How Virtual Interaction is the New Normal in Property Transaction

Property transaction has changed for the better; that is what Rabi Dasgupta found out when he started the process of buying a flat in a gated community in Kolkata. A major part of the property transaction can be done digitally now, saving a humongous amount of time.

Ravi stays in Bangalore while his wife and their two children stay in Kolkata. His family cannot join him in Bangalore as his wife works as an officer with West Bengal government, posted at Kolkata.

Long lockdown and cyclone Amphan disrupted the apparent easy-going life they were having. Now, in the changed reality, a safe home became the prime consideration for them above everything else.

They decided to buy a flat in South Kolkata in a gated community so that Ravi’s wife and children can shift from the standalone building where they are currently staying.

Buying a Flat can be Done Remotely Now

There is very little need to visit the property site or the property developer’s office for a detailed inspection and discussion for a property transaction. Ravi just Googled for a flat in South Kolkata, and Google suggested a lot of options to choose from. He checked out on suitable projects and shortlisted a few after thorough research on the respective neighbourhoods online.

Ravi could easily visualize how the project would look like once it is finished, figure out the location and check the amenities, construction specifications, facilities, price, delivery date, and all relevant information.

In fact, it was quite easy for sharing all this information with his wife and they could jointly come to a decision on which flat to book. Even applying for the requisite home loan was a breeze.

Real Estate Industry is Gearing up to Serve Homebuyers Online

It is extremely commonplace to research on property projects now and the lockdown due to COVID-19 has further accentuated this behavioural shift. The real estate industry has fast geared up to the changed buyers’ behavior.

Real estate portals and websites are fast adding online virtual tours, walkthrough videos, and 3D models which are helping home-buyers to visualize the properties quite comfortably. Homebuyers can understand the project location from Google Maps and easily find out all necessary information from the websites. To top it all, detailed information is also available on WB HIRA website.

Property Demand is Robust, Virtual Property Transaction Speeds up Home-buying

After the economy came to a halt, the graded unlocking of the economy is bringing the pent up robust property demand to the fore. Underlying property demand is quite robust, and homebuyers are willing to take the buying decision now.

It is clear that now is the best time to buy property for a multitude of factors. Added to it is the lucrative offer from the property developers which is tilting the scale towards a fast decision to buy properties now.

Because of the changed situation, most people are spending a lot of time online. This includes additional time spent on search engines like Google and social media like Facebook and Instagram.  The real estate industry is doubling down on disseminating information, advertising, and brand building on these platforms. Homebuyers are finding it increasingly convenient to look up real estate projects from the comfort of their homes, and it is unlikely that they will forgo this convenience anytime soon.

Behavioural Change is Here to Stay

We have always seen that human buying behavior takes the path of the least effort. We have also experienced this phenomenon in various other industries. If the buyers can complete most of the process of home-buying by online information gathering and virtual interaction, the earlier way of property transaction is going to change forever.

Mandatory site visits, long meetings with developers, property agents, home loan providers are going to be minimized from now on. This will increase the efficiency of the industry and speed up the sales cycle quite appreciably.

It is important for the real estate industry to aggressively respond to change. By adopting digital aggressively, not only the sales cycle will get compressed, but sales and marketing cost will also be reduced.

An exciting future of property transactions is in front of us.

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