At a time when Indian real estate is perceived as low on transparency, ‘reputation management’ may be the next big thing on the radar of property developers. That is, if they were to trust the advice of global real estate consultant, Jones Lang Lasalle (JLL). In an interaction with Business Standard here today, UK-based JLL chief marketing officer Charles Doyle said ‘safeguard reputation management’ using the social media and networking tools would help Indian developers project their brands and businesses in a transparent manner. An example could be consumers venting their anger on social networking sites like Facebook or YouTube over property project delays.
If developers track those posts, and follow up with their own tweets or blogs explaining the reasons behind the delay, they could perhaps save their brand from getting a bad name, according to JLL. At this point, however, the response from the developers’ community is not too encouraging. A recent survey had shown that Indian real estate was perceived as the most corrupt of sectors, citing lack of transparency. Although JLL did not name any specific company, Doyle said foreign developers were not keen to enter India in the residential segment due to lack of transparency in the sector.
On the same issue, National Housing Bank chairman and managing director RV Verma told this newspaper, “The real estate sector definitely has to have greater transparency. It has to generate confidence among international investors.” According to Doyle, use of a tool like ‘safeguard reputation management’ was a global phenomenon. “Nothing is local any longer,” he added. JLL executives advocate use of innovative technology tools to promote and market property, rather than through ‘traditional’ and ‘clinical’ means like billboards, newspaper advertisements, or intrusive SMSes to end-consumers.
Use of podcast, tweets, Facebook, YouTube, tech-savvy mapping systems on the i-pad and i-phone, Bluetooth and barcoding are among the many ways that property developers can market their products, they said. Indian developers must look at using these innovative tools to tap non-resident Indian investors as well, Doyle said. He emphasized that India, with its fast growing young population and increasing acceptability of technology tools, was poised to go on to the next level.
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