The Rise of the Smart Buyer in Real Estate
Understanding Today’s Smart Buyer
Smart buyers refer to a new group of consumers that has access to a range of digital tools, such as independent research and property comparison websites. The smart buyer expects to find out all of the details about a property immediately, to compare pricing, to review the quality of a specific neighbourhood, to learn about the project approvals, to assess the reputation of the builder, and even to conduct virtual tours of the property.
The smart buyer has greater knowledge of the market, and therefore, greater expectations of the developer.
As such, a smart buyer will expect immediate responses to their inquiries. Smart buyers also expect to receive suggestions for homes that meet their individual needs in terms of finances and lifestyle. If developers cannot meet the expectations of the smart buyer, the smart buyer has no trouble finding a comparable property offered by another developer. Nutaan AI provides developers with the technology and tools needed to create a reliable experience for each individual smart buyer through the use of artificial intelligence and automation.
Why Developers Need AI-Driven Decision Making
The buyer's journey is no longer a linear path. Many customers reach out and then go dark for several months, while others may research online for weeks, then go to the website after researching.
Complex Buyer Behaviour Needs Better Tools
Many people shift budgets midway through throughout their buying journey and tend to compare projects in other markets and cities, and many prefer to interact digitally rather than meet with an agent in person. Due to this changing and unpredictable journey, traditional means of marketing have become inefficient in connecting with customers as well. While builders heavily spend on advertisements to reach buyers, they have a very difficult time tracking who is actually interested and who is simply doing research. Additionally, a sales team could have multiple leads (many of which don't convert). The marketing teams have no means of tracking what messages are effective, and therefore it makes it hard for both departments to know how to engage with buyers.
This situation is why using artificial intelligence (AI) technology for a real estate developer is essential and not just an option.
Manual Tracking Cannot Keep Up
Manual analysis has proven to be ineffective in responding to this demand. The most experienced team would not be able to manually oversee, discover and interpret thousands of buyer interactions due to the variety of platforms that buyers can communicate with: WhatsApp, telephone calls, emails, visits to the developer's website, social media clicks, virtual tours, etc. Builders have started to drown in a sea of buyer information, and they are not able to analyze the information that is being provided to them. The Nutaan AI platform provides builders with a way to identify findings from buyer data by tracking their patterns. It then makes predictions of those patterns in real time and suggests actions that can be taken to improve buyer's bookings.
Nutaan AI Provides Enhanced Insights into Developer Sales and Marketing Processes
Translating Data into Accurate Buyer Intent Markers
Nutaan AI analyses every interaction performed by buyers as a result of their visits to websites, advertising clicks, communicated messages as well as phone calls made, submitted forms and downloaded brochures etc. Nutaan views buyers as unique customers displaying patterns associated with their behaviours, preferences and intentions; rather than solely viewing them as 'leads'. Thus meaningful insight can be gained debunking the notion of guessing at what actions would lead to success from interactions with buyers.
Consolidated Understanding of Every Buyer
Nutaan AI creates a consolidated view of buyers that include:
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Budget range
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Size of desired unit(s)
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Geographical area(s) of interest
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Desired amenities
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Frequency of interaction(s)
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Amount of time spent reviewing pages pertaining to specific projects
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Number of questions posted via chatbot or call
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Current stage within the decision-making process (i.e. whether buyer is aware/evaluating/ready)
A consolidated understanding of each buyer allows development teams to identify exactly what each intelligent buyer is looking for without guessing.
Intelligent Intent Scoring
Nutaan AI evaluates each buyer's intent score on their actions. If a buyer repeatedly views the same floor plan, or checks for price updates more than once within a short period of time then they will be classified by Nutaan as having a high intent score. By classifying buyer intent scores this way developers are able to identify and focus their attention on buyers who are closest to completing their purchase.
AI-Driven Marketing That Actually Converts
Marketing for real estate has evolved into a very competitive industry. Generic advertisements and mass marketing strategies aren't effective anymore. What the developers need is machine learning driven marketing; marketing that delivers the best message to the worst product at the most opportune time.
- Personalized Marketing at Scale
Nutaan AI uses machine learning to analyse potential buyer behaviours, predicting what advertisements will generate adequate response, enabling developers to design their marketing journey experiences to make them unique, timely, and relevant.
- Highly Thoroughly Personalised Suggestions
Instead of sending identical brochures to all of their potential clients, Nutaan AI provides only the most relevant product to a specific potential client; provides the best financing options based on a potential client's price range; communicates the most relatable project highlights to the potential client's lifestyle; and sends the best re-engagement materials to previously uninterested clients. This improves the percentage of actual inquiries over time.
- Intelligent Marketing Budgeting
Most developers waste their marketing dollars targeting audiences who will never engage with their brand. By predicting which advertisements generate serious interest from the buyer, which platforms offer the best return-on-investment; and what messaging strategies resonate best with particular target client segments, Nutaan AI saves developers money on their advertising budgets and generates more quality leads.
Predictive Analytics for Real Estate: A New Superpower for Developers
The utilitarian aspects of Predictive Analytics in Real Estate; the tools that will empower Developers with their Newfound superpower; convexing accuracy in predicting when potential Buyers are likely to schedule visits; which units they are likely to prefer; when they may require follow-ups; and identifying reasons why a potential buyer will fall away, will empower sales teams to take the necessary steps proactively before waiting until it is too late to reactively attempt to "recover" a lead.
- Additionally, by identifying "Site Visit Ready" Buyers, the nutaan ai will allow developers to reach out to them at the ideal time, ultimately increasing the likelihood of i-hale confirmations and increasing the likelihood of a successful booking.
- Because developers often have difficulty estimating their monthly sales flow, nutaan ai predictively analyses historical data to estimate the following: expected absorption by units; time-to-conversion for each buyer cluster; rates of movement for inventory; and units needing promotional support; therefore, providing a means by which to improve business strategy and make better estimates of future revenue streams.
Real Estate Analytics That Strengthen Business Strategy
Nutaan AI has the ability to identify market segments by analyzing the behavior of real estate buyers rather than merely tracking sales leads. Nutaan AI helps developers understand buyer behavior, trends and shifts, as well as performance patterns within their organization for the long-term. When Nutaan identifies the various demographics and motivations behind their buyers, it enables developers to create smarter pricing, marketing and sales strategies for the long term.
Pricing Intelligence
Nutaan AI offers developers with detailed insights regarding pricing. Developers can easily identify the price ranges of their product that generate the most engagement with buyers. Additionally, Nutaan AI will provide the ability for developers to identify the units that are overpriced or underpriced based on the reactions of buyers across multiple timeframes. By tracking the pricing trends of competitors, Nutaan AI provides developers with information regarding how external factors influence demand for their product. These insights help developers to refine the pricing strategy of their products in a manner that does not negatively impact the brand of the developer nor negatively affect the revenue flow of the developer enabling a more balanced and confident approach to business.
Mapping Buyer Demand
Nutaan AI also provides developers with a map of buyer demand by city, neighbourhood and preference type. Developers can see exactly which locations have generated the most true or higher intent buyers and which areas are being looked at most and what amenities drive buyer decisions for various types of properties.
Supercharging the Sales Team with AI Assistance
Using AI to enhance sales teams' efficiency, effectiveness, and expertise has been a mission of Nutaan AI. Now, sales teams have access to the precise information they require at all phases of a buyer's purchasing journey, enabling them to make faster, better-informed decisions and improve their chances of closing business. Instead of continually searching for information or trying to predict where a lead will land, sales teams receive guidance on what to do next and the best way to reach out to each buyer based on their current stage in the purchasing process. As a result, Nutaan AI provides timely, reliable, targeted and relevant information to enhance speed, accuracy and close rates.
AI-Guided Follow-Ups
Nutaan's artificial intelligence-driven follow-ups allow sales teams to determine the optimal time and approach for reaching out to buyers. In addition to providing insights regarding each buyer, the system captures data from previous interactions to provide both a comprehensive view of a buyer's digital footprint and an understanding of their emotional state. By incorporating all of this knowledge, Nutaan AI enables sales teams to efficiently follow up with buyers and improve engagement and increase conversion.
Conversation Intelligence
Nutaan's conversation intelligence includes not only the extraction of useful data from buyer conversations, but also the identification, extraction and classification of potential objections, questions and reasons for hesitation regarding price, as well as shifts in buyers' emotions. This data assists sales teams in refining and enhancing their communications, improving the ability to effectively address objections and deliver smoother conversations that result in higher booking success.
Automation To Enhance Work and Focus
Developers tend to waste a lot of time repeating tasks like uploading data, sorting leads, producing reports, creating follow-ups and generating paperwork for all of these activities.
Reduce Operational Noise
Nutaan AI provides automated solutions to allow teams a greater focus on their meaningful communication and developing relationships instead of focusing on tedious tasks. As a result, there is greater productivity within sales and marketing and improved overall productivity of the customer service team.
Lead Qualification Automations
By automatically assessing the actions of prospective customers based on how these customers engage with your business' offerings, what their budget is, and their overall intent to purchase your product or service, leads identified by Nutaan AI are considered qualified by your sales team to the best extent possible. In other words, the lead qualification process helps eliminate "wasted time" of the sales team pursuing leads whose interest does not extend to an intent to purchase. Lead qualification provided by Nutaan AI allows sales teams to focus on the most promising leads, improving their effectiveness, productivity and closing rates.
Report Creation Automations
Nutaan AI also creates automatic detailed reports on team performance—reports that historically take hours to manually produce. Reports include such items as campaign results, funnel conversion metrics, unit demand analysis and buyer journey pattern analysis. Now that all of the data from these reports is provided in real time, it allows marketing and sales teams and management to make quicker, better-informed decisions based on that data.
Improve Booking Speed by Enhancing the Buyer Experience
Increase the Speed of Your Booking Process Through Transparency and Honesty
A Buyer is likely to make a fast decision when he/she feels appreciated and is provided accurate information. Nutaan AI, through its instant response mechanism, provides accurate information about projects, along with personalized recommendations, and transparency about pricing and communications through nutaan.com and other platforms, to help create a positive buyer experience. By providing calendar reminders that are timely and useful, rather than which create additional stress to the buyer, a positively engaged buyer will book faster.
Eliminating the Confusion Faced by Buyers
Nutaan AI goes to work for buyers to help identify the many common pain points that can occur during the buyer journey. By offering to help guide the buyer through the entire buying cycle (triggering the buyer to think about posting a project, to completing the project), the likelihood of making a booking greatly increases due to increased trust and support.
Reasons that Developers Choose Nutaan AI from Tecosys
Benefits that You Can Observe and Evaluate within a Short Time
The information that Nutaan AI provides is designed for developers, and helps to improve and optimize the entire marketing and sales ecosystem. By utilising Nutaan AI, developers receive a higher quality of leads; they spend less to generate leads; there is an increase in the number of people who receive site visits; follow-up occurs more quickly; and there is a higher level of conversion of site visits into bookings. Additionally, inventories are moving more efficiently, and the overall sales cycle has a more predictable flow.
The Future of Real Estate Belongs to Intelligent Developers
In the future of real estate, intelligent development will be paramount to how the industry functions. Buyer Intelligence, market intelligence, and business intelligence will impact everyone's buying process, but developers that accept this change will be able to provide their buyers with faster bookings, better-informed decisions, and stronger relationships. Nutaan is an AI built on the Tecosys Platform that enables developers to know the needs of their buyers, forecast future needs, customize the entire experience and help buyers make confident decisions. Through the use of Artificial Intelligence (AI) technology, Nutaan enables developers to extract actionable information from complex data and will give developers an advantage over their competitors by allowing them to stay ahead of the market, remain current with the trends and continue to provide their buyers with an exceptional experience. Nutaan also gives developers control over all aspects of the buyer's journey, enabling them to provide superior customer service and experience.
Frequently Asked Questions
1. What is Nutaan AI, and how does it provide value to real estate developers?
Nutaan AI is a Tecosys developed smart reasoning software that supports real estate developers in comprehending how potential homebuyers behave, estimating how many properties will be sold, and improving how quickly they sell properties. It accomplishes this by collecting data from all digital channels where potential homebuyers interact with real estate developers and identifying the most promising leads to assist agents in making more effective decisions and securing a quicker booking.
2. How does Nutaan AI assist smart buyers?
Smart buyers want quick, transparent, and pertinent information from their agents. With the ability to provide instant answers to frequently asked questions, personalized recommendations regarding property choices based on what they are looking for in a home, and clear price quotes in a clean and orderly fashion, Nutaan AI helps agents create an effortless online experience for their clients while also establishing trust and helping them make decisions quickly.
3. Will Nutaan AI improve the effectiveness of a developer's marketing efforts?
Yes, Nutaan AI will help a developer to maximize their marketing effectiveness through AI based marketing by delivering the appropriate message to the appropriate audience at the appropriate time. Nutaan AI is used to determine which marketing campaigns will have the greatest impact, reduce the amount of money wasted on marketing, and increase the number of quality buyer inquiries.
4. What type of real estate analytics does Nutaan AI provide?
Nutaan AI offers a wealth of real estate analytics including buyer demand, pricing sensitivity, preferred units, market trends, successful campaigns, and sales funnel data to give developers the information that they need to develop successful projects, establish the correct pricing, and determine which units will sell faster than others.
5. How does Nutaan AI predict buyer intent?
The intent score assigned to Nutaan’s buyers is based on their digital activity—website visits, floor plan selections, price comparisons, and responses—to help sales staff identify buyers that are near their booking and target follow-up accordingly.