Online Property Portal: From Discovery To Beyond
Talking about the generation, almost everyone is online. So real estate is no different because taking the current and the future demography into account, you can assume anyone online has a sizable disposable income. Today, 65 percent of the real estate buyers come online at some point in the process, so we can see a change happening already and if you want to know how you can come along, you have come to the right place.
Let us look at how the World Wide Web is changing the age-old favorite,
- DEMOGRAPHY- Talking simply of the current trend, 65 percent of the home buyers, comes online at some point in the process and this percentage is expected to shoot up as the younger population comes to earn and the older population learns to use the internet more efficiently. This population does not consist of people that you can get away with hoarding some money, they are well informed and know exactly what they are looking for. They are young with a good amount of disposable income and are quite tech-savvy. The penetration of the internet with the mobiles has seen a boom in the number of eyeballs these portals could reach. Research done by Google in 2014 revealed that more than half of the home buyers came from online searches and this was not specifically a trend limiting to the metros but in the suburbs and other areas too.
Apart from looking for properties for sale, a lot of other research is done online. What something is a piece of land worth and what a ready to move in property worth is. What determines the price of a property and what would be paying too much for something. Believe me, they are well researched.
- TIME- The attention span of people, in general, is decreasing dramatically and when you are online it becomes even shorter. In such a situation UI or User Experience really comes into play because when the market is new and there are already a good set of players, the player with the right experience wins the battle.
Some key factors the website developers should keep in mind would be: How easy it is to navigate when visiting the website for the first time, how fast do things load, how accurate are the locations and image quality along with mobile-friendliness are some of the major determinants that would define the likability of the website.
Along with that, another thing to consider would be how people who needed to sell a property and people who wanted buy had to contact brokers and then list down all the properties available for sale and then stop whatever they are doing for a day or two and then go get a look at all the properties listed and then decide. Today people do not have that much time and if they happen to have that time they prefer to spend it with their family and near and dear ones and not moving around, getting stuck in the traffic just to look at some properties that they aren’t even sure about buying. So these Real Estate portals make the work easier as many of these websites offer a 360-degree view and high-resolution picture of the listed properties which saves a lot of time. Furthermore, the UI of the websites and the filters inside the websites like; “sky view”, “pool”, “bar” clubbed with a price-determining tab with map-based searching and targeted audience catering. Makes it easier for sellers to cater to targeted audiences and actually turn them form lead to a customer and for the buyers is so pleasant to chill with their loved ones in the safe family space and look for their desired properties within their budget.
- ACCESSIBILITY: Just like apparel, food, and even dating, these portals have brought property owners and buyers together to connect at fingertips. The capacity of reaching people is beyond measurable terms, just about anybody who happens to have an internet connection will have access to the properties on these websites. Their reach and scope are huge and varied. These sites not only make people more aware of the real estate market and bringing sellers and buyers together, but they are also creating a stimulus in all those who would be turning into buyers pretty soon and by that, I meant the younger generation who may be students currently or have newly entered the workforce and are looking to buy or are generally interested in real estate.
- PROFITS: Online property portals are attracting equity investors, venture capitalists, and other builders, and almost all kinds of people functioning in the real estate business. If we look at some examples; Dealcurry.com, Housing.com sold a 30% stake for $70 million, IndiaHomes.com raised $50 million (310 crores) from its existing investors, Commonfloor.com secured $7.5 million from existing investors, and Grabhouse.com raised $2 million. So it is clear that not only the buyers get to be more informed and have better knowledge about how much they should be paying and what actually appreciates or depreciates the value of a property etc, the companies taking in the labor and putting the hard work and doing making this tough job happen are also gain a really delicious profit.
- SPECIAL SERVICES: These special services at not necessarily what the site is for but if you opt to let them these websites offer extra help with leasing houses and the paperwork that this might require. Some websites also offer rent agreement help at just some clicks of the computer. You will be asked to fill out the basic details and then you will be asked to fill the clauses you would want to add such as parking, apartment security system, security deposit, and pet policy, etc. and as soon as you finish that you will be delivered a copy of that at your doorstep and Tadaa! Your rental agreement is ready! This service is available by the “Housing.com” firm and is currently available in Bangalore only. Many firms are now also helping with the approval for a home loan.
So there you are! These are the 5 ways in which the online property portals are changing the game in the real estate industry.