SMART SOCHO: Why buying property online makes perfect sense in a wired world

With the coming of the technology age and growing popularity of social media platforms like Facebook, Twitter, Instagram and so on, business verticals have been forced to rethink their traditional business and revenue models and adapt to the changing times. The real estate industry also has not been immune to this change.

Gone are the days when property buyers and investors would take months checking out different properties, talking to a dozen brokers, haggle over the price before signing on the sale agreement.

These days with the advent of mobile telephony, proliferation of online property buying portals and several leading developers launching dedicated realty buying websites and Apps, purchasing property is now possible at the click of a button.

These new emerging trends have changed the traditional dynamics of the real estate industry as buyers can scan customised property options as per their budgets and preferences, engage in a detailed virtual view of the selected property, get specialized advice on the buying process and close the deal with the minimum hassles from within the comforts of their homes in India or abroad.
 
More recently the growing popularity of dedicated mobile apps designed to assist buyers in the buying process from search to finalization, has played a vital role in ensuring a rapid growth in property search via mobile devices, leading to a significant increase in the last six quarters both in terms of traffic and leads generated.

Endorsing this trend, a recent survey by an online realty portal has revealed that while in January 2014, buyers searching for properties via their mobile devices stood at just 10 percent, this figure has now jumped to an impressive 40 percent as of May this year.

According to industry watcher this comes as no surprise given the growing convenience associated with the use of customized, user-friendly property search Apps, which have made property searches via mobile devices grow three times faster than the conventional method of using a cumbersome desktop.

The survey further reveals that while approx 60 percent of property searches are discreetly conducted on desktops during office hours, the use of mobile phones for the same purpose is consistent throughout the day.

And it’s the younger buyers aged between 18-34 years who have taken the lead in whipping out their mobiles to conduct a property search, with approx 69 percent showing a preference for this method, while a majority of desktop users belong to a older profile and tend to fall in 25-52 age bracket.

However, home seekers in the age group of 35-44 and 45-54 are more at 12 per cent and 7 per cent, respectively. Nearly 5 per cent of the home seekers through desktop are above the age of 65 years.

Interestingly enough, the survey also noted a higher engagement by woman buyers, with about 54 percent of women buyers opting for a property search via their mobile phones as compared to 46 percent of their male counterparts.

The survey found that property search in Tier II cities, which has also witnessed a significant penetration of smart phones over the last few years, has grown 1.3 times compared to the national average.

Clearly times have changed and so have the buying methods from the multiple visits to the friendly neighborhood real estate broker to a quick browse on a dedicated website or App.

As a leading developer puts it succinctly, “The rapid advancements in technology have ensured a sea change in traditional property buying patterns and it’s important for all of us to keep pace with the changing scenario. The growing popularity of online real estate and mobile applications are good for the real estate industry and must be encouraged as much as possible.”