Bengaluru (or Bangalore) has witnessed an explosion in property rates over the last few years. The city has been the nerve center of the Indian IT boom. Instances of land rates increasing by 10-15 times in 2-3 years is normal. This growth has created millionaires of people ...none more in numbers than real estate developers.
But as in the rest of the world, real estate developers are most opportunistic too. Never loosing a chance to make more money, they have the dubious distinction of being difficult to handle, not serious about any deadlines & being short sighted.
There are exceptions of course.
One of my friends recently told me about Shriram Properties (a real estate developer) who just returned back 1.5% of the initially charged (collected about 3 years ago) amount for a flat. Reasons quoted - they had overestimated on a few accounts. Obviously this friend of mine was thrilled. Not only that, he was telling me & anybody else who would listen to him that day. And now here I am blogging about it.
Customer centric or marketing gimmick? Either ways, the act has created a lot of good will. Created quite a bit of buzz in the marketplace. And has a lot more prospective buyers than they would've had without this act.
- Explore more & more ways of benefiting your customers. It will pay back.
- Every real estate developer's web site has space dedicated to how customer centric they are. But action speaks louder than words - DO something.
- The more notorious your industry, the better the chances of customer centricity helping you differentiate yourself.
I also found another post on a similar topic - customer centricity amongst US commercial real estate companies: http://cpnmhn.typepad.com/management_matters/2007/12/are-you-custome.html.
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