Is Digital The Future of Real Estate in India? Real estate portals are classified sites, which give you an option of selling, buying and renting properties
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Property search has revolutionised over the years from its traditional broker-based approach to web search and knowledgeable property managers. Real estate portals are classified sites, which give you an option of selling, buying and renting properties, but they do a lot more.
With just few clicks, these sites allow buyers to filter properties as per their preferred budget, unit type, locality etc., see 3D walkthroughs, read about pros and cons of localities, market trends, compare properties, show locality videos, property reviews, financing options, legal assistance, interior décor options and many more.
All these additional features have enhanced the property search experience and transformed online websites from being a mere classified site to the most popular online destinations for property needs.
2) In the past three years, we have witnessed a major shift towards property search via mobile. Today mobile and desktop usage for property search are at par with mobile growing rapidly. Property search on Mobile would become the primary mode of access and open up new opportunities for engagement.
3) Personalisation of property search – property portals have moved way beyond being simple classified sites. Today they are trying to give personalized property search experience to buyers by reading and analysing early signals of search behaviour and making relevant answers come to him. By leveraging Big data and Analytics, the quality & depth of experience provided can be enhanced manifold
4) Richer Visualization – Today property portals are trying to provide buyers with a richer and immersive property search experience where they can explore homes by virtually visualizing them rather than reading specifications and then deciding
5) Because of digital media buyers can now avail home loan online using Adhaar-based eKYC, credit score and financial verification process. This, fully online service by IndiaProperty.com is integrated with Banks' lending platforms, so as to get an online home loan sanction quickly. The platform matches the buyer based on his loan profile with the right lender so as to maximise the chance of loan approval.
The buyer can choose from multiple Banks/NBFCs that lend to his profile and seamlessly move forward to property discovery armed with a loan sanction. The platform's recommendation engine then showcases properties which match the borrower's loan eligibility, reducing the time taken to fund the property purchase.