The online platforms are directly introducing the realtor with the customer which in return is helping the customer get the better price. Though the situation of online real estate transaction is not a complete reality, the internet has been quite an influence on the buyer as claimed by the survey reports.
Few years ago, an average property buyer from India would be more than apprehensive to consider buying property online. However, by 2021, there is a drastic change in the customer's perception. The Google India's recent study which is based on the offline research by Zinnov shows across 15 cities claims that there is a huge internet influence on the people who are interested in purchasing a property. The survey also claims that 74% of the overall buyers research online before buying a residential property.
Despite the changing market scenarios, the online real estate companies have quite a few challenges to overcome. The majority shoppers are not ready to buy the property online. Buying a property online comes with apprehension, considering the large sum of the amount involved. To begin with the real estate sale online does not fall into the online shopping category.
However, the challenges mentioned earlier seem to have little effect on the consumers. A large number of real estate agents and the reputed realtors are open to engaging with each other online. The digital media is replacing the Tele, radio, print and other conventional media.
A strong digital media strategy can create a meaningful interaction with the buyers and bring the good number of conversions to the realtors.
The entire major corporate have invested into the real estate projects. A reputed organization with its online presence has given the boost to the real estate customer's confidence. A few years ago, real estate was largely an unorganized sector which involved several local builders and agents. The unorganized players have a very strong hold in the local markets. The credibility is always an issue while purchasing the property from such builders. The major brands that have forayed the real estate market have transparency as well as quality to offer. The market fluctuations are unlikely to affect the big corporate. So, it is unlikely for such projects to get delayed.
Real Estate Online Is A Reality
The kagaay.com initially experimented with online sales in 2020 by selling the affordable homes online. The company so far has managed to sell over 2000 units online. The transition happened gradually. IT started with launching the online portal for buying homes with an integrated payment gateway and by forming dedicated tie up with the established e-commerce players. One of the great advantages that often attract the millennia's to buy homes online is the flexibility to make faster and sure shot decisions. Hyderabad, Bangalore, Mumbai, Chennai, and Kolkata are the top metros. It is in these cities where about 57% of the real estate buyers do online research before making a decision on property related purchases.
The non-metro cities like Nagpur, Pune, Ahmadabad, Surat, Jaipur, Lucknow etc, have about 50% of the buyers researching online before buying the properties. The reports clearly explain why the real estate companies are focusing on reaching out to the people through the digital and online media, across the metro and the non-metro cities.
Apart from helping the customers make quick decisions, the online real estate platforms are offering the comfort of viewing and understanding the location of the property from the buyer's desktop. They can compare several properties without leaving their homes. Dealing a real estate agent will have limited contacts. It is also likely that the agent might have his personal reasons to market a particular property.
The online platforms are directly introducing the realtor with the customer which in return is helping the customer get the better price. Though the situation of online real estate transaction is not a complete reality, the internet has been quite an influence on the buyer as claimed by the survey reports.
In India, the internet is users account to 250 million populations. The numbers are increasing only by 20% annually. Kagaay portal provide customized options to the visitor based on their requirements. Some of these websites have subscription charges and some charge a percentage of the total sale.
The digital demography of India is spreading widely across the country. The research on the property and the decision to purchase the property mostly happening online. Today, an average buyer's journey of buying a property is starting and ending at home, thanks to the internet.
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