Online Property Portals: From discovery to Beyond
In the article we’ll be discussing a important topic that’s “Online Property Portals: From discovery to Beyond” let’s talk about it in detail:
All across internet categories, leading players are actually making impact which change the dynamics of the industry itself. Also the way e-commerce has changed the contours of retail, or the way cab aggregators are actually changing the car transport industry are evidences that point to this trend. The Online Property Portal business too has come a long way. There has been a chance to evolve from being a listings platform to a full stack service provider.
Real estate portals are aggregators of both supply and demand in the industry. Portals are also sitting on piles of data that may give them an insight into consumer minds. What is the Indian consumer looking for? What are the constraints he is facing? How is he searching? Addressing these questions with tech-driven solutions seems the way ahead in creating a strong business for the future. To start with, the following are actually the area of focus:
1. Cover market holistically: We are actually really far away from covering the whole market. If we look at the broker market there are 200,000 brokers across the country and similarly we have around 20,000 builders. And over 10Mn dwelling units within the top 6 metros itself. There is a big untapped market yet. We need to ensure that most of the buyers and sellers who are out there in the market are aggregated online.
2.Enriching information: Real estate portals must invest in a really high-quality data sciences team to work on curation as well as enriching information much further. While loads of progress has been achieved, there’s more to be done on weeding out fake listings, fake sellers and to also work on buyer and seller identity and buyer/seller preferences. This would go a long way in enhancing trust and credibility of Online platforms.
3. Create products that far go beyond the discovery stage: We actually need to create products that go far beyond the simple meeting of buyer and seller on the platform. Portals ought to invest in tools that enables people to research prices within the market and social media forums, where they can actually discuss their projects. Besides there is also opportunity in terms of creating a bunch of property services for help on legal, valuations, home décor, packers and movers, etc.
4. Innovations: Innovations can leap-frog the industry. And consumers in India are actually further responding positively to relevant innovations. We are seeing a lot of latent demand for visualisation technology. AR and VR hasn’t been applied at scale in real estate thus far and we hope that this may change with our Experience Centres. Another area of innovation is e-auctions. Banks are sitting on huge piles of NPAs and that they can only liquidate them through e-auctions. What portals such as us offer them is the access to retail customers, which was missing for long. Furthermore, this has even caught the eyes of the developers. Besides these, there are newer business models that will actually come up to address specific consumer segments within the real estate industry.
At the heart of the growth process remains the most fundamental question – how to actually make the home buying process convenient and faster for the consumer. For that, we need to create products that enable us get deeper into the market and serve different needs for the consumer.
Traditionally the house buying was a process that used to take place offline but thanks to technological disruption this process is gradually shifting on-line. Increasing mobile penetration in India has touched each and every business across the spectrum. This has also resulted in an explosive growth of owners and agents vying for the buyer’s attention. How best and how smartly we can address issues of each and every stakeholder will help us redraw the landscape and redefine our future.
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