In the decade of digitization how real estate has transformed into a sector of possibilities
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” -Bill Gates
It’s hard to believe that 2007 was 12 years ago — Facebook was still competing with MySpace, Amazon was presumed to be an online bookseller, and iPhone had just released. Then, we used to trust bricked stores, had no price comparison services and eventually relied on large corporate’s mercy for considerable discounts. How did we evolve from that “primitive” world of shopping to a consumer experience we have today in this digital age? The emergence of digital technologies has accelerated the consumer’s decision journey i.e. we went from a linear retail-centric model to today’s iterative digital-focussed model of consumer behavior.
The Seismic Shift in Real Estate
Talking specifically Real Estate; Digital age has created a seismic shift, indicating that at least 44% of buyers today start their home search online. With a continued influx of Millennial buyers (expected to multiply by 2x till 2021), tech-enabled real-estate platforms have become a focal point of search, comparison, inquiry, and initial level discussions. Consumers are now more in control of the process, as the elimination of traditional gatekeepers of information (agents/brokers) has given rise to Millennial or young/Gen Y (born in the 1990s to 2000s) buyers. The largest group of home buyers now are Millennials, accounting for 35% of sales as compared to 16% of Gen X buyers.
Restoration of Real Estate into the second-largest industry in India
Since relevance is the key principle of digital advertising, the real estate industry has drawn significant benefits from this. The base objective of digitization i.e. refined targeting has led to a more informed and a typical consumer. Now, classification of an appropriate property is easy, budgets are more managed (several EMI schemes or discounts), property features are more coherent to buyer’s needs, agents have matured into trusted advisors, home buying process have become comprehensive and diversity in schemes has magnified consumer-friendly options.
The transition of traditional selling into digital selling has overwhelmed buyers with more contrasting options. 52% Millennials, and 48% of Generation X have zeroed on their desirable properties through tech-enabled platforms, according to the report created by PropertyPistol.
Stable Schemes and diverse options in properties
1 BHK, 2 BHK, 3 BHK, and RK are now preferred over big houses and villas. Easy approachability and affordability of this property standard, cumulative surrounding options–like schools, parks, clubs, workplaces, and markets are few dominant determinants that influence purchasing power. Along with increased visibility of smart property options, the agent’s ability to become more informed, and a trusted advisor has also supported the surge of real estate industry in India. Every bank’s response rate to home loans, easy accessibility to home schemes, and flexible payment options have also promoted the advancement of real estate.
In short, youth has created solutions that are biased by technology which has commanded innovative resolutions further contributing to the increase in the economic value of India.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Propertypistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
