Global economic upheaval has made real estate industry one of the most happening sectors of late. This segment of global economy has always been the one of the major contributor to the global mainstream economy. Selling, buying or renting property has been the most popular activities that have been conducted for years. Over the years this industry has witnessed several changes that have actually transformed the way of functioning by people involved in this sector. Technology has been the major factor impacting the overall functioning!
Internet has influenced the buying approach of the customers over years and helped them have access to all types of properties online without actually visiting the site. This has apparently, changed the behavior of buyers and helped property firms reach out wider range of customers through real estate portal.
Before online availability of property portals, buyers mostly depend on property brokers and other sources of information. But in the current scenario the tendencies have taken a somersault and the property market has reached wider spectrum of customers whereas earlier it was limited to local realtors.
With the whopping 50 million plus user base, online property portals are out to revolutionize the realty sector.
Insights into Real Estate Portal
Online real estate portals are a platform for sharing information pertaining to property. Such portals have a broad listing of residential and commercial property; renting, buying, and selling options; other suggested options for property registrations, property laws, property loans, including property news. This trend has introduced portals – widely acceptable medium for real estate transactions.
Seller Side Story
The property seller, i.e. the supply side segment has more than one reason to follow this trend of relying on online property terminals, which includes:
It offers a better platform for description advertisement vis-a-vis space restricted print ads.
Online portal is much cost-effective compared to other modes of advertisements.
It is coupled with many added features i.e. online database, virtual walk through, uploading video clips, archives of listings, and many more.
Internet is the most interactive medium of advertising as it works as a bridge between the sellers and the potential buyers via chat messengers, etc.
It offers better and wide exposure to targeted buyers and offers quantifiable returns.
Buyer Side Story
The property buyers, standing on the demand side of segment also find internet the most affordable and a feasible way of finding property as:
Online portals are convenient and time saving to look for available property than actually visiting real estate brokers.
It cuts down on the dependability on third parties as all the critical information is now available online.
There is huge chunk of property listing that are usually greater than what you can expect with property agents as they are limited to regional or particular area.
The portal also offers relevant search and analytical comparison between properties based on localities.
Buyers can make online transactions, after viewing featured galleries and walking through vacant properties.
Now tenants and landlords interact online for best mutual deals. This has promoted the concepts of ‘automated transactions’ and ‘smart buildings’. It includes automated rent payment by tenants to the apartment owners and commercial builders, placing online the work order requests, listing facilities management, etc.
The surge to creating a system that brings the buyer and the seller on the same platform is the trendy concept that has already started to mobilize. It is going to add more connectivity, convenience and high-tech approach in the property market in the days to come. Having online real estate portal is the ideal property marketplace for buyers and sellers of next generation.