There has been a world of change in the field of real estate. These are times of FSBO(For Sale By Owner). Owners can now become agents for their own properties and sell or rent them. This has become a possibility because of availability of a number of property listing websites globally. The owner now has the flexibility to list his property on one or more sites to get a greater exposure.
Let us see the basic stages involved in online real estate dealings.
Stage 1: The owner lists his property on the various property listing websites. He gives details of the property and uploads pictures on the site.
Stage 2: The prospective clients view listed properties and shortlist them according to their needs.
Stage 3: The clients contact property owners.
Stage 4: Clients visit the property site.
Stage 5: If the property is approved, then the two parties go ahead with the deal.
Stage 6: They directly negotiate the price and decide on the terms and conditions of the deal.
As we can see, every step in this process can be carried out without involving an agent.
Why are customers preferring online methods of dealing in property?
Let us see what the client looks for in the listed details about the property. The client basically wants to know the location of the property, the square foot area, the number of rooms in the house, schools, malls etc in the vicinity, any other facility like swimming pool, gym, etc. He can just type the kind of property he is looking for in google search. Then he can give his specific requirements in various search filters and then he is able to see properties of his interest. They like to view pictures of the property which gives them a clear idea about the property. The clients also prefer the personal touch by the owner rather than dealing through a middleman.
Why do owners prefer this method?
The reason why property owners prefer to sell directly is that they are more in control of the proceedings this way. The property owner is the best person to market his property. Online property dealings help in avoiding unnecessary delays. The owner is keen to sell his property so he will make the client his priority, unlike an agent who has a number of clients to deal with. It is easy to list property. The owners are regularly updated by the site about the enquiries received. The owner can directly deal with the client at every stage. The owner can gauge the price of the property on their own using the internet.
One of the most obvious reasons both buyers and sellers of property prefer to avoid the agent is that they can save heavy amounts that they would be spending on paying as commissions. With all these conveniences available, it is definitely a better option to eliminate the agent and develop a direct communication channel between the buyer and seller.