Home buying has undergone a sea-change as it has become more organised and transparent. One of the chief reasons for this change is the heavy leverage of digital media. Home buyers today use the online space to find preliminary information about properties and shortlist the ones that fit the bill. This process seamlessly moves offline, including checking the property and due diligence, which culminates in a purchase.
What are the offline steps in a home-buying activity?
While online portals are sought after, the traditional way of marketing real estate is here to stay as a large section of people remain conservative about real estate purchases.
Print advertisements
Advertisements in newspapers, brochures or pamphlets, are an important way for developers, real estate agents and brokerage firms to advertise property. While these give complete property information, there may be instances when these may misguide homebuyers by mentioning facilities and amenities that may never be developed. Unfortunately, a lack of awareness makes people the victims of such fraud. However, the Real Estate Regulatory Body in each state under the RERA Act, 2016, took cognisance of this problem and has issued a QR code implementation mandate. Under this mandate, all RERA registered projects have to include the QR code and RERA registration number in a prominent place in big fonts on:
- Advertisements in newspapers, magazines and journals
- Printed flyers, brochures, catalogues and leaflets
- Prospectus or standees on project sites and sales office
- Websites/web pages of projects
- Social media advertisements
- Any other advertisements where QR codes can be published
The QR code mandate has been implemented in Maharashtra, Rajasthan, Kerala and Uttar Pradesh. Failure to adhere to this will result in projects being revoked of their RERA registration, which will, in turn, result in the freezing of bank accounts and halting the construction process. Other states are following suit to provide home buyers with utmost safety.
Advice from current and previous investors
Balgopal Mishra was looking for a property for investment and saw the advertisement of a branded developer starting a project in his vicinity. ‘While the developer was a big brand with a national presence, I had my concerns as it was an under-construction property. I asked around in my current building if anyone had invested in this project. I got in touch with homebuyers who had invested previously with this developer. Only after receiving positive updates, I moved to the next step’.
Hence, it is always advisable to do a background check before big-ticket investments.
Word-of-mouth publicity
Word-of-mouth has always worked strongly in real estate transactions. Since Jaya Hari moved to Mumbai from Bhopal, she wanted to sell her Bhopal apartment. A simple message in her building WhatsApp group saw three interested parties approach her. While people may be shy about word-of-mouth publicity, this has proven to be one of the biggest marketing tools across segments, agree industry experts.
What are the online ways used in a home buying activity?
Catching up with the millennials and GenZ, home buying through online channels has become popular, easy to access and in demand.
Online property portals
Real estate portals, such as Housing.com, are the new way of home buying. These portals offer convenience of usage and one can check out properties in any city without the need to visit. While previously, site visits were the second step, in the online era, one can do a virtual tour of all shortlisted properties and can engage in site visits only to the shortlisted properties.
Developer portals
If you like a project, the easiest way to get more information about it is to log on to the developer’s website. You can get complete information about the project, including the amenities and the location. For under-construction projects, you will get to know details, such as the expected time of completion. The projects will show the RERA registration number, which can be entered into the RERA portal to check the developer’s Quarterly Progress Report (QPR).
Vlogs and forums
Vlogs are an important source of information. Some independent vloggers review projects and list their pros and cons. This gives an overview of the projects before site visits.
Housing.com POV
The real estate sector has a long way to go before a deal can be closed online, however, advancements in the home-buying digital space have made the process easier and faster. This was evident during the pandemic when homebuyers adapted to virtual home buying and renting processes. Nevertheless, maintaining a balance and using both online and offline ways can help close a successful real estate investment deal.
FAQs
Are virtual tours reliable while buying a property?
Although virtual tours present a 360-degree photo and video tour, they may not capture all the details. While this can be used to make the preliminary decision, it cannot be entirely depended upon for closing a deal.
What are the things that a homebuyer should look for in an online property platform?
Check for property details, location details, user reviews and whether proper customer care support is available.
Can a real estate deal be entirely closed online?
As of now, while offers can be made online, it is recommended to follow the offline process to meet the seller, sign the documents and close the deal in person.
What are the advantages of using the offline method once you have done online research?
Personal interaction with the seller gives more clarity about the sale. You can inspect the project first-hand and make an informed decision.
How can I negotiate a property purchase online?
Understand the market value of the properties in the area and make an offer based on your budget. You will have to be ready to adjust as there may be several rounds of negotiations in real estate deals.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
