Buyers influenced by online advertising by various classified sites? How does this influence their buying decision? How are these sites informing the buyer about market trends?

Internet influencing real estate decisions worth $43billion in India: Google

NEW DELHI: As more Indians log online to seek information before entering into property deals, Internet today is estimated to be influencing decisions worth about USD 43 billion, search engine giant Google said.

According to a study commissioned by the US-based firm, over 50 per cent of real estate buyers' decisions are influenced by Internet research.

"This phenomenon of researching online for real estate information before making a decision is not limited to metros but also extended to buyers in tier II cities," Google India Industry Director Nitin Bawankule told reporters here.

The overall influence of Internet on real estate transaction value of both residential and commercial property including rentals amounts to USD 43 billion (USD 31 billion for residential and USD 12 billion for commercial), he added.

The primary reasons for researching online were easy access to in-depth property information and market trends (60 per cent), large comparison options (52 per cent), easy access to contact details of owners and developers (49 per cent) and financing and document processing information (43 per cent).

The survey, conducted by consultancy firm Zinnov across 15 cities in India included the metros, Pune, Lucknow and Ahmedabad with 6,196 respondents.

Talking about search trends on Google, Bawankule said the number had seen a 3x growth in the last three years.

"There is tremendous opportunity for both online real estate aggregators, brokers and developers to engage the buyers online by providing rich, meaningful and immersive experience to buyers on the Internet," he added.

Yes, there is tremendous opportunity for all to shell out on Adwords ;)

According to the study, 62 per cent respondents said aggregator sites (like and ) were top sources of information for them on the Internet, followed by websites of real estate companies (52 per cent).

About 45 per cent said they visited broker sites, blogs and forums to find information before making a decision.
How can visiting a broker website influence a buying decision? Other than IREF, what sort of forums are out there?

An increasing number of people are also using their mobile devices to search for properties online.
IREF needs to seriously think about having a robust mobile application for ease of access.

"Mobile queries (those originating from mobile phones) are doubling every year and about 40 per cent of total searches came through mobile phones," Bawankule said.

Also, the study found 73 per cent respondents saying they prefer using their mobile apps for researching for property.

However, a major concern for people researching online was the lack of accurate and updated information. Respondents said websites of developers and aggregators often lacked availability of in-depth information about property and features like easy price comparison.
Google Indian Real Estate Forum or IREF ;)
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  • Very interesting article. How do you think the rise of property real estate sites (e.g. makaan) is shaping the markets out there?
  • Originally Posted by Soni80
    Very interesting article. How do you think the rise of property real estate sites (e.g. makaan) is shaping the markets out there?

    Makaan seems no different than other classified sites. After all, they are just trying to grab a share of the pie. How do they influence buyer behavior? I don't know.

    Being exposed to various projects and builders is one thing (through websites, radio, tv and other mediums) but getting influenced by them in a buying decision does not really make any sense.

    People buy when they have done their homework i.e talking to other people, reading reviews online and through print media.

    Having said that, I don't think these property listing sites influence a buyer in the decision making process.
  • Internet influence on buying decisions is limited to providing quick information about projects,flats for sale/rent etc.
    Hardly anyone buys without seeing the physical asset by site visits.
  • That's true from a buyer's point of view. It would be foolish to make such a big investment without doing proper due diligence.

    From a sellers/broker's point of view, how effective do you think these real estate websites are to advertise their properties? Do you think it makes sense to advertise on multiple property websites?