Transforming Forms of Real Estate Negotiation – Real Estate Portals

With so many ups and downs in all sectors due to the global economic slowdown, real estate investment in India is the hottest topic of discussion. This slowdown phase is also witnessing massive developments in the real estate sector. Everyone is affected by one aspect of selling, buying or renting a property. Seemingly, changes in the behavior of consumers and financial companies can be seen with changing trends in unprecedented times.

Each of us is generally involved in matters related to investing, leasing, or selling property. Since these decisions are difficult to make and there is some risk involved, we rely primarily on real estate brokers and the prevailing word of mouth. These trends are now facing a makeover with the increasing penetration of the Internet and the steady increase in Internet users. With a user base exceeding 50 million, online real estate portals are set to revolutionize the real estate industry.

Real estate portals in India introduce a whole new way of submitting property related information and transactions. Overseas developed property markets are used to the concept of online portals but it is comparatively new to Indian sellers and buyers. Although the popularity of these portals in India is growing, it is expected to grow in the coming years. The number of residential and commercial property listings and conversions is multiplying every day. Furthermore, the response from both buyers and sellers of real estate in India has been favourable.

Online real estate portals are a platform for the exchange of property-relevant information. They display residential and commercial property listings; purchase, sale and rental options; other recommendations for property records, property loans, property laws, property news, etc. This new developing trend of portals has made the Internet an acceptable and efficient medium for real estate transactions. Both property sellers and buyers find this medium highly profitable, descriptive, and extremely useful.

For real estate sellers, that is, the supply-side internet is useful in more ways than one. It can be observed as follows;

o Internet advertising allows for more descriptive ads compared to space-restricted print ads.

o Allows for lower costs compared to other modes of advertising.

o Offers various add-on features such as virtual tour, video clip upload, online database, listings archive, etc.

o Internet is the most interactive form of advertising as it connects sellers with potential buyers through chat messengers etc.

o Extends more exposure to specific buyers and offers measurable returns.

Real estate buyers, that is, those who are on the demand side of properties, also find the Internet a feasible way to search for properties because:

o It is convenient and saves time to search for available properties online than to visit real estate agents and wait for their response.

o Portals reduce dependency on third parties as all information and listing is available online.

o There is no limitation on the number of properties available as real estate agents are generally popular within a particular area.

o The search and comparison between properties according to localities, etc. it has become simple since the portals are doing it too.

o Buyers will soon be able to transact online, view featured galleries and tour vacant properties.

Present times are witnessing tenants and landlords interacting in a high-tech way. The concepts of ‘automated transactions’ and ‘smart buildings’ are gaining popularity on this front. Apartment owners and commercial builders accept automated rent payments, online work order requests, facility management visualization, and more.

Creating a system that combines bricks and clicks is critical to changing the face of Indian real estate. Internet connectivity and the meeting of buyers and sellers online only make the real estate market even more excited.