The current COVID-19 pandemic has forced businesses from across sectors to take a hard look at their operations and see how tech can help alleviate some of the immediate and long-term problems. But as the markets struggle with the issue, there are some players who have been working away, silently preparing for such events. Among those is proptech startup Square Yards, which has sold over 1K units for some of the world’s top real estate developers since the start of April 2020, even as the rest of industry struggles.
The Square Yards founding team realised the importance of the digital transformation of its internal sales and operations to capture larger market share and achieve higher revenue growth. While working on this tech fuelled course, it aims to empower not only its business but all stakeholders in the real estate value chain.
Explaining the rationale behind this offering, Tanuj Shori, founder and CEO, Square Yards said “The idea is to help improve sales velocity and make businesses more productive and efficient. It also helps us build an additional recurring revenue source beyond our core business of real estate and mortgage distribution. As we speak, our tech is being implemented at some of the country’s finest real estate organisations. We expect to have at least 100 such implementations by this financial year”.
Square Yards’ EDGE: Battle-Tested, All-Weather Sales Tech
EDGE, seamlessly links all the dots in the entire lifecycle of a sale, starting from lead generation and going beyond final closure and mortgage facilitation. It employs a series of pre-built real estate workflows, powerful dashboards and a white-labelled mobile app to provide full visibility and control of an enterprise’s sales and marketing operations.
Its AI-enabled engine anticipates best win probabilities and uses sophisticated machine learning algorithms for lead assignments, re-assignments, lead quality scoring and automated follow-ups by taking into account a multitude of inputs — customer demographics, their relationship history, contextual information and more. It also includes modules for complete digitisation of site operations and digital mortgage application integrated with credit bureaus, identity and income verification services.
EDGE Digital Transaction: Powering Real Estate Sales
EDGE digital transaction module enables real estate developers to complete end to end digital transactions on their website. The platform allows listing of projects, availability of all information collaterals such as brochures, plan layouts, 3D layouts, VR Walkthroughs, and more to ensure easy dissemination of information. Further, it also makes the inventory online with an integrated booking engine.
The platform also has tools for the sales teams and channel partners of the developers to manage the application forms and other documents and complete the entire pre-sales and post-sales process on this platform. A unified platform, EDGE ensures that the buyers get a single window to their complete requirements and developers get the benefit of industry’s best practices.
Journey Of A Home Buyer
3D Walkthroughs & Virtual Tours
EDGE incorporates 3D walkthroughs and virtual tours that span the project city, neighbourhood, surroundings as well as detailed project site plan, layouts and unit walkthroughs. Through these interactive visual tools, it offers property seekers a thorough understanding of the property and helps them in making better and more well-informed purchase decisions.
Integrated Payment Gateway
When it comes to payments, EDGE does everything possible to ensure that all financial transactions on the platform are safe and secure. Customers get the most universally accepted payment gateways to pay for their property purchases.
Digitised Booking Forms & KYC
Real estate is a documentation-heavy industry. With this in mind, EDGE incorporates digital booking forms that capture all important buyer information and regulatory know-your-customer (KYC) data to make every sale a legit one, ensuring peace of mind for the buyer and seller.
Digital Signature By Customer
Digital signatures are like electronic “fingerprints.” In an encrypted format, a digital signature securely binds a signer with a sale document in every recorded transaction on EDGE. The tool then uses the best and most accepted format to provide the highest levels of security and universal acceptance to its digital transactional documents.
Digital Payment Receipts & Demand Letters For Subsequent Payments
Real estate sales typically involve numerous payments, right from the booking to handover. In this context, not only does EDGE make online payments secure, but also generates legally vetted payment receipts, payments-due demand letters, secures the interests of buyers and sellers, while also ensuring delay proof cash flows to developers.
Developer Journey (Internal Sales Teams, Channel Partners And CRM)
Real-Time Online Inventory For Customers & Channel Partners
For developers, the availability status of units in a multi-project and multi-unit environment is a big challenge. EDGE, akin to airline seat booking tech, takes all project inventory online and shows their status in real-time. All without the hassles of multi-level inventory checks via phone calls.
Complete Control Over Customer Acquisition Journey
Developer’s sales teams and channel partners can choose inventory in line with their customers, fill out application forms on behalf of customers and get them digitally signed to generate online payment links and send to customers to facilitate online bookings by using a set of fully secure and universally accepted practices.
Comprehensive CRM Features For Deal Lifetime Customer Relationship
EDGE enables a developer’s CRM team to book, block, unblock, cancel, reserve, hold or swap inventory to suit customer needs or to act in unforeseen situations. There are also one-touch capabilities for CRM teams to update payment information (online or offline), generate receipts, allotments and BBAs.
Real-Time Digital Mortgage Assistance
EDGE automates the complete value chain of a real estate transaction and the platform is integrated with leading banks to enable instant and paperless sanction of home loans, completing the entire home buying cycle for home seekers, without them having to make any physical displacement.
As a tech company reinventing the real estate and mortgage space, Square Yards uses in-house built tech tools in its operations. After assimilating real-world experiences and its trials and tribulations of running a residential real estate platform — with annual revenue close to $48 Mn and Gross transactional value of nearly $1 Bn —, it has built technology platforms to help organisations’ productivity and efficiency. Incorporating many of the industry’s best practices in this SaaS-based offering — EDGE —, Square Yards has made its tech’s power available for any sales-led organisation to harness, as they scale up.