MUMBAI: The property market is facing a festive reality check, with more than half of real estate sales organisations surveyed by mobile-first customer relationship management (CRM) platform Privyr reporting lower bookings so far this season than a year ago. Yet, among firms recording growth, artificial intelligence (AI) has emerged as a common tool for managing prospective buyers.
The survey of 63 real estate organisations across India, collectively representing approximately 300 property consultants, found that 50.8 per cent had recorded lower festive bookings, while 23.8 per cent reported an increase.
AI adoption stood out among the better-performing businesses. Of the 15 organisations reporting higher bookings, 14 were using AI to manage prospects and leads. Across the full sample, around two-thirds had already adopted the technology, while 20 of the 21 organisations not using it said they planned to do so soon.
The findings point to the growing role of technology in property sales, where converting an enquiry into a booking often requires repeated conversations and sustained engagement. However, the survey does not establish that AI adoption directly leads to higher bookings.
Property prices and financial uncertainty emerged as the biggest obstacles to converting prospective buyers during the festive season.
Around 42.9 per cent of respondents said property prices exceeding buyers’ budgets were the main reason serious prospects were holding back. Another 30.2 per cent cited uncertainty over jobs and income.
Festive offers appeared to have a more limited influence on hesitation, with just 7.9 per cent identifying unattractive promotions as the primary obstacle.
The results suggest that discounts alone may not be enough to persuade buyers to commit. Affordability and confidence in their financial circumstances remain central to property purchase decisions, even during a traditionally active period for the housing market.
For property consultants, generating interest is only part of the job. Turning that interest into a confirmed booking can take considerable time and persistence.
The survey found that 44.4 per cent of organisations needed at least eight follow-ups to convert a serious lead, while 22.2 per cent required 13 or more.
Booking performance also differed according to the number of follow-ups required. Among organisations needing four or more follow-ups, 57.8 per cent reported lower festive bookings so far. The proportion fell to 33.3 per cent among those requiring one to three follow-ups.
Sales teams managing multiple prospects must keep track of previous conversations, understand individual requirements and reconnect with buyers at appropriate intervals. Missed follow-ups or inconsistent communication can make an already lengthy sales process harder to manage.
AI-enabled CRM tools can help organise lead information, track interactions and support timely communication. These capabilities may help sales teams manage their pipelines more consistently, although the survey does not demonstrate a direct link between follow-up frequency and conversion outcomes.
The booking slowdown was more pronounced in major urban markets. In Tier 1 cities, 62.5 per cent of organisations reported lower festive bookings, compared with 38.7 per cent in other markets.
The difference suggests that property sales teams in larger cities may be facing greater challenges in converting interest into commitments. However, the survey does not identify the specific factors behind the gap between the two market categories.
With Diwali still ahead, sales teams have an opportunity to convert existing enquiries into bookings as the festive season progresses. The findings also highlight the importance of maintaining contact with prospective buyers who may need more time to assess prices, financing and their financial outlook before making a purchase.
For Privyr, the findings underline a shift in how real estate teams approach lead management, particularly as buyers take longer to make decisions.
He added that organisations reporting growth were keeping conversations with promising buyers going, with almost all of them already using AI to help manage leads.
The broader takeaway is that festive demand does not automatically translate into bookings. As affordability concerns and longer decision cycles challenge property sales teams, disciplined follow-ups and better lead management are becoming increasingly important. AI is gaining ground as part of that effort, though its ability to translate into stronger sales will require further evidence.