Musts For Realty Sector In Crisis

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The fluctuating impact of COVID-19 on global realty is yet to be fathomed. Due to the overarching uncertainty and sales reaching a standstill, the industry is going through a lot of unprecedented turmoil. Stepping out of the lockdown to continue business operations would require a sincere and robust coping strategy. It will be prudent to admit; that work from home and stay at home are two operating maxims which will need massive assistance from real estate brands in these areas. Brands and businesses which are talking to consumers now, must make sure that you are useful to them and simplifying their lives.

Customer Centricity

1. Every customer saved now for you is customer earned – Zero customer loss policies must be unleashed.
2. Every interaction with consumers must be planed and every interaction needs to focus on cementing the relationship with the customer
3. Developers must address customers’ predilections and choices. The customer, financial institution and developer need to work together to ensure that willingness and ability to buy a home is bridged with agility and responsiveness

Organization

1. Very high level of engagement to larger teams is required. Teams with stronger management will have better results
2. The importance of high-quality management cannot be stressed enough. Through comprehensive networking and communication, management teams can emerge triumphant or relatively less affected through any crisis.
3. Focus on Innovation –The lockdown period can also act as a blessing in disguise, as it provides ample time for the real estate sector to innovate as per the changing landscape disruptions. Put together task force teams to drive the innovation agenda; such times will give us the time to think and create

Product

1. For existing product, developmental, marketing and product teams should identify opportunities for value engineering, identify time critical features and reduce delays as much as possible
2. Rethink on New projects product development adopting current crisis – gate management, security management, space for personal gym/ office inside the house, etc. 

Marketing, Brand & Communication

1. Sales will be digitally enabled rather than digital
2. Relationship based, consultative and simulative marketing will induce belief in consumers
3. Communication – People will want to know HOW are you going to do it as much as WHAT you are going to do
4. Formula for Go-To-Market in next 2 months: Whatever you were planning now plan for 1/4^th of the delivery with 4 times the effort

Pricing & Payment Schedules  

1. Question out for yourself – If you reduce prices – will it help move volumes and will you be profitable – If answer is No – Do not waste time thinking on price reduction.
2. Plan pricing scenarios – take conscious calls on existing customers and new customers.
3. Philosophy – If there is a rupee you want to give to the customer, give it up front and sell at MRP. Negotiations and differential pricing should be things of past. 

Creating a blueprint for gross level crisis-management is important. While at the same time being flexible with people and teams, staying calm and infusing a positive mood is the key to surviving and thriving in dire straits.  The sensible thing is to keep moving and create continuous displacement across all spheres of business. While it may sound clichéd, this shall also pass, but truly we must overcome this situation and not stand waiting and observing on the sidelines. The time now is to hold tight and work harder. It’s always not necessary that we jump in with bravado and be the cavalry charge but without the real estate businesses smartly re-mobilizing, nothing will ever get achieved, no matter what nature and quantum of relief measures are introduced. So, the industry will have to reset expectation, refocus energies and restart.