Why India needs to adapt to the virtual builder concept in the real estate sector
The concept of the virtual builder heralds a refreshing and collaborative approach to bring synergies among all the stakeholders in the real estate sector.
The real estate industry is an amalgamation of numerous large scale as well as minuscule activities. Irrespective of their extent of involvement in the varied realty operations, each of these elements is necessary to build a project par excellence.
However, it has been noted that when a construction house partakes in all the aspects they seldom achieve maximum results and fall in the trap of considerable wastage of prized resources.
The novel concept of “Virtual Builder” talks about a collaborative approach that helps in evading the pitfalls of the conventional methods of carrying out business. It assists an organisation to capitalise on its strengths and curb its weaknesses.
The theory is built on the premise of sharing the load, wherein developers have the opportunity to outsource some of their tasks and simultaneously reduce the burden on their shoulders while driving home the benefits of departmental expertise.
It is a mammoth ecosystem which includes an integrated set of all ancillary services that will benefit all those present in the realty market. Further, it brings with itself consistency and balance that has a positive impact on both, one’s personal as well as professional life.
In a nation like India, where construction and acquisition of property hold immense importance, it is of great essence to adapt to the virtual builder mode of functioning. The sub-continent even witnesses a trend whereby multiple individuals who possess a piece of land wish to construct a building on the same for further selling the houses.
It appears as a lucrative endeavour; however, most of these people lack the basic infrastructure or skills required to execute the plan. In such scenarios, the service provided by virtual builders comes to one’s rescue and at the same time ensures a better return on investment.
Here are some benefits of outsourcing certain activities to gain optimum results:
End-to-end solutions
A virtual builder is nothing but a one-stop-shop for all the distresses of the real estate sector. These service providers offer both the buyers and sellers with a hassle-free interface.
It not only trains or helps the developer in upskilling but also supports them with a robust network of trusted architects, interior designers, building material suppliers, interior designers, landscape consultants, bankers, investors, consumers and design innovators, among others.
Develops an ecosystem
Simply constructing a multi-storied building will not ensure its sale. One has to build an environment around the offering that makes it enticing enough to catch the eye of the consumer. However, the creation of such an ecosystem is not an easy task and calls for expert knowledge.
The seasoned team of professionals provided by a virtual builder helps in establishing a virtual platform that enables mass usage, seamless interface, unmatched experience and allows repeat visits.
They keep the potential buyers engaged by offering relevant and crisp content. Further, they play a key role in building an impeccable brand image by presenting the modified project as well as location-specific offerings to the varying consumer segments.
Back-end support
No deal is complete unless it is backed by a strong after-sales department.
Virtual builders help in creating a dependable back-end support system, which not only provides solutions to matters arising after the sale of a unit such as the timely collection of money, but also offers 24X7 customer services wherein they diligently answer all the queries of potential as well as confirmed buyers.
Seamless management of processes
Real estate is one industry where the stakes are high and often every entity is extremely cautious about each step taken. Series of documentation can be overwhelming for the buyer as well as the developer.
A virtual builder streamlines the whole process with their expert teams to ensure trusted sales services, facilitating seamless collections, assisting registrations with utmost transparency, getting the most suitable financing options and keeping all the entities up to date on the progress of construction work till possession of the property.
This makes the whole experience satisfying and the buyer is secure in the knowledge that he is in safe hands and there is guidance available to navigate through all the legal formalities that the process entails. A virtual builder instils trust, both in the developer and buyer by seamlessly closing the deal while maintaining the desired clarity.
Research and datacentre
For any business to be successful, thorough research of the market and the target audience is imperative. With the presence of modern technology and years of experience, virtual builders can produce detailed studies, relevant outcomes, preferred strategies, important data, and precise analysis.
It enables one to avoid wastage of time and investment in unnecessary information which would be of no particular use in the future.
While most of the technological advancements in real estate have been lockdown-motivated, the immersive online experiences are a trend in the positive direction that ensures passion for high-quality and an increase in user interaction. By providing smart solutions and using new tools, developers can make the process more enriching and enjoyable for all the stakeholders involved.
It will be interesting to see how India adopts to the virtual builder concept. COVID-19 has made people realise the importance of owning a house and work-from-home has added a further dimension of the location of property in peripheral areas as the most feasible option.
This has invoked a sense of restructuring the home buying space for the developer. All this and many other factors will create demand leading to a pressing need of adapting to a virtual builder concept.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
