Disruptions in Real Estate Sale through Digital Transformation: Relata.io
I always used to lead various initiatives during my school days whether in sports or school or college students administrative bodies and had the fire to lead various initiatives.During my engineering placement season during a mock session we were to make a company and explain the offerings and it was that moment I dreamt of having my own organisation. Fast forward it got more prudent in 2009 when the Satyam Fiasco happened and I was not sure of my salaries during the subprime crisis. With this incident I started gathering my experiences to build my own business.
During 2010 onwards India was surrounded with many startup stories and with internet growing access to global stories were also inspiring to take the next steps. Post 2013 exit from Xerox I started my freelancing consulting and started my first business in 2014.The business did not last long and we had to shut our shop. By 2019 I understood the first business was not a startup idea and there was no merit to grow and scale. And this failure in 2019 was my biggest inspiration to start Cognilements. By 2021, we had faced heaps of roadblocks in our journey, making us shift from a service oriented business to a product driven proptech ecosystem, we felt it was time to rebrand ourselves to Relata as we believed the essence of our vision is to strengthen relations and empower real estate stakeholders.
2. What makes relata unique from other service providers in the same domain?
There are 4B’s in the Realty ecosystem.
Banker, Builder, Broker and Buyer. When we started we found that everyone is focussing on everything and not towards the Buyers. So we focussed on building the Buyer’s Journey and does focussed on building a platform #CustomerExperience. While building a customer experience platform we focussed on three important components:
Customer Journey Optimization
Interactive Visualisations and
Insights and Analytics
Today other tech companies are not focussion on these elements which makes us an unique platform. Also our understanding of process and a complete solution for converting a lead to deal and manage the journey from the discovery stage till possession with our cutting edge technology tools. The next generation of buyers are the millennials and GenZs. They bred on tech, and crave convenience. Customer convenience is at the core of Relata’s mission. Our platform is expertly engineered to simplify every stage of the real estate process, ensuring a smooth and hassle-free experience for all users.
We at Relata not only understands the importance of customer experience but each and every product solution is focused on that and this is what makes stands out from the rest and let’s Relata shine as a pioneer for leveraging technology to elevate customer experiences in the real estate industry.
3. What is your technology stack? Can you explain about AI / ML algorithms in use?
Our comprehensive technology stack features ReactJS and NextJS for frontend development, PostgreSQL for robust data management in our proptech product, Relata. Meanwhile, our conversational AI product, REIYA, employs cutting-edge generative AI algorithms. Leveraging machine learning techniques, these algorithms dynamically adapt to user interactions, delivering personalized responses and continually enhancing conversational experiences, thereby elevating user satisfaction and engagement levels.
4. How does consumer behaviour analytics is done by your solutions, please share some examples?
At Relata, we utilize consumer behaviour analytics to provide sales executives with insights that enhance their interactions with potential home buyers and result in accelerated property sales. For instance, our Virtual Sales Gallery (VSG) tracks user engagement metrics such as contextual button clicks and scene views. We process this data into an intuitive dashboard, enabling executives to understand preferences and adjust pitches accordingly. This empowers executives to offer tailored deals, such as unit upgrades or preferred views, leading to quicker conversions and improved customer satisfaction.
5. What is the market potential of your services and how much it can impact your client business?
The Indian real estate market is estimated to reach $1 trillion by 2030, with the technology budget across sales and marketing standing at 0.3%, equating to a total addressable market of $30 billion in India alone. Currently, we have a presence in Tier 1 geographies of India, catering to Category A+ developers. Our expansion plans encompass Tier 2 regions. Beyond India, our strategy prioritizes developing markets overseas that replicate India’s operations, thus optimizing the initial need for localization. Additionally, we aim to target more categories of real estate businesses with our mid of the pyramid product to expand the horizons of Relata’s usage in the realty ecosystem.
6. How soon do you think your services will be available to buyers in the budget segment? Why?
We are now servicing the upper mid of the pyramid and top of the pyramids. We have understood how reality works in the lower mid of the pyramid and bottom of the pyramid. At relata we are making a disrupting product line which will be part of our ecosystem which will empower the masses to do volume business. As India is staging towards a $1Trillion realty economy, without technology we will be far fetched from achieving it and if the right technology tool is not provided to the smaller firms then the growth across the sector will be minimalist. We aim to release a mid of the pyramid product by the month of June 2024 to support the ecosystem requirements.
