How Technology is Bringing Trust into Real Estate Space
Real estate markets all over the world are driven largely by consumer confidence and investor sentiment.
Photo Credit : padcomputer.org,
The online real estate ecosystem came as a boon to home buyers, who otherwise had to wade through an intricate web of offline dealers and developers peddling half-baked information.
Later, with the entire marketplace just a click away, buyers and sellers felt empowered like never before. Simple market information, such as locational factors, pricing, etc, which earlier seemed rather esoteric, now became easily accessible. However, gradually, information asymmetry has now led to another kind of trust deficit, with consumers feeling what they see isn’t always what they will get.
The best way to address this challenge lies not in limiting information, but in generating even more. Greater digitisation is bringing transparency and convenience to end-users. Two types of information, in my view, are adding value to customer experience and reducing the existing trust deficit.
First, the industry has now evolved beyond just digitising listings data. So, a lot of new layers are being added beyond that. We at PropTiger, for instance, have worked significantly in this regard. Our master plan layer on Google Maps and locality scan using the PropView feature are some interesting technological tools that are bringing about greater trust.
Second, platforms are now able to derive a lot of meaningful insight by way of pricing patterns, supply and demand trends, builders’ historical performance, inventory overhang, etc. This has helped inject more trust in online transactions.
With newer innovations in technology, richer ways of data delivery are now possible. For instance, a few companies in developed nations are providing real-time broadcasts of site visits, so that people can plan their site visits over a virtual medium very interactively. Innovation in the virtual and augmented reality space has now enabled users to have virtual tours of sites and projects without much of a hassle.
Technology has empowered people with similar interests to freely discuss their doubts online. Platforms such as the Indian Real Estate Forum (IREF) have received good traction in terms of providing consumers such discussion forums. Knowing others’ opinions on matters of common interest is always useful. Admittedly, there is a lot more that can be done here and we are constantly thinking of new ways to address this area.
When it comes to executing high-value transactions, any consumer would look forward to having more than one opinion to bank upon. Earlier, such opinions were limited to those available from friends and family. But now, with innovation in technology, people are seeking expert opinion online.
Certain end-users are not able to convey what they are looking for, but their behaviour exhibited on the platform still conveys a lot. Understanding user behaviour and customising the experience of property searches based on that behaviour, using intelligent analytics, is an area where technology can instill greater comfort and trust among consumers.
Real estate markets all over the world are driven largely by consumer confidence and investor sentiment. Mapping this confidence and sentiment effectively through analytics is poised to usher in a more exciting future, where the consumer can bet intelligently on which way the market will move and buy or sell like a pro.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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