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Real Estate >> News
Social Media and Group Bookings ; Contemporary Real Estate of India
By
siliconindia
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Thursday, September 19, 2013
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The Indian real estate sector has absorbed a substantial transformation in all its operational wings over the recent past. The mix of developers, sources of investment and the preferential trends have undergone a major diversification during this period. Along with the changing trends of demands in the realty market, the buying procedures have also witnessed a subsequent transformation.
An introduction to social media and its active role in user engagement for real estate shall reflect the contemporary practices of trade in this domain. Web 2.0 in the present day has enabled the online virtual communities to collaborate and engage with the online content in a more collaborative manner. These user communities (emerged from the professional and personal networks) have enabled the association of likeminded people to get together and endeavor for common interests. Owing to its convenience and cost-effectiveness, the online platforms have proven to be the most successful platform for user networks.
Moving forward is the latest user/buyer behavior and the role of social media that has complimented all the stakeholders in real estate sector. In tandem to the increased cost of construction and manpower, the rates of properties have gradually risen in various subsectors of the realty sector. Parallel to the cost of properties, disposable incomes with home aspirers have also increased significantly. However, the worth of a property transaction and its cost-benefit analysis still remains to be abstract for a new buyer in the realty market. In order to facilitate the buyers with better prospects of profitability, Group Bookings of assets has emerged to be the latest mantra.
Home buyers with similar preferences of location, specifications and affordability are collaborating on the broker websites and social-media platforms to strike a profitable deal. Due to the dispersed mix of buyers, collaborative negotiation with the developers had not been a possibility so far. However, in the present day, online portals have facilitated the buyers with the power of bargaining and simultaneously enabled the developers to target a mass of home aspirers without spending much on their outreach activities. The electronic portals have also empowered the developers to track the user demands and enabled the buyers with regular updates for the available properties in specific locations with particular specifications. The mere creation of a link or a webpage has commendably brought together the realtors and home aspirers on a common platform and facilitated a profitable transaction of realty assets.
The latest entrants in realty sector like the use of social media and group bookings have considerably changed the operational practices in this sector. If methodically incorporated, the group bookings (online or offline) can be instrumental in simplifying the property purchasing procedure in real estate sector. Simultaneously, the developers can successfully target a much larger customer base in an easier and a much more productive manner.
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