E-Commerce and its Impact on the Real Estate Industry
India is considered to have one of the fastest-growing e-commerce industry. From fashion brands to technology and almost every business has its e-commerce presence. But with all this, you can also see that the real estate industry is not far behind.
Technology is changing the world and also changing the mindset of the people. Though you might go for site visits, first preference is checking the property, the builders, amenities, facilities online. A virtual visit is preferred before an actual site visit.
Reports say that India stands second when it comes to the online market. Sources further say that more than 20 million people in India look for properties and homes online. More than 50% of the real estate transaction happens through online portals.
There has been a huge growth in the e-commerce business in India. Homebuyers want homes that are modern looking, have all the amenities and are located conveniently. So, we see a lot of e-commerce companies that have worked strategically to give the customers the best of their services.
Real estate online portals are also making a mark for themselves when it comes to online business. All these portals reach out to the customers and help them get the best deals. These portals work mainly for clients who are looking for specifications like clubhouse, amenities, swimming pool as well as other things.
The real estate brokers/agents have also changed their way of working and come up with new strategies of work to stay in the game.
The e-commerce industry has not only impacted the metro cities but has worked wonders for the Tier II and Tier III cities as well. There is no boundary when it comes to e-commerce, so when it comes to online portals for real estate, they can cater to not only the metropolitan cities but also the smaller cities and towns.
Though e-commerce has brought a lot of changes to the real estate sector that is certainly not enough. Proper marketing is also an important aspect of selling homes and properties. Transparency in the real estate market is also a crucial aspect.
But we cannot deny how the e-commerce industry is influencing home buyers and their decision in buying their dream home.