Real Estate websites have been mushrooming with increasing frequency for the past couple of years. However, experts feel their prominence will only escalate over the coming years owing to their fair & transparent operating procedures.
Online real estate portals offer a very practical & immensely user-friendly atmosphere to take one of the biggest financial decisions. To enable the potential customer with high quality, reliable & update information is the secret of the appeal shared Sudhir Pai, Business head MagicBricks, “By increasing the quality and quantity of information available to end-users, we attempt to bring in greater transparency to the entire gamut of buying/selling properties. It is our constant endeavor to increase the amount of information listed about a particular property and to avoid spam or incorrect listings,”
Perhaps the single most important factor that has worked for these virtual real estate agents is the wide-spread appeal & usefulness at both the ends of the realty market. On one hand property developers & builders can showcase their creations & upcoming projects in full multimedia glory, while at the other hand potential buyers have all the relevant information like location, amenities, approachability about their places of interest.
Additionally, these portals are linked well with financial product & legal advice providers who can be approached easily. In the past we have seen some real estate websites even coming up with mobile apps that enabled buyers to locate property deals within their vicinity thereby greatly enhancing the exposure a real estate property can receive.
Online property portal segment is currently estimated at about Rs. 250 Crores (US$ 41 Million) only. This is greatly diminished from the relatively higher appeal these sites enjoy. The reason for such a low realization figure could be the fact that most customers use these sites to merely scout for information & complete their deals offline.
Realty websites are expected to grow at a CAGR of 50-100% in the coming years, primarily due to the increased focus on this medium of communication by buyers as well as developers. Will buyers be confident enough to hit the buy button though?
Image Courtesy | scpropertypros