Internet usage in India has grown exponentially, driven by technology and infrastructure enablers like broadband, 3G networks and increasingly affordable smartphones. It is now a part of our lifestyle rather than just a trend.
Today the whole world is packed into a single screen. The traditional ways are dying out and technological up-gradation is the need of the hour. One such front is buying a home.
Over the past decade, the world of house hunters has become increasingly digitalised where they do their homework ahead of time.
Even in this pandemic situation, the realisation of the need of one’s own home, Government Support, Low-interest rates on a home loan, Moratorium Period of loans for 6 months, lucrative schemes by developers are keeping the homebuyers’ interest intact.
Property search has revolutionised over the years from its traditional Construction site visits approach to web search, Virtual tour, knowledgeable webinars and online bookings. It has paved a way for cost-effective and less time-consuming alternatives as compared to physical presence. Virtual meetings and site tours are very much in trend for smart property buyers. A smart consumer always seeks as much information as possible before investing, also evaluates every deal and takes a well-computed decision. Thus, business corporations and firms shifted their base of working completely on the digital front.
Smart consumers are embracing smart approaches to perform their tasks by virtually visualizing their options rather than reading specifications and then deciding. During the lockdown, 90% of home buyers searched home online during their buying process to support their buying decisions as it’s a once-in-a-lifetime activity by an individual. 89% of new home buyers use their smartphones at the onset and throughout their research.
This is the digitalization Era where finding your dream property online has actually become easier, convenient and instantaneously establish contact between the purchaser and providers. By leveraging big data and Analytics, the quality & depth of experience provided by seller enhanced immensely.
According to a study, it is found out that the average time taken by a user to decide on a property is about 3-4 months. Typical Home Buyers take about 3 months to buy but show a lengthy research window yield.
While finding a dream home online, one should always look up for general home information, compare prices and features across multiple projects, customers reviews and testimonials, financing and mortgage details, project’s community and many more things.
Online property search gives an upper hand to the homebuyer, with different tools and options like filters and edits, by which the preferential property listing will simply pop up in their searches. Basic filters and tools to search property online are Location, Budget, BHKs, Amenities and always generate enquiries for notifications and updates.
Technology use in home search has evolved significantly giving listings that precisely match the user’s requirements. Buyers typically search for 10 weeks & look at a median of 10 properties before finding a home to buy. Real estate consumers who use the internet while researching a home are more likely to use multiple sources. Buyers use specific online tools during different phases of the home search process. 78% of new home shoppers visit 3+ sites and perform an average of 11 searches prior to taking action on a real estate site.
Modes of Online Property Search:
- Builder’s Website
Most developers show property details and layout of their units offered in a project on their websites, to get a fair idea of the space asking for virtual floor layouts. Making an enquiry helps to find the exact information which buyers mostly seek. Buyers find different projects of a single builder on their website and can choose from it according to preferable location.
9 out of 10 home buyers today rely on digital media as one of their primary research sources and 52% turn to the website as their 1st step. Smart Home Buyers using search engines are 9% more likely to take an action on a real estate brand website than those who do not search.
- Google Search
Search engines like Google search faster and help in serving more accurate results for the desired property. With the help of Google Maps API, seekers are able to find the geographical location of projects, with details of nearby amenities.
78% of real estate searches begin with Google where users are actively engaged, raising their upper hand asking for more information or assistance.
At least 6 out of every 10 prospects use Google for their real estate search. Property related searches have grown more than 250% over the past 4 years on Google and 52% of engagement of customer on property brand sites come directly from a local search on a search engine.
- Online Real Estate Portals
Consumers use online search primarily to shortlist properties. Real estate portals are classified sites, providing many options related to real estate search. 99acres.com, Magicbricks.com, Homeonline.com and many more real estate portals simplified the search and decision process giving the consumer the power of information to guide his search while reducing the opacity that involved in it.
These sites allow real estate buyers to filter properties as per their requirements like Budget, Type of units, Location, 3D walkthroughs, Pros and Cons of localities, trends of the market, compare different properties, locality videos, property reviews by customers, financing options and assistance, legal assistance, interior design options and many more.
- Social Media Applications like Facebook, Instagram, Twitter etc
Billions of users are present on social media like Facebook where users share 1 million links in every 20 mins. It witnesses 1.15 billion daily active mobile users. While social sharing app- Instagram has approx. 700 million active users.
Sellers uses this rush to share their property details, thus it enhances the property search experience and provides an easy way to generate enquiries for your desired property.
- Search on RERA :
The RERA (Real Estate Regulation and Development) Act was established in 2016 to safeguard the interest of the home buyers. Selecting a RERA registered project helps an individual to make a safe investment and eliminate any possible losses.
During this lockdown, we all understood the meaning of a safe and secure home. Thus, social distancing cannot hamper the spirits of homebuyers who aspire to own a modern and safer home for their families. Digital friendly buyers can avail a home loan online using Adhaar-based eKYC, credit score and financial verification process. So, choose a credible portal that provides both a wide choice of properties and depth of information for each property in the market.
Written By – Darshana Rathore
About Agrawal Builders: It is a premium real estate developing firm in Bhopal with a wide range of residential properties and beautiful amenities like modern clubhouse, gymnasium, swimming pools, parks, and garden, etc.