Among successful e-businesses, real estate is one of the most promising and fast growing areas, empowered by the strong market demand. Particularly in Nepal, the perspective of online real estate business is most significant with the propensity coming from two sides of e-business, an increasing population of online customers with more e-business involvement and investment from real estate industry.
In case of real estate industry, the demand for more land and housing properties would be required in urban areas which will increase in years to come. The subsequent percent of urban families who are living in rented house today, either seeks for new flat for rent, buy land or build a house. Beside Kathmandu Valley, the real estate business is also growing in Pokhara, Hetauda, Bhartpur, Butwal, Nepaljung and other cities in the country.
The overwhelming public response to the first real estate expo recently held in Kathmandu with over 50,000 visitors is a good footstep to showcase builder’s projects, while visitors like me able to view several real estate properties under one roof.
I attended the expo as a buyer seeking for a new property; it took me awhile to figure out the details on cost and features of these products, in-fact it took me to second visit and yet again browsing independent builders’ websites and project sites visit is still far away.
Comparing the price against location, features and other criteria is a challenge. This time, I thought of traditional real estate agents that cater in this business process for a long time, participation by such companies was missing.
I also comprehend the fact that the real estate market is not well organized in terms of establish a healthy relation between buyers, agents and sellers communities. This is because, for buyers, property information is not easily available so that they could find information which would meet their requirements. Secondly, agent’s profile is unknown to buyers which dilute a trustworthy environment for business.
As for the agents, it is very difficult to figuring out potential buyers. Secondly, their client base is limited and finds it difficult to expand their business. Similarly, owners want to avoid non-potential buyers.
All these scenarios are due to lack of information availability at the first hand.
Information provided through newspaper classified ads, brochures or any other mass media are confined to limited space or time due to the cost factor. So, whatever information that goes out to public sphere are usually in condensed format thus adding to the ambiguity of the business.
With this and increasing number of new real estate building projects, infrastructure development companies, individual owners and investors - there is a competition to sell their products in the market.
The Internet, with convergence of technology is one such outreach media that effectively captures information and makes it possible to reach wider audiences and yet in more cost-efficiently.
However, the current state of e-commerce real estate business adopts a model where website owners act as intermediaries to the real estate agents and some deals under profit sharing basis while other hide property database to the public.
This time, I thought how interesting and useful it would be if there is an interactive online system whereby all the information and real estate property listings are housed in a single platform. The need of free and open access online platform is required to integrate property information such as by providing pictures, price, interactive maps, property features and other innovative tools, together with agent’s information through a single common platform.
Thereby, more and more people including agents and dealers will find more ways by utilizing such tools to compete and grow their business. Likewise, buyers and investors find it easy to search for the property that meets the criteria and find associated owner or agents for that property.
This direct connection is only possible if source and ownership to the information is been valued. In addition, horizontal collaboration of agents and builders working in the real estate market with online business experts congregate together.
Such real estate solution not only easy and cost effective means of advertisement and marketing strategies but also serves as a platform that provide all needy information innovatively to all actors in the business. Finally, it will attract and benefits to potential buyers like me or people across the country and beyond.
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