Online real estate store increases sales of business class apartments by 4,5 times just 6 months after the integration of Smart Engines recognition technologies.
In October 2018 construction developer Glavstroy launched an online real estate store called Balance which allows shopping for apartments without leaving the house. In the first quarter the online project managed to get in the Top-10 list of best-selling business class apartment complexes in Moscow, according to Russia’s Registered Builders.
Balance online retail store offers a choice between 1,872 apartments with different functional layouts, ranging from 28.6 to 74.5 sq.m. All buyer-seller interactions are fully carried out online, except for one single meeting at the bank where home buying documents need to be signed.
To implement this project, digital agency D’TERRA has suggested an optimal set of technological solutions in the field of artificial intelligence and data recognition, which could make the purchase of apartment in just a few minutes a reality. Glavstroy opted for software development companies with an expertise in document analysis, recognition and encryption, which have already established themselves in the international banking, insurance and sharing economy industries.
The apartment purchase process in the Balance online store is as automated as possible and eliminates the difficulties associated with traditional paper proceedings. To initiate the purchase a customer chooses the apartment, takes a picture of the passport, and Smart Engines recognition module fills out the online questionnaire automatically. After submitting the application form, it is then analyzed by the neural network that checks the entered data. If the answer is positive, the customer receives a letter with the contract templates. All information is encrypted by reliable technology, which is already being used by advanced financial institutions.
Glavstroy’s customers can make an apartment purchase at any convenient time, regardless of their location without associated travel expenses. By optimizing costs associated with renting new offices and hiring staff, online apartment sales allowed Glavstroy to invest more in the project and offer its customer a high-quality product at an affordable price. With the development of biometric identification technologies, the company plans on moving the final stage of remote registration for mortgage online as well.
Balance became the first online store in Russia that allows conducting the entire real estate purchase online; other developers offer online apartment booking only as an option, and the negotiations are still carried out at the company’s office.
As at April 25, 2019, a total number of apartments purchased from Balance online store reached 281, with a total area of 11,500 sq.m. According to Glavstroy’s analytical center, 29% of buyers made a deal “without leaving home”, 56% arranged a meeting with the company’s manager only once. They also noted that after six months, customers tended to buy apartments online 4.5 times more often, preferring this method to a traditional visit to the sales department. Since the launch of Balance online store the company has not received a single complain from customers in regard to the purchase process.