The Indian real estate market is one of the highest contributors to our GDP, and the industry is evolving at a much faster pace. Given that real estate investments are substantial and often lifelong commitments, ensuring a transparent and frictionless payment process is essential for developers. 
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A seamless payment process not only increases customer satisfaction but also helps build a stronger trust foundation with real estate developers. However, navigating the complexities of real estate payments can often feel very jarring, like charting unknown waters fraught with challenges and potential pitfalls. Ease your worries today! In this article, we're divulging insider tips from the Relata team to streamline your real estate payment procedures. But first, let's identify the common issues encountered in payment processes. ‍

Common Problems Related to Real Estate Payments: 

Complications of offline payments:

‍Due to inadequate digitization Inefficient payment tracking and reconciliation in real estate is a major issue that further limits leads' flexibility in choosing budget-friendly payment plans. ‍

Unavailability of Payment Plans:

‍Limited payment plans discourage potential buyers, and financial inaccuracies breed customer dissatisfaction further. ‍

Discount confusion:

‍Since the whole process is mostly maintained manually, it's hard to keep track of which sales agent is giving how much discount to which customer. This often leads to confusion and miscommunication between both buyer and seller. ‍

Transparency issues:‍

With increased incidents of fraudulent activities, payment transparency is a must that buyers look for while booking a property, yet many real estate developers still struggle with providing them with safe, secure, and transparent payment portals. 

So, to tackle these problems head-on, you surely need an invasion of technology. While choosing the technology, you must ensure that your payment management system has these four top features built into it. 

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4 Must-Haves to Manage Payments Strategically with Tech

Offline Payments Management:

Not all your customers are going to pay online; hence, your system should be inclusive of both online and offline modes of payment. A system that can help you track your offline payment intricacies is a must-have.

Tips: Relata’s Payment Suite comes with this feature built in, which helps in managing offline payments digitally with the ability to upload proof of payment and receipts, as well as cheque and DD numbers.‍

Part Payments Management:

‍The tech should have features like payment plan selection as well as part payment management. These features can help both the real estate developer and the home buyer. 

Tips: With Relata, you can not only present buyers with different payment plan options but also take multiple part payments from multiple sources while tracking them seamlessly at one point in the system.‍

Payment Reconciliation Tracker:

Most importantly, your payment module should make the process transparent and streamlined, which can be achieved by giving tracking options. 

Tips: Our system at Relata ensures an easy process for tracking payments, making reconciliation a breeze for your convenience. 

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Configurable Discounts:

‍Another must-have to look for is to have built-in configurable discount options to avoid future confusion and miscommunications.

Tips: Relata lets the sales team decide where to adjust the discount based on the agreement value at the time of closing the booking. ‍

Book a Demo for Relata Payment Suite: ‍

Ready to experience the benefits of seamless payment management in real estate? Book a demo for Relata Payment Suite today and embark on a journey towards smoother transactions, enhanced customer satisfaction, and improved operational efficiency. With Relata, navigating the waters of real estate payments becomes a breeze, empowering you to sail toward success with confidence and ease.

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