India's Reality Milestone: Evolution in Real Estate over Time
There are various factors affecting the real estate and the have evolved with time and hence let's try to understand their workings
Every place has a story and that is what makes it special and a different experience while buying a house or office or any property. The topmost priority of Real Estate companies should be customer satisfaction and proper resolution of their concerns. The dilemma of this vast industry segment is that only a few companies give proper attention to their customers and work with a client-centric approach.
The complete process of property acquisition or purchase crosses different phases starting from booking before it reaches possession point. This journey of the buyer comes along with a number of ups and downs. The running staff and assisting agents have a crucial role in the journey of property buyers. Many a time, things or situations may go out of control, but the dedicated service and quality assurance from the developer/seller makes the journey easier.
Developers face a number of hurdles during the construction from the customers. Every day the dawn comes with a new set of concerns and an array of new problems adding to the existing ones from construction to amenities. These complex problems may come under the purview of local authorities or different government departments. The responsible development authorities should respond firmly, promptly and actively to such issues and address the customers’ complaints with patience. This is the only way to come out with flying colours.
Buying a good property is mostly a dream come true for people and that causes a maelstrom in a customer’s mind about different points related to the property. Buyers often get confused by the large amount of investment involved in the deals. Thus, this is the responsibility of industry players to ensure utmost customer satisfaction and help in proper organizing of the Real Estate segment.
On an individual level, how does a home buyer or seller decide?
Social Influence: One of the major driving factors for property sales is word-of-mouth. People have a tendency to seek advice from people with certain level of experience in Real Estate or their known ones and relatives. Once a deal is closed on a good note, the positive response about the seller/dealer spreads out from the buyer and further influences decisions for others.
Market Influence: Trends have the tendency of changing the markets. Be it a regional, national or global trend, the real estate market is greatly influenced by the mass message recurring amongst the focused groups and changes the complete scenario. The price and value of a property majorly depend on the changing trends that include multiple influencing factors.
Reputation: Reputation is a key factor in deciding the business growth and success of a builder, a developer or an agent. Real Estate companies should live up to their reputation as it plays a very important role in convincing the clients. Although it’s a long process of building a good reputation in the market, the builders and developers should focus on every step of their business activates to have a better reputation.
There are some important factors that impact consumers and these are the major part of reputation building:
Comfort: Comfort comes only with reliance that makes it crucial for real estate companies to make their customer comfortable during the tedious property hunt and buying process.
Honesty: As the wise have said, honesty is the best policy. The dealer, developer and agent should maintain transparency and honesty with the customers giving them a clear view of the deal. Putting forth every minute detail related to the property and addressing all queries of the customer is the duty of a good real estate company.
Experience: The agent should have details of the breadth and depth of the property they are dealing in. Quality experience is a must to understand the need of the buyer and provide an apt solution.
Establishment: Any buyer would prefer to find a property with an established real estate firm or agent only. Thus, the builders, developers and agents should build an image that the buyer/seller should trust them at the initial stage.
Knowledge: Facts and figures play an important role in the real estate market. Moreover, correct detailed information can help the customer decide the best property for him be it amenities, nearby places, schools, hospitals and facts on crime rates, taxes, economic value, development aspects and more. The Real Estate Company or agent should be adept at staging, presentation, and counseling and equipped with technology to effectively justify the commission or profit.