THE ARRIVAL of digital technology has brought about a new era for the property sector with major developers setting new business models that could best match the modern lifestyles of homebuyers.
Digital disruption has steered property executives to Big Data in their decision-making process in terms of a project's location, design, functions, construction raw materials, among others.
This is the right approach to meet the diverse demands of our customers from different generations, said Sansiri Plc’s president Srettha Thavisin at an interview with The Nation recently.
New technologies are streamlining the operations of most industries and the property sector has seen its biggest change in my 30 years of involvement, he said.
"Previously, the decision on land acquisition for a residential project was based on the location's market potential and (my own lifestyle). That process has been replaced by data research," Srettha explained.
Big Data now plays a central role in the final say on all projects - from condominiums, townhouses to single detached house, regardless of my beliefs and preferences, he added.
Citing Line Sathorn as an example, Srettha said despite his disagreement with the project's location, it was introduced to the market after positive findings by our research team on the demand for condominium units in the area. The project was sold out shortly after its presentation.
Data research also contributes to the right design of a residential project. Srettha said before the launch of Baan Sansiri Pattanakarn, he was shown seven designs of single-detached houses based on data research, but not all to his liking.
"After discussions with the research team, a market survey launched found positive responses from our potential customers. The single-detached house project, priced at over Bt60 million per unit, was fully booked in presales last month," he said.
The company collaborates with commercial banks and internet providers in developing its management and marketing strategies covering all customer segments.
On marketing with Big Data, he said the company would be notified when a potential customer has visited a particular project on our web site more than three times in a month. The system would then identify the individual. The marketing team could wait for his call/visit or contact the person directly to provide relevant service and information.
With approval of the potential client, the company would provide his personal data to a bank in order to prepare a suitable financial package.
“Big data helps boost the property sector through the drastic changes to our operations,” Srettha said.
He said the demands of homebuyers these days vary from a luxurious residence to a home in a natural environment and the green concept.
Provided with a summary of the various demands from Big Data, the company could then come up with tailor-made designs to meet their demands.
"Location, design, and after-sale service are no longer the criteria for a successful project. With the switch of focus on added-value services, they have become basic requirements for homebuyers.
“We will be a residential service provider and the company is co-operating with business partners towards that goal,” Srettha said.
“We cannot invest in the provision of all services. The company has teamed up with innovative partners to provide smart products and services to our customers. This is the way forward and the company has expanded investments in several related businesses since last year," he said.
“Our business objective will always be the benefits of shareholders, customers, staff, and the society. Our investments in several ventures and the new business model will drive growth in the long term,” he said.
Also, Sansiri would like to remain the top brand in the mind of homebuyers, he concluded.