Quality is King – Consumer Expectation Rises
(It is essential for the Developers in the market to attend to their clients with much more sophistication as that will make them the “King”)
The present low key situation in the Mumbai residential property market probably will last for some more time as there are numerous factors which are Economic, Political and Global this time around. Let us understand the situation once again, the present market probably has more Genuine Home Buyers or First Home Buyers than ever seen as Investors are chilling out on their last investments and they are in no mood to look around in this market where they will not see major capital appreciation which they are literally used to which give them excellent returns.
The buyers who are today in the market are typically going against the odds as when they step out to look for property they are clearly told that the prices will come down, so wait for a while, they go to the bank and they are told that the interest rates have since gone up and they need to pay nearly 15% higher EMI then they were to pay at least a year back. Apart from all this the buyer is only getting negative vibes in the market when he wants to buy a property. So what can drive this kind of a Buyer to take out his cheque book and sign???
What will drive a buyer HOME today I guess will be “Quality” and by “Quality” I just do not mean about quality of homes or of the building inside (that is considered as default in this article). I would give the Quality a new definition here all together, Sorry Webster’s this is a little personal to Mumbai and both the parties here be the Professionals in the Real Estate Industry and the Buyers both need to understand where they stand and not by making tall claims or just mere reputation or past project glories the sales teams cannot sell any more.
The Quality today for a Buyer means, right from the time he steps into the Sales office anywhere which is on site or off site he should be given that warmth, feeling of comfort, a good reception and a transparent detailed information of the project which will help him understand more about the project, assurance of a 100% clear project with no title defects and all permissions to construct in place, identifying various USP’s (Unique Selling Points), benefits of purchasing with the developers, location analysis, layout plan studying, sample flat or floor plan detailing etc. A lot of Developers in Mumbai are ISO 9000 approved but how many follow 100% rule book it is a question to ask?
The buyer today is most sensitive as he is looking for a home in this expensive market and he surely wants to make the right decision and who will help him to make that, it is just purely the Sales Team or the Professional Real Estate Consultant who knows the project in and out and answers to questions instantly without saying, “I will get back to you on that query” by tomorrow. (Tomorrow never comes here in most cases.)
It is important to understand the psyche of the buyer as to how to turn his negative frame or a confused state of mind into a more robust thinking when he exits your office, and this is not going to happen with Sales Talk. This requires figures, actual facts, rate history, future infrastructure impact of the location etc. all this coupled out with more detailing and a good personalised presentation can definitely make a change and it will upgrade the view point towards the project.
A lot of buyers in the market when they step out in the market looking around for property are popularly known as “Prospective Buyers” there “First Day Out” is a day for them to absorb a lot of things right from the Current Property Prices, Present Trends, availability, Home Loan possibility, Pre-Qualification, Stamp Duty, Registration and general paper work requirements, Capital Gains etc. It is not very simple to explain to them about every aspect but yes, each point can be touched upon in a one liner and in a Ten minute meeting most of them can be addressed while explaining the project cost sheet and various other details. It is essential for them to get the right facts Day 1 as they will be then advised by all the families, colleagues, friends, well wishers who most of the time only go on “hear say” and become advisors and in turn do a lot of damage which cannot be repaired on day 1 as they will never believe you easily and they will never go to a lawyer and spend money and ask for facts after paying fees. So, the onus of giving sound professional advice on Day 1 to the new buyer solely goes to the Real Estate Consultant and the Sales Team in the Builders office and it is imperative that both parties play their role in the most dignified and professional manner without being Deal Driven.
It is also very important to understand Finance here, as it is imperative to do a Financial Check briefly at the discretion of the Qualified Sales Team and the willingness of the Client to divulge and disclose private information, but this can be done very simply as a case study to ascertain budgets and explain cash flows. Understanding and Explaining Finance by both the parties can eliminate future hiccups in a transaction at the same time give the much needed advice to the buyer and in turn he can be fully classified from a “Prospective Buyer” to a “Genuine Buyer”.
So in short “Quality will always remain King” and a key driver in marketing projects and from the Buyers perspective they would be more than delighted to see these qualities thrown in. The prices have gone up dramatically in past 3 years and with price highs the expectation levels as well from the Buyer who will be shelling out “Huge EMI’s” every month for anywhere from 10 to 15 Years based on what he does in a Developers office “Today”.
Real Estate Mumbai.com