CRM Systems Becoming Critical For
The Indian Real Estate Industry
Can help bridge the growing trust deficit
between builders and buyers
Delays in project completion, deviations from promised master
plans as well as amenities and a lack of timely redressal of customer
complaints have been some of the major reasons behind the trust deficit that
exists between home buyers and developers in India. While this deficit has only
widened in recent years, home buyers have also become very vocal in airing
their grievances on social media – in turn forcing developers to take note of
their issues.
There are indeed many cases of wilful neglect. However, a delay in
construction is sometimes not under a developer’s control. Factors like
obtaining timely construction approvals, ability to raise finance at optimal
rates and buyer sentiment – to name a few – are beyond a developer’s control.
While the inability to obtain timely construction approvals is a notorious
problem plaguing this industry, there are factors that can be controlled by a
builder and which can go a long way in bridging the trust deficit.
Among these, having a robust customer relationship management
(CRM) system can prove to be the biggest differentiator. It could make all the
difference between developers who come across as efficient and responsive to
the evolving demands of home buyers vis-Ã -vis developers who appear struggling
to keep up with them. Let’s look at the salient features of a great CRM system:
Timely dissemination of project information
All the communication and transactions are carried out through the
CRM system wherein a unique customer code is created for each customer. In case
of any delays, customers are alerted well in advance.
Many developers now
provide a CRM interface to customers, wherein they can track the project status
and scheduled completion date of the project. Project and payment schedules are
provided to customers for ease of tracking and clarity on the commitment given
by a developer.
Business intelligence/ data-driven insights
CRM systems capture customer data from the time a customer first
registers his query, which enables customer tracking through each stage of the
transaction lifecycle. In this age of data analytics, drawing meaningful and
data-driven insights on a sustained basis about your clients can pay rich
dividends over the long term.
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| Mr. Ramesh Nair – COO & International Director, JLL India |
Smooth execution & handover
CRM systems record all the payments as and when received from
customer. Demand letters are raised through CRM, which provides tracking to the
developer as well as customer. Flat handover process is also done through CRM,
wherein flat details, handover date, amount paid till date, etc. is captured.
Regulatory compliance
The Indian real estate sector is heading towards increased
regulation, oversight and transparency. The Real Estate (Regulation and
Development) Bill, 2015, recently passed in the Parliament makes it mandatory
for sellers to disclose full information of a project like its layout,
approval, land status, contractors and completion schedule of project with
customers as well as the regulator. A CRM system facilitates timely and regular
compliance which could potentially make it a business-critical system in the
days to come.
Grievance redressal
There is grievance module in CRM system where customer can provide
feedback as well as complaints, which can be tracked by developers and projects
team on real time basis. There are stipulated timelines documented by
management within which customer complaints are addressed.
In short, a robust CRM system can ensure timely dissemination of
project information, systematic generation of business intelligence, facilitate
smooth project execution and handover, support regulatory compliance and
provide a mechanism for time-bound grievance redressal – making it a vital
ingredient for business success.
It can also help bridge the growing trust
deficit between the two important stakeholders: builders and buyers. That’s why
CRM systems have become a ‘must have’ for the realty industry now.
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