Who doesn’t want things to be faster, easier and sans travel? The past decade has seen a phenomenal growth in the number of mobile phone users. The number of mobile internet users in India last year has already crossed the 20 crore mark and is on a constant rise. The mobile space is proving to be a catalyst in many sectors. Thus, the use of mobile applications has increased which are as we know, a result of increasing penetration of smartphones. Mobile applications, thereby are a boon for the consumer who are looking for convenience and ease in various transactions that they want to carry out. The realty sector was not far behind in experiencing the benefits that mobile space aided.
The real estate sector has experienced a major change in the conventional way of property related transactions since the time it has ventured into the mobile space. Venturing in to the mobile space has thus helped to overcome the limitations of traditional methods namely inability of the broker to provide complete information to the prospective buyer or the difficulty that the customer faces to get in touch with the right broker to help them in their search for the desired property. Therefore, mobile spaces act as a perfect mediator in bridging the gap between prices offered to the customer and the participating developer. Coupled with the ease with which a consumer can find their desired property and various lucrative discounts or concessions provided in the transactions, the customer easily stands to save at least 5% of the expenditure. Hence, mobile applications have become very desirable. It is not only proving to be a blessing for the customer but also for the developer or the participating channel .i.e., broker.
Snapdeal, an online marketplace recently introduced a real estate shopping carnival which featured various project launches and exclusive as well as lucrative offers from prominent developers such as TVS, Runwal Group, Lavasa and Central park. In lieu of the considerable decrease in demand over the recent past, partnering with an online marketplace is facilitating these developers to increase sales. A long list of options was available which included customization on the type of property as well as a wide price range which started from as low as Rupees 20 lakhs all the way upto Rupees 5 crores. Special attention was given to the specifications of the customer’s wants and developers would then initiate their special offers according to the budget of the buyer. A vast array of choices of real estate in terms of location spread over prime locations in Delhi-NCR, Bengaluru, Chennai, Mumbai, Kolkata and Pune were available to choose from. The astounding response to the real estate category of this online marketplace was attributed to their association with trustworthy developers, technological advancements that make online and offline transactions easy and last but not the least exclusive customized offers provided to the buyer.
Mobile space has also facilitated the operations of the brokers who can now interact with other brokers across the nation as a result of customized mobile applications which speeds up the process of buying and selling of properties, thereby making life a lot easier for them. The brokerage market in India is estimated to be a Rupees 25,000 crore industry and such mobile spaces are tapping into a relatively untapped online market in the real estate sector. Companies such as BroEX, Sunday Mobility, REXPROP, Regrob and Zillion dreams have also ventured into this mobile space which is based on the real estate sector. BroEx (Broker Exchange) launched its specialized mobile application to enhance communication between brokers thereby empowering them to close deals better in contrast to the traditional means. This Gurgaon based company has already scored more than 12 thousand downloads on iOS and Android platforms. REXPROP which is another broker oriented mobile application which is available only for Android users, aspires to serve as the backbone of the broker fraternity in order to enhance their functioning. Brokers are now understanding the importance of mobile space which acts as a catalyst in their business facilitating property transactions for them rather than being skeptic about this technological innovation which does not follow the conventional norms of real estate transactions. Likes of PropertyBazaar.com, Commonfloor.com, Nobroker.com and many such online real estate marketplace are reinventing the way real estate is bought and sold with many providing guidance for buyers to get value for their money or to sellers to get their properties sold quickly.
Just the way technological advancements have contributed to the betterment of various sectors, the real estate sector too is experiencing its benefits. The various categories of audience that a mobile space serves such as consumers, developers and broker (agent) is one of the most instrumental reasons for the real estate sector to develop manifold. The relative ease with which one can operate these mobile spaces has been the driving force for their success. Even though both positive and negative aspects are attributed with the use of technology, the realty sector has only experienced the positive influence and therefore, it seems that this trend is here to stay, sustain and flourish.