Real Estate Realities and Technology
Real Estate Realities. Whenever we say the word real estate the thing that pops into mind is flashing dollar signs. It is considered the shortcut to quick bucks. But ever wondered what really this industry is about and why it is the second largest employer after agriculture in India. It is the most coveted dream- to own their own house- most coveted investment-returns cannot be matched and it gives you steady income (read rent)- what fixed deposit, mutual fund, metal can hope to do this? Most importantly it is because on an average 60 % of a person’s income is locked in real estate. We also have the issue of our weaknesses also being our biggest strengths.
It is the only segment of an investor’s wealth which is yet unregulated and has no entry barrier unlike stock brokerage and insurance. Market penetration is as yet low on an organised level. Translated this means potential and first mover advantage. We see a host of international property consultants and corporate houses entering the market. Though it is attracting a lot of attention these very problems shatter the quick buck dream. No proper information, uneducated and uniformed brokers are the biggest problem. Add to your woes is a highly informed customer who is soon considering to become a DIY-(do it yourself) customer.
It is easy to have 200 leads but it is very difficult to match these leads, go through the documentation and close the sale. But it is even more difficult to collect your commission. Having put forth a general view I will still say it is the best time to be in real estate. You have virtually no competition if you decide to be professional, competent and “deliver”. Remax is the World’s largest brokerage network and doing this work in an organized manner. Visit Remax India website for details on how to join organized real Estate network in your city.
Real Estate: A Technology Trauma
Yes you read it right! Technology is the all-pervading presence in our lives including our very own real estate. The nearest our industry has come to technology is: flashing smart-phones and no it’s not because you use the smart-phone as a smart-phone. It is but a status symbol. I guess I am being too harsh. For the slightly more tech-savvy listing on a few “popular” portals and subscribing to a hundred different groups is what they do! Yes my friend you did use technology-EUREKA! The real question is what did you GAIN out of it? The answer probably left you with what I call “Technology Trauma.” It affects those who don’t understand this mammoth thus don’t use it or use it but don’t get the gains.
There is a lot to technology but here we will cover a few common ones. We shall have more posts taking in each aspect in detail. The problems:
• Property websites: Lack of MLS system makes it difficult to check if the property is genuine. Follows the MLS system which most of the other portals did not do.
• Google Broker Groups: Number of Broker Groups available without a proper filter system. At Remax India, there is a huge network of Brokers and that too in your city. It covers almost all of the major cities in India.
• Popularity on Search engines: Huge number of property websites with few genuine hits on each. Again you have an advantage with which could be easily searched through various search engines like Google and Bing.
