While touching upon the need for more integrated systems, the role of data in shaping property management, and how collaboration across different stakeholders can yield more effective solutions, Govind Rai, CEO & Co-founder of Insomniacs, focused on one of the most significant challenges in the real estate sector today: the issue of technological silos. "The problem with the real estate industry is that technology is often not talking to each other. Many innovations, while valuable in their own right, often operate independently, failing to integrate and communicate with other systems. This lack of cohesion creates inefficiencies that impact everything from design to construction to building management."
Today's entrepreneurs are embracing a collaborative model, and that's the real game-changer. Govind Rai
Ashish Narain Agarwal, Founder & CEO of PropertyPistol.com, stressed that by collaborating, businesses could solve problems more efficiently, combining their expertise and resources to create more effective and sustainable solutions. "The shift towards more efficient sales & marketing processes is setting the stage for a future where technology is not just a tool, but an integral part of the real estate ecosystem."
We're all working to add value to the real estate ecosystem, and the more we can share and learn from each other, the stronger the industry will be. Ashish Narain Agarwal
The future of real estate is collaborative, tech-driven, and incredibly exciting. Kenish Shah, Co-Founder & CEO of PropReturns added, "Real estate is no longer a fragmented industry where players work in isolation. Instead, it's becoming a more integrated field, with different stakeholders, from developers and tech companies to property managers and tenants, working together to create better, smarter, and more sustainable buildings."
Technology & Collaboration
The collaborative mindset is key to overcoming the current challenges in the industry and realizing the full potential of technological advancements. Joseph Martin, CIO of House of Hiranandani, shared his insights on the significance of maintaining long-term relationships with customers. He emphasized that building owners should not just focus on the initial sale of a property but also on customer retention. The approach should center around integrating advanced data-driven solutions into buildings. By leveraging data analytics, building managers can identify areas of improvement, make informed decisions, and optimize property performance. "It's not just about selling a property; it's about maintaining it, keeping it functional, and ensuring that customers enjoy a lasting experience with it," said Martin. He further pointed out that re-acquiring customers is often more expensive than retaining them. "It's much more cost-effective to keep customers happy and engaged with the property over the long term," he concluded.
By focusing on value and service, real estate businesses can build strong customer loyalty, which ultimately results in greater profitability. Joseph Martin
Taking the thought forward, Kush Agarwal, Co-Founder & CEO, YelloSKYE, spoke about digital twin technology that mirrors both the interior and exterior of a building in a digital environment. "We've been able to create a digital representation of a building using thermal scanners and visual scanners. This allows us to not only visualize the building but also analyze its performance from a technical perspective. By detecting the issues early, we can correlate them with HVAC data and predict when systems might fail. This holistic approach helps building managers identify problems before they become critical, saving time and money while also extending the lifespan of the building's infrastructure."
Digital twin technology's predictive capability is valuable in property management, as early detection of issues can ensure improved tenant satisfaction. Kush Agarwal
Saaket Sharma, Associate Vice President - Products & Growth, PropVR, added that this is an exciting time to be in real estate as younger generations are taking an active role in shaping its future. "The integration of technology and sustainability into the fabric of real estate offers a unique opportunity for young entrepreneurs to lead the way with even more innovations, bringing fresh ideas to the sector."
Embracing new technologies is the only way to build smarter, more sustainable real estate that meets the needs of present and future challenges. Saaket Sharma
Behavioural Insights for Sales Growth
The real estate landscape is shifting, and those who embrace collaboration and innovation will be the ones to define the future of the industry. In such a collaborative environment, there is a growing concern over privacy and the restriction of third-party cookies. As a result, businesses are turning to first-party data as their primary source of customer insights. First-party data refers to information that a company collects directly from its customers through interactions like website visits, purchases, or surveys. This data is invaluable, as it provides accurate, relevant, and specific details about a customer's behaviour, preferences, and needs.
Varun Saxena, Director, AI & Analytics, ANAROCK, shared insights on the role of Customer Data Platforms (CDPs) in managing first-party data, which have become essential tools for aggregating and centralizing customer information. "A CDP consolidates data from various sources, such as websites, email campaigns, and social media interactions, to create a single, unified customer profile. This enables businesses to personalize their marketing and sales strategies more effectively. By leveraging CDPs, you can create a deeper understanding of each customer’s journey, which leads to more targeted and successful marketing efforts,” he explained.
In terms of sales performance, the concept of efficiency markers, specific metrics that businesses should track to ensure their sales processes are as effective as possible, was emphasized by Sumon Das, Head, Marketing, Hiranandani Group. "Focusing on key performance indicators (KPIs) is critical for optimizing sales strategies and maximizing revenue,” he pointed out. He highlighted that businesses should track efficiency markers such as conversion rates, sales cycle duration, and customer satisfaction to assess the performance of their sales teams. "By regularly measuring these KPIs, companies can identify areas where improvements are needed. With a focus on data-driven metrics, businesses can ensure they're putting their resources into the strategies that yield the highest return,” Das added.
Integrating predictive analytics and machine learning into the sales pipeline can help businesses anticipate customer needs and deliver personalized experiences. Sumon Das
Critical Role of Data Privacy
Data privacy regulations, such as the General Data Protection Regulation (GDPR), have created a higher standard for how businesses handle customer data. Samudra stressed that not only is cybersecurity a legal obligation, but customers also expect businesses to safeguard their personal information. According to Rakesh Raghuvanshi, Founder & CEO of Sekel Technologies Pvt. Ltd., privacy law is increasingly being recognized and respected, especially when effectively enforced.
"Over time, business owners and brand managers are beginning to understand the critical importance of protecting consumer data and privacy. This shift not only helps in avoiding legal penalties but also builds trust with customers, fostering long-term loyalty and a positive brand image."
As business owners become more aware of the legal implications of non-compliance, many are aligning their practices with privacy regulations. Rakesh Raghuvanshi
With more businesses relying on data to drive their strategies, the risks of cyberattacks and data breaches have never been higher. Samudra Gupta Talukdar, Founder & CEO, Relata, explained that businesses need to take proactive steps to secure customer data. "Companies must integrate security into their culture. Every team member should be trained to recognize potential vulnerabilities, continuously monitor their systems for any signs of suspicious activity, and adopt the latest security technologies to stay one step ahead of cybercriminals."
Companies should have strong encryption, regular security audits, and multi-factor authentication as essential tools to protect sensitive information. Samudra Gupta Talukdar
KEY HIGHLIGHTS
- The future of sales lies in embracing data-driven strategies, such as leveraging first-party data, behavioural insights, and efficiency markers to personalize the customer journey.
- Equally important is the role of cybersecurity in building trust and safeguarding customer information.
- By analyzing how customers engage with content and products, businesses can fine-tune their sales process to improve conversions and increase sales.
- Don't just look at click-through rates, go deeper into how customers interact with your site. That tells you a lot about where they are in the buying journey.
- Tracking customer behavior can drive more meaningful and effective sales strategies.
- By testing different content formats, landing page designs, and CTAs, businesses can improve conversion rates and enhance the customer experience.
- Develop a deeper understanding of customers' pain points and motivations to create offers that speak directly to their needs, improving the chances of a sale.
