Searching for a property has become relatively easy, nowadays. The internet has made it possible for prospective buyers to get all kinds of information within seconds, on real estate websites. Moreover, analytical tools, such as property price comparison, location report, etc., have drawn the interest of property buyers.
Advantages of realty portals
The Internet is a boon for consumers of real estate, as buyers can inform themselves about a project from the developers’ websites, before actually making site visits, concurs Kishor Pate, CMD of Amit Enterprises Housing Ltd. They can also compare the available options and eliminate those that do not meet their requirements, to arrive at a final list, he explains. “Online forums allow buyers to ascertain others’ opinions and experiences, with respect to developers and their projects. Property marketing on the internet has also become highly competitive. Today, developers are vying for online space and buyers’ attention, in every possible way. In fact, a significant chunk of real estate marketing has now gone online, and is reaping very satisfactory results,” adds Pate.
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Experts, point out that online property portals have made it easy for NRIs to look into properties which interest them, without having to visit the country. The simplification of the process of searching for properties, is bound to increase the number of realty-related transactions.
The online medium offers several advantages in the process of buying properties.
- Buyers do not have to deal with multiple brokers, to get the relevant information about a property. They can obtain the particulars of a property online, which saves them time and energy.
- Property seekers can find out the correct property rates, with the help of tools available on portals. This helps them in their negotiations with the seller.
- Buyers can now, even search for properties through their mobiles phones. They can take virtual tours of the house and visit only the ones that they like.
- Buyers can read project and locality reviews, which will help in making their final choice.
Risks associated with buying a property online
Experts caution that false information is the biggest risk that buyers face, when looking for properties online. Sellers may paint a very different picture about their property. This is where verified properties come into play. Several online property portals vouch for the authenticity of the property listed with them and verify it. It is better for buyers to opt for such verified properties, when trying to purchase a property.
“There are people, whose sole objective and business is to draw internet traffic, by fair or foul means. As of now, nobody regulates the dissemination of such false information, which can be harmful to both, customers and developers,” Pate warns. Consequently, real estate buyers must use the online property tools tactfully and by no means, ignore the ground-level information available in the domain and the conventional steps for buying a property.
Amit Sethi is an accomplished professional with a distinguished background, holding an MBA in Finance. As an Independent Journalist and Data Provider with 20 years of invaluable experience, his expertise lies in meticulously covering stories on Real Estate, Personal Finance, Business and Banking. He writes journalistic content for leading media publications in India and also provides analytical data to real estate and fintech companies. Amit is driven by a purpose to disseminate insightful narratives, using verified information to empower individuals with financial literacy. Through his work, he aims to assist people in staying aware and making informed decisions that positively impact their financial well-being. Amit is a fitness freak, a marathoner and likes trekking.
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