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Digital Disruption to Distinguish Winners from Losers in Real Estate Sales

The power of disruption, specifically digital disruption will be a key differentiator in the real estate market in the proceeding decade. Often considered a very traditional market, real estate has been rapidly reshaped by digital disruptors such as Airbnb and forced many developers with outdated practices to rethink their marketing and selling strategies. 

This was shared by Kwabena Akuamoah Agyekum, Executive Director of the Chartered Institute of Marketing Ghana at the first 2020 session of the bi-annual GHL Bank Developers’ Seminar. 

He challenged housing business owners to rethink and replace the traditional seven P’s of marketing – namely product, price, place, process, promotion, people, physical evidence with the seven C’s and A’s of marketing which focuses primarily on exceeding the customer’s expectations at every touch point.  These are customer satisfaction, cost, convenience, communication, caring, competency, consistency, and acceptability, affordability, accessibility, awareness, attention, alignment, and aesthetics. This shift coupled with digital technology has the power to give real estate developers the much-needed edge over competitors.

CEO of the Ghana Chamber of Technology, Derrydean Dadzie also spoke on how real estate developers could transform their business with digital technology through trends such as big data analytics, artificial intelligence and virtual reality. He called for real time collaboration of stakeholders through modern technology such as property development, community management and customer relationship management systems to enhance overall customer experience and delivery.

Each year, the GHL Bank Developer’s Seminar seeks to equip real estate developers with the latest trends and global best practices. In addition, the engagement session sought to address the key challenges faced by the clients of real estate developers when accessing home acquisition facilities from the bank. 

Led by Richmond Asante, Head of Mortgage Origination, the bank shed light on ways clients could navigate the common bottlenecks during the assessment and verification stage of the mortgage process. Presentations by Kwame Obeng of the Collateral Management Unit and Christiana Kpodo of Risk provided a deep dive into practical case studies to educate and empower developers. 

Mr. Bonful, standing in for the Executive Secretary of GREDA shared updates on the association’s engagements with government on the review of the Ghana Mortgage Act.