of unverified data entries. It offers a solution in the form of shared database services, tremendously improving the accuracy of listing services. 

Smart identities and universal database:

The Smart identities powered by blockchain technology entrust each user with a universal digital code, which, in turn is stowed in a universal database. This universal database holds details of all involved stakeholders including the land title history, developers’ asset delivery track record and even the customers’ credit history. As it provides customers all the required data at one place, it ensures a trusted transaction. 

Due diligence:

Once the universal database is in place, due diligence can be facilitated by using the same platform. For instance, notary services can be facilitated using verified digital signatures, proof of existence can be processed by tokenising the assets on blockchain database, and financial verification can be done by peer to peer transactions which ensures full transparency. 

Smart Contracts:

If the smart contracts are utilised in the real estate sector, the agreements that are executed during a transaction will be automatically guaranteed by the efficiency of blockchain mechanism without any human intervention. The same verifications will be undertaken to check the legitimacy of the transaction.

No contract can be concluded, if pre-determined terms do not match. These smart agreements are executed automatically once the pre-set requirements are met. The terms of the smart contract are transparent to everyone and reduces the chances of future litigation. 

“At the moment, the fate of blockchain technology depends on the wider acceptance by innovation-friendly and future-ready real estate firms and government authorities. The impact of blockchain can only be fully achieved when the allied industries adopt it entirely in their day to day operations. We suggest the industry stakeholders be ready to adopt and apply blockchain tools in their processes. As the technology in hand is not a low-cost solution or an easy alteration in the existing ways, blockchain adoption will time to fully realise in the real-time world” says Surabhi Arora, Senior Associate Director, Research at Colliers International India. 

According the Colliers Research, the true blockchain-led revolution to come in the business world, if it goes hand in glove with next age technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) and will streamline the entire real-estate life cycle. We anticipate that it will undergo many changes and adjustments as the market and stakeholders mature over time.

 

C-Cart to be launched at the Real Estate InPro Hub

Posted on by Track2Realty

News Point: Bangalore based business consultant start
up SummentorPro has announced its launch of online portal “C-Cart” on the 29th June at the Real Estate InPro HUB, India’s first open innovation forum to witness Investment, Procurement and Technology at one stretch taking place on the 29th and 30th June in Mumbai.

Technology in real estate, Real estate technology, India real estate news, Indian property market, Track2RealtySummentorPro is opening online portal to all 200+ attendees, including associations like NAREDCO, NAR- INDIA & PHDCCI and procurement supply members like Deceuninck ,Moksh Infra, Merge Stones, Litolier Marble, Silvan Innovation Labs, Ardex Endura, Shree Cement and many more.

“C-Cart” has been built and developed by two IIT Indore students, because the start-up truly believes that the young Indians are the way forward to a better India.

“C-Cart’s” B2B & B2C analytics offers a simple and effective solution for generating sales leads , to the buying and supplying committees of the Real Estate segment to access the best of both worlds, along with that this portal has been developed with smart search options to build connections through e-contacts with an innovative idea of providing a complete frame work of Customer Experience Management.

Nitika Shahi, CEO at Summentor Pro Business Consultants said, “We wanted to incorporate a faster sales making technology for real estate companies post de-monetisation, to offer assistance for continued growth, and hit a recovery mode faster than expected. C-cart aims at improvising segments like MSME’s, SME’s, agriculture, dairy & pharmaceutical industries in India very soon.”

The intelligent algorithm is designed to provide each user the options of exactly what they are looking for. C-cart is offered to all attendees of the Real Estate Inpro HUB to reach a bigger audience on what is set to be an exciting week for India’s vibrant days ahead.

Integrated digital strategy way forward for real estate

Posted on by Track2Realty

News Point: The expanding world and the increasing aspirations of buyers have created a great deal of scope for real estate to adopt integrated digital strategy.

Vikram Kotnis, Amura Marketing, Digital real estate, IT in real estate, Technology in real estate, online marketing  of property, Online home search, Digital property marketing, digital property advertising, India real estate news, Indian property market, Track2RealtyEvery brand wants to create lasting and unique customer experiences for its customer/consumer base, which is now completely absorbed in a world of rich digital experiences. As traditional offline channels struggle to keep pace, digital has emerged as the key marketing medium for building, growing & retaining customers and increasing topline growth.

Digital has created more avenues for brands to engage meaningfully with their consumer. Fuelled by the increase of portable devices and internet penetration into the Indian heartland, digital is the best and more ROI centric medium for all brands, categories and sectors. Real Estate is no exception.

Today, an integrated digital strategy includes a lot of techniques such as Search engine optimization (SEO), Search engine marketing (SEM), Content marketing, Influencer marketing, Content automation, Campaign marketing, E-commerce marketing, E-mail and SMS marketing etc.

The Indian real estate sector is expected to touch US$ 180 billion by 2020. The housing sector alone contributes towards 5-6% to the Country’s (GDP). Recent government initiatives have raised hopes for both developers and buyers of a better market place which is already starting to translate into improved sentiment, sales and growth.

Real estate companies in India are trying to shift towards a digital led marketing strategy designed around great online experiences, online generation of leads and bookings. India consists of approx. 250 million users online, which makes for India’s real estate marketplace consisting of potential homebuyers across the top 50 urban hubs.

According to sources, real estate firms in India spend around Rs. 2,500 crore per annum on campaigns and various other promotional activities, of which over 30% is already being spent in digital. Industry estimates this to increase to over 50% in the next few years.

As per trends, 90% of the searches for property is done primarily online because it provides ease of parsing through variety of options within a few clicks. Growth on the basis of comparison is observed as it makes the decision making process of the potential customer far easier and aided. Communication and messaging tailored to online buyer behavior ensures more eyeballs, clicks and better conversions.

Quality and authentic content is the key to success of any Real estate marketing campaign in the digital medium as it creates interest in the mind of the potential customer and moves them to taking actions for registering interest. High quality content includes information which contributes towards effective discovery of quality content. For instance, a more relevant search result is expected by usage of more specific keywords. Also, if a more real experience based feature is added, then it adds huge value to the search results of the potential customer.  A 360 degree online tour of a property is likely to remove any initial misgivings that the customer might have about the project while giving him a quick ‘on the easy’ product experience.

Also Social Networking can be an equally effective real estate marketing tool with Facebook tools like canvas ads, 3D videos etc. – over 90% of the leading real estate brands use social media sites for promotion, generation of leads, consumer engagement and other marketing activity and the numbers are only growing.

Lead generation campaigns, lead management platforms, mobile responsive sites and online reputation management (ORM) play a crucial role in driving marketing activities to their end outcome – sales and revenue growth while creating a positive recall and preference for the brand.

Digital has emerged as a very significant technique for targeting customers for Real estate developers. Use of digital marketing depends on the needs of the developer. For example, for a project costing between 20-30 lakhs by a small developer, spends on digital marketing are also smaller. Customers can be targeted via SMS & database marketing.

However, the case is different for a mid-segment or a big developer. Majority of the customers come from the digital savvy class, so targeting via digital medium is more effective. Depending on the target, postings could be made on most visited sites like Forbes, Telegraph, Money Control etc. The whole approach to digital marketing has become very dynamic.

Geo-targeting has become the new buzz today. Real Estate companies try to target specific areas to promote business in the form of Hyper-local marketing since it is primarily a micro-market sport. This helps them focus on smaller number of prospects and build local brand recognition early.

Also, it facilitates them to understand the market easily and measure their success results on the basis of early responses. The more confined is the area; the more easily one can target the strong prospects within that region.

The emergence of Assisted Buying Platforms is another step taken up by online sites like IRFS to showcase properties within a time span of 3-4 days with a discount of 20% for buyers who wait for the prices to go further down with ties with the famous builders.

Hence, the buyers can use the given coupons after the event and book their respective property accordingly. The properties showcased are available for all the budgets starting from Rs 45 lakh to near about Rs 10 crore.

Use of contests and ads

Social Media contests have been beneficial in many ways in order to engage more customers, build a relationship with them via an online platform, increase the customer database and help promote the product throughout. Real Estate contests could be about coupons, music, related to captions, video contests or related to referring to a friend.

A good plan for the contest ultimately helps to reach the desired goal. Along with this, the full screen ads loaded with rich media containing images, videos, and graphics in form of Canvas ads on Facebook have created a lot of impact in improving and increasing the number of leads for the Real Estate Industry. The buyers scroll down the posts as per their content channels and get targeted on the basis of their interests.

Automation for speed, scale and conversion in a real estate company can generate on an average of around 15,000 leads, which may increase upto 30,000 depending on the campaign. For every lead, there could be events like an ad creative, site or a page visit, an e-mail, a missed call or contact in any other form that can be captured and recorded. Any event or campaign nearly has 50 data attributes which approximately comes down to 7.5 Million data points on a yearly basis.

By: Vikram Kotnis, Founder and Managing Director, Amura Marketing Technologies