Indian real estate evolution over time

By : 360 Realtors

02 November, 2018

In a developing country like India, where the dream of having an own house can be afforded by a few, investment in real estate in a lifetime decision. Investment in India is a full-fledged activity, which is fuelled by sentiments of the buyers too. Every property being acquired by anyone has a story attached to it in term of the place it is or the people that will be residing in. If said in a nutshell, property investment in India is a ‘family’ thing. Taking this cue, the real estate companies should focus the most on customer satisfaction and proper resolution of the customers, however, it is an irony that very few companies look into this aspect of the real estate arena.

The complete process of acquisition of a property is a journey full of ups and downs for the buyer, right from buying to possession point. A major responsibility lies with the assisting agents and the running staff who are expected to provide dedicated service and quality assurance from the developer and seller, which make things much easier.

Not only the customers but also the developers face a lot many challenges while the construction and selling phase of the property. With every new day, a new array of challenges dawn upon the concerned authorities, which include legal, ethical and monetary issues. Some complex problems need the intervention of the local authorities and government bodies for the resolution. And, it is expected from the concerned regulatory bodies to resolve the matters firmly, judiciously, promptly and in the most active manner possible, so that both developers and customers can be reassured in their working domains.

Buying a property, be it large or small, in a rural or urban area, it is ruled by different factors which strike the customer’s mind and need to be dealt with an open purview and most optimised manner to gain a trust level in the property being bought. This requires an exhaustive list of factors and the associated pros and cons of the decisions associated so that customer satisfaction is guaranteed and it aids the real estate market in proper organization and implementation.

Factors to be considered while buying/selling

1 - Social Influence:  Also called Word of mouth, this factor plays a major role in the decision taken by any customer, while selecting and buying a property. Everyone tries to seek the best advice from the peers and expert for choosing the best option among those available.

2 - Market Influence: Real estate is one of the areas which is highly influenced by the regional, national and global trends running, be it in financial sector or political arena. This in turn affects the overall perspective of the customers while buying or selling the property.

3 - Reputation: Business growth and success of any agent, builder or developer is decided by the reputation and impression it has got in the market. It is a major factor in convincing and attracting the customers at the same time. Perhaps it takes a long time to build a good reputation in the market, the sellers should work in the direction of strengthening the same in every way possible. To list a few, some major factors fuelling the reputation of the sellers in the customer community are:

A - Comfort: It is a synonym to the reliance the customer has on the developers and the promptness shown at their side for making the tedious process of acquisition of property easier for the client.

B - Honesty: It is expected that the agent or seller will maintain transparency and honesty with the clients understanding the fact that hard earned money is involved in the property being bought and it a lifetime dream of the families.

C - Experience: Agents and concerned developers should have a good amount of experience of the real estate market, so that they can control and monitor any ups and downs happening in the market and thus safeguard the clients from the same.

D - Establishment: Customers always approach those who have a well-established image in the market, thus real estate players should constantly work on building their images in a positive direction.

E - Knowledge: Agent should be well versed at staging, presentation, and counselling and equipped with technology to effectively justify the commission or profit. This is an important requirement as facts and figures play an important role in the real estate market. Apart from this, correct detailed information can help the customer decide the best property for him be it amenities, nearby places, schools, hospitals and facts on crime rates, taxes, economic value, development aspects and more.