Real Estate in India is on everyone ‘s mind today.. One is witnessing changes in consumer behaviour, development of a lot of tier II cities, a growing network of home loan providers and new and innovative ways to get information and advertise.
Be it selling, buying or renting most of us are touched by one of these aspects and all these decisions are tough decisions. We generally depend on the network of brokers that operate in that particular area and to a great deal rely on word of mouth as well as glance through ads put up by builders and developers as sources for information. But with the growth in Internet penetration and a user base of 40 million internet users in the country the stalk has just flown in with Real Estate portals, opening a completely new source of information and way to transact.
Though the developed markets are familiar with real estate portals the concept is relatively new to India and their popularity is amazingly growing.. The listings both residential and commercial are growing day on day and so are the conversions. Feedback from both the supply and demand side is favourable and the response has been very encouraging.
The portals are an information exchange where depending on the site- one can get listings of residential or/ and commercial listings for buying , selling or/ and renting, other useful information related to loans, laws, registrations, news etc are increasingly available on these sites too. . We were using online as an effective medium for real estate transactions We see a new trend getting popular -the acceptance of internet as a medium for real estate transactions.
On the supply side Internet is an effective medium as unlike print ads one is not restricted by space on the web and thus can give a more descriptive advertisement. The medium is definitely cost effective with add on features like virtual walk throughs, uploading video clips, chat messengers , its interactive , online databases, archives of listings and information … One advertisement would give exposure to more targeted eye balls and returns can be measured too.
On the demand side , most of us are very busy and there is a huge crunch on time. So with portals searching and comparing properties in various localities , geographies etc has become easier. At the click of a mouse we can search for houses, offices etc. Though we still do the actual transaction offline, one gets a filtered list so it is more in compliance with ones requirements . In times to come we will see featured galleries, walk throughs , online transactions etc thus making way for higher acceptance and increased usage of the portals. Thus giving the user an easier access to information at the tip of their hands.
I can clearly say that portals are aimed at creating a higher level of interaction and a better user experience for both buyers and sellers.
Online advertising is getting increasingly popular. One can see a shift in spends from conventional mediums to the net .Not only is it cost effective it is an apt vehicle to reach the NRI market and so we see all big builders with a website of their own. E auctions are catching up.
The real estate market is using the Internet to change the way it deals with its customers as well as to increase efficiency. In fact, all real estate companies should try to integrate bricks and clicks.
Going forward the real estate industry is also beginning to join the high-tech crowd in ways that affect not only how building owners run their properties , but also how tenants interact with landlords. Two big tech trends in the industry are the concepts of automated transactions and “smart” buildings . Automated rent payments have been catching on the most in the apartment sector, and some owners are experimenting with technology that allows an apartment hunter to find a place and sign a lease for it all online. Commercial builders are also exploring automated payments and leasing. Smart buildings are plugged into the Internet so that every aspect of facilities management is online. Some building owners have web portals that allow tenants to place work-order requests.
The face of the Indian real estate sector is changing and new models are emerging to keep pace with the growing demands. Real; Estate portals are her to stay and with the growth in internet penetration and connectivity their utility and acceptance will only grow.