Is real estate industry ready for change? Property sales via digital platforms

Is Real Estate Industry Ready For Change? Property Sales Via Digital Platforms

Although offering homes for sale via online platforms is not a novel concept, in this article we explore the benefits of online sales and why more developers are implementing them.

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The Indian real estate market has grown rapidly over the past 20 years as a result of developers' interest in implementing new techniques and technologies. Some of the top market participants have introduced internet platforms to sell homes to customers directly in the last few years, particularly during the Covid-19 pandemic. As many online real estate brokers have already been showing properties on these networks, selling properties on digital media is nothing new. So what makes the new trend special?

Home buyers now have the option of choosing properties via a variety of platforms, including developers, brokers, third-party mediators, etc., thanks to technological innovation and the introduction of various media. When you work directly with developers, the buying-selling arrangement is, nonetheless, the least cumbersome. The online selling platform has further reduced human interaction and offers complete transparency to house purchasers as a result of realtors using technology.

The transformation from physical to digital property sales by developers Experts note that metro and tier 1 cities are leading the way in embracing the trend of moving from physical to digital property transactions, which has already caught the attention of many. A further indication of the significance of digital channels for real estate marketing and sales is the fact that NRI home purchasers depended heavily on them even before the Covid-19 epidemic. This transition has been further fueled by the second and third waves.

We set up the online sales platform as an extension of our website & incorporated several stacks of technologies (such as the website, ERP, virtual reality, etc.), where we list the whole inventory online for clients to examine. Green highlights indicate units that are available. Customers can virtually experience the project and proceed with a click-through to purchase.

Advantages of digital platforms over traditional media Developers may provide buyer’s alternatives to select their dream homes, purchase them, and track the development of the project at any time, from any location in the world, thanks to digital technology. Home buyers may now choose and buy a home from their mobile devices with comfort and efficiency anywhere in the world. Customers can virtually tour properties from the comfort of their own home with their families. If they are purchasing homes for themselves or their families in India while they are outside of India, they can still experience and see a few specific properties.

Risks involved in online transactions "E-commerce is an 'advantage buyer,' but it's also subject to due diligence and upholding safety and security measures when conducting transactions. A buyer must exercise due care to prevent falling victim to frauds, even while using digital sites that provide real estate deals. The key phrase is "Buyer Beware.", "the best safety option is to ensure RERA Act registration of the project & visit the RERA website to cross-check details about the project as mentioned on digital marketing and sales platforms vis-à-vis what is mentioned on the RERA website.

Additionally, it's crucial that customers choose reputable developers whose track records may be checked out on online resources.

Keep the following in mind when purchasing a property through a developer's online platform:    

Verify the project's connections to banks and other financial institutions.

Choose developers who have a perfect track record.

Only after physically visiting the property or project location may the property is finalized.

Always have your attorney verify the property documentation.

Why aren't top real estate organisations and associations able to create such a platform for clients? "NAREDCO has already developed a digital platform that is functional; the portal "Housing for all" permits direct connection between buyers and builders and has the functionality to close sales transactions more quickly and at more reasonable costs. The dilemma that now arises is whether you should use an online broker or the developer's digital platform to acquire a property.

Online brokers versus a developer's digital platform A one-to-one transaction is involved when buying a property through the developer's digital platform. If something goes wrong or if inaccurate information (if any) is presented on their platform, the developer bears direct responsibility. On the other side, online real estate agents serve as a middleman and disseminate data obtained from developers. Due diligence is crucial in both situations, but it's especially crucial when dealing with online brokers. When purchasing through a developer's platform, your choices may be limited, whereas if you work with an internet broker, you have the opportunity to compare other homes and may be able to negotiate a lower price.

In conclusion, internet property sales in India are still in their infancy and it may take some time to gain traction. However, in addition to continuing to conduct important fact checks offline, such as due diligence and quality assurance, property buyers can use such platforms to save time.

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