Here it is found that most of the real estate agents, builders and developers, do advertise to sell their property.
Online real estate portal is the tool by which real estate agents, developers and builders can reach to more and more customers, rather than other media. Here it is found that, most of the customers are preferring apartments and the
percentage is more than 70%.
As per the study 80% of agents and builders are not associated with any online real estate portals. so there is a market opportunity for online real estate market.
As per the study online real estate portals is growing rapidly, but still most of the builders and developers are advertising through real estate agents and media.
One of the important factor, which real estate agents end builders consider while selecting an online real estate service is price benefits.
More than 70% of agents and builders are not having their own website. Most of the agents and builders are advertising through hoardings and news
paper and the ratio among hoardings, news paper and online portal is 50:10:20.
If we see the influence factor, that makaan.com is being popular among the people, due to its name makaan.com which means the dream house.
Advertising is the most important tool by which any business can reach to more customers.
As Hyderabad is concerned magic bricks.com is the top most competitors of makaan.com, followed by 99 acres.com and India property.com.
Makaan.com is proved as the most innovative company among all the real estate portals, by launching click pay banner, makaan iQ, MBRI (Makaan Buying VS Renting Index), MPI(Makaan Price Index), makaan mobile etc. Customers are considered as the blood life of any business in today’s
scenario. Making one customer delight will give you another new customers Online real estate portals are taking over real estate agents
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It is clear that a strategic promotion is the tool by which an online real estate portal will be able to reach more and more customers.
As per my finding 99acres.com is promoting more of its services through various media like hoardings, print media and digital media (on YouTube). Online advertising is the fastest growing media, predicted to be best within
few years.
Most of the people are using online portals due to ease of use and also they can get information regarding price, location and can compare with others properties.
It is the online real estate marketing which change the face of real estate market.
Recommendations:
Makaan.com should promote its services in various media like hoardings, print and digital media and on YouTube.
More executives should be appointed and trained accordingly to maintain the customer’s relationship with existing customers as well as creating new customers.
Makaan.com should open its branches in most of the big cities in India.
Makaan.com should focus on the commercial buildings, because there may be more demand in future as retail, hospitality and industrial are growing rapidly.
The executives of makaan.com should reach more and more real estate agents, developers and builders.
It should provide some free listing offers for some limited days to new customers to attract more and more numbers of customers.
It should target the real estate agents and builders, who are advertising in hoardings, print media but not in online portals.
It should be tie-up with some organization like banks, retail, automotive and others so that it can easily provide lead to its associate agents and builders. It should tie-up with a daily news paper to promote its service.
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Makaan.com is focusing on the builder’s, agents and developers, who are advertising through makaan.com, not on the buyers. So it should focus that how these properties will be sold-out.
It should tie-up which some financial institutes, so that buyers can easily get the loan.
Conclusion:
The online real estate space will continue to grow as more consumers go online for searching real estate property and its relevant information. Most real estate professionals have recognized this and are active online in order to reach buyers, sellers and their future clients. For the online real estate companies the next step is to expand your online marketing strategy with the various consumer segments in mind. Real estate agents and developers should maintain your website and continue to syndicate listings. In order to advance online, real estate companies need to develop targeted marketing strategies to attract and retain each of the segments that they determine are important to their business.
After all the analysis, I conclude that online real estate portals are very much effective and having a great market opportunity, but the real estate professionals (agents, builders and developers) are not aware about online real estate portals. As Hyderabad is concerned more number of the agents and construction companies are using makaan.com for listing their property but still Makaan.com is lacking in connectivity with customers to be the market leader.
As the population and economy is growing in India, there is an opportunity for residential buildings. Similarly rapid growth in retail, hospitality and various industrials may create huge demand for commercial buildings. Also the online advertising media is the fastest growing media in India, so there is a huge opportunities for online real estate portals and Makaan.com in the upcoming years.
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