$43 billion of real estate transactions are based on internet analysis by the buyers
The IT savvy generation is extremely dependent on the World Wide Web and depends heavily on it for any decision making process. Especially if it is a high involvement product like real estate, then the experience of the previous buyers expressed in the commodity survey sites play a major role in the decision making process.
A Google India study shows how strong net presence has grown in the real estate sector. This google India study was done on a PAN India basis and the real estate related search query trends on Google were studied by Zinnov, a leading management consulting company.
Over 50 % of real estate buyers’ decisions are influenced by Internet research and with the advent of technology now since internet has reached tier 2 and tier 3 cities, the buyers in these cities too are heavily depending on internet researches before investing in a property.
It is estimated that real estate transaction value of both residential and commercial property including rentals amounted to $43 billion, which is dependent on internet researches by the buyers. Out of this $43 billion, $31 billion is used for residential and $12 billion for commercial properties.
The offline survey conducted across 15 cities in India with over 6,000 respondents revealed that 74% of real estate research online was focused on residential buying and 26% focused on residential renting. Hence the time has come for the developers to increase their online presence and provide good customer service to the buyers so that the negative word of mouth does not catch a fire on the internet sites and dampen the sales.
Source- The Financial Express
$12 billion for commercial properties, $43 billion of real estate transactions, 26% focused on residential renting, 6000 respondents revealed, 74% of real estate research online, IT savvy generation, offline survey conducted across 15 cities in India
