The present low-key situation in the Indian Metro cities residential property market including Mumbai probably will last for some more time as there are numerous factors that 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 before, 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.
What will drive a buyer home today will be quality, Quality do not mean just quality of homes or of the buildings inside. A new definition here all together for quality is given. Both parties the real estate professionals, and the buyers, need to understand where they stand. Mere reputation, or the glories of past projects, cannot help the sales teams sell any more.
Quality today for a buyer means that the buyer should get a feeling of warmth and comfort right from the time he steps into the sales office, on-site or off-site- 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 unique Selling Points (USPs), 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 the rule book 100 per cent.
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. Who will help him make that decision? It is the sales team or the professional real estate consultant who knows the project in and out and answers questions instantly without saying, ‘I will get back to you on that query by tomorrow’. (Tomorrow never comes 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 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 with more detailing and a good personalized presentation can definitely make a change and it will upgrade the viewpoint towards the project.
Several buyers, when they step out into the market looking around for property, are popularly known as “Prospective Buyers”. Their First Day Out is a day for them to absorb information regarding current property prices, present trends, availability, home loan possibility, pre-qualifications, stamp duty, registration and general paper work requirements, capital gains and so on.
It is not very simple to explain every aspect to them but yes, each point can be touched upon in a one-liner and in a ten-minutes 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 on Day 1 as they will then be advised by families, colleagues, friends, well-wishers who, most of the time, only go on ‘hearsay’ and become advisors; in turn they do a lot of damage. Most people will not go to a lawyer, spend money and ask for facts by paying fees. So the onus of giving sound professional advice on day one to the new buyer goes solely to the real estate consultant and sales team in the builder’s office. 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.