The anticipated growth rate in the Indian real estate market is projected to be 9.2% from 2023 to 2028. The Indian real estate market has evolved significantly. Within this dynamic world of reality, each property weaves its own unique narrative, but the wave of transformation is quite visible in every corner of the property market. The real estate business is usually known for its traditional way of doing business. Often, the real estate market has suffered due to old, slow habits. Change is required in every segment of our lives, and as fast as one industry adapts to it, the faster it can grow. As technology became part of our day-to-day lives, industries across the spectrum started taking advantage of it to emerge victorious. The resilience of an industry hinges on its ability to swiftly embrace technological advancements. 

The Indian real estate industry started adopting technology slowly and gradually in their practices in the mid-2000s. India’s real estate market journey from traditional practices to new-age technology has been slow but very remarkable. The innovations of today's time have paved the way for solutions that the industry has been looking for for a long time. Whether it's the implementation of AI or chatbots to make communication easier or the use of modern visualization tools to provide home buyers with more immersive experiences, realty technology has opened the door to enhanced success and growth within the industry.

The most prominent name for revolutionizing the real estate industry is no doubt Relata, with its ingenious team offering groundbreaking solutions that address industry challenges at their core. In today’s blog, we make a comparative study between the old practices and Relata’s new edge technology. Let's explore how Relata's innovative solutions redefine the industry's landscape and map the journey from the past to the future of real estate efficiency.  ‍

Location Woes: Static Maps vs. Relata’s Interactive Neighborhood Maps

Location is the heart of any property. That is the first deciding factor for the buyers before giving a final nod to any property. Even though it is such a crucial element for the industry, realtors and developers often fail to showcase the true value proposition of their project’s location due to the absence of technology. The previous practice in real estate suggested sharing old static maps to let the buyer know about the location. A map alone doesn't suffice to deliver the complete value proposition of a location, as it cannot provide detailed information about the surrounding neighborhood and amenities. To get information about location and neighborhood, customers often rely on unreliable sources, which is not enough to fill this vacuum in the system. 

Relata understood this major gap in delivering property location value to buyers from the real estate developers' end. To merge this gap with the customer experience, Relata came up with neighborhood maps. The interactive map helps in understanding all the required geographical insights about the property. The interactive map feature offers information on the property's surrounding amenities or upcoming developments. As the map comes with configurable place markers and dynamic filters, it gets easier for real estate developers to showcase the value of the location of their project. Neighborhood maps excel in areas where static maps fall short; they offer a holistic view of property value and vital geoinformation crucial for buyer understanding. 

Offline Real Estate: Onsite crowd handling manually vs. Onsite Suite‍

A recent luxury project launch in Gurugram got 3000+ early applications. With the growing market for real estate, today’s real estate project launches are attracting more crowds than ever before. The conventional approach in the real estate market involves manual crowd management during project launches, leading to various issues and resulting in chaos. If things are handled manually, it gets difficult to differentiate between a revisit and a new visit. Manual crowd handling also does not allow the sales team to track customer visits; overall, the old practice breeds more problems than results. 
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When the entire world is going digital, Relata recognized the need for technology to extend its benefits to offline operations within the real estate industry. The Onsite Suite by Relata's successful integration at a top realtor’s property launch in Mumbai successfully handled 2000+ visits during the weekend. The onsite suite can come with a bunch of feature sets that aim to streamline the entire onsite operational process. Whether it's crowd navigation with easy real-time updates or digital registration with OTP and QR-verified methods to identify lead sources, it takes care of all things under one roof. Ultimately, this also helps in elevating the customer experience at the venue by eliminating all unnecessary commotions. ‍

Sales Process: Old Performance Evaluation Tactics vs. Analytics

The success of a real estate project highly depends on how well the sales team can perform. The journey from a lead to a customer is quite long. Managing leads and ensuring conversions, the sales team oversees the entire process. The manual way of using Excel is not the optimized way of doing it. The old traditional real estate practice also does not utilize analytics at all; here’s exactly where the problem begins. The old way keeps failing due to a lack of insights and analysis.

This is where Relata steps in as a reliable support source for real estate sales teams. Relata’s lead management suite is excellent for managing, tracking, and analyzing leads. Relata truly believes in utilizing a forceful source of analytics. Therefore, the evaluation of a lead or a potential buyer’s journey becomes more useful using analytical powers. With Relata, the sales team can easily evaluate the journey of a lead in experience centers or get insights from their conversation with our chatbots. The internal team can also evaluate the sales team's performance with these analytical suites. ‍

Booking complexities: booking paperwork vs. post-sale, inventory, and payment suite‍

How much time and money have you spent making photocopies of important property documents? The real estate industry is dreaded because of the burden of monotonous paperwork. Whether it is the registration forms, marketing collateral, or booking challans, there’s paperwork everywhere. The traditional way of booking a property heavily relies on tons of paperwork. Not only that, but the booking processes are very complex. 

Like every real problem, Relata has the perfect solution for booking-related worries too. This time it is more than one. Whether it is the Postsale Suite or the Inventory and Payment Suite, these components can simplify the entire booking process while managing other intricacies like KYC setup and inventory management effortlessly. With Relata, keeping track of payments, discounts, and inventories gets a lot easier. The touch of technology in booking makes life simpler for both developers and buyers. ‍

Property Presentation: Static Pictures vs. VSG

Visuals play an important role in forming a perspective on anything in life that we all understand well. The real estate industry also knows the value of visuals; therefore, it highly depends on static pictures and sometimes videos to showcase new developments. The traditional method of using static images served well five to six years ago, but it's no longer effective today. From a 2D picture, one cannot get the exact understanding or essence of a dream home. The blurry videos fail to deliver architectural mastery to the customers perfectly.

Your dream property may be miles away, but an enticing virtual tour bridges the gap, making it feel closer than ever. Relata’s phygital solution VSG gallery was created just for this. Emerge into 360-degree 3D tours and experience your dream property like never before with Relata. The VR/AR integration allows home buyers to have an immersive property exploration experience. The virtual sales gallery also includes HD pictures and videos to showcase the property. It sounds like a much better alternative than the blurry static pictures, right? The 3D rendering can truly capture the architectural depths of the property. 

As the real estate market continues to evolve and embrace new-age tools in its operational practices, it is also on a trajectory of growth. This comparative study underscores the transformative power of Relata's new-edge technology in revolutionizing old real estate practices. The old practices lacked efficiency, and Relata filled that gap with their world-class innovations. The new tech-based practice in the real estate market will only ensure further growth and success for the industry. 

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