How Real Estate Marketplaces Bring Buyers, Sellers and Agents Together
Think of a single 2 BHK listing put up for sale on an internet platform on a Monday morning. By Wednesday, a buyer bookmarks it, a real estate agent calls up the owner about an identical flat, and the owner gets four inquiries on his listing. All parties have not met each other in person, but the listing platform has made that connection silently.
Most posts talk about these sites from one perspective only. Here, I am going to look at the same listing from three different perspectives: the seller's perspective, the buyer's perspective, and the agent's perspective. Looking at all three will help you understand the dynamics and make better use of this connection.
The listing is the meeting point
It is not only an ad but also a common set of information, for example, price, size, number of rooms, availability, photos and ways of contacting, that is stored in a common database. Since all listings have common fields, the apartment in one district may easily be compared to the one in the other district. This commonality of information makes it possible for the seller, buyer and agent to find each other even before meeting.
Through the seller's eyes
One thing that a seller wants is serious buyers and quickly. The site can help because it will place the house in front of serious buyers who are actively searching for houses, not just within the circle of the seller.
However, the effectiveness of this connection is based on the quality of the listing. Usually, the sellers who have the best results do this:
Describe the area. Is it carpet, built-up or super built-up? Vague areas invite time-wasters and lead to future arguments.
Use recent photographs of the actual house. Fake pictures and old pictures reduce credibility.
Write down the exact price and what is included in it. Hidden costs such as parking charges and deposits will make buyers argue during their first visit.
Respond immediately. Buyers generally ask questions about multiple listings at one time. The first response to help solves the issue.
Remove the listing as soon as the property is sold. An expired listing will keep on inviting questions that waste everyone’s time.
Through the buyer's eyes
The buyer would want to locate the ideal home without having to waste their weekends. Filters, maps, saved search, and alerts on the website can assist him in achieving this objective because he would still receive new matches even though he isn’t searching at that moment.
This is where the majority of the time of buyers gets wasted, as they tend to shoot a generic message ("Is it available?") across all the listings and end up getting numerous phone calls. A more effective way would be to:
"Hello, I am interested in the 2 BHK listed in Sector X. Could you share the carpet area, what the price includes and whether it is still available this week? I can visit on Saturday."
Such a message accomplishes three things. Firstly, it indicates your seriousness about the deal, secondly, it leaves no option but to answer directly and thirdly, it gives an actual reply for the seller or agent to address.
Buyers must also look at multiple websites because the same property can appear on different websites with different prices and images. Comparison between real estate websites in Gurgaon or wherever else the buyer may be looking will reveal the most updated listing.
Through the agent's eyes
The agent needs a continuous flow of inquiries and good reputation among buyers. The website provides the platform for the agents, where they can create their profiles, get their lead dashboard, and also present their listing to others outside their usual network.
The agents also have two functions. They provide a majority of the listings, and they also perform the task of handling the human aspects associated with it: contacting the owner, arranging visits, and completing all the necessary paper work.
There is another layer of responsibility in India. According to the Real Estate (Regulation and Development) Act, 2016, agents dealing with registered projects are required to register themselves with the state RERA body. A genuine agent will disclose his/her registration number and will not be bothered if you check it with the regulator's website.
Good agents tend to share some habits:
They list only what they are authorised to list.
They never post the same home at different prices.
They give honest answers on charges, possession dates and approvals.
They treat each inquiry as a conversation, not a sales pitch.
What the website does in the middle
Between the three people, the website does a few jobs that are easy to overlook:
Organizes the data such that each entry can be compared.
Relates search alerts with relevant entries.
Directs inquiries to appropriate vendors/agents, along with the buyer’s request.
Sorts entries in certain cases according to relevance and other times according to paid placement. Featured listing may simply mean that someone has paid for a good position; so do not make assumptions from the label.
Gets out of the way when the negotiations begin. Site visits and document verification takes place offline.
Where the connection goes wrong
Even a good website has weak spots. These are the common ones and the simple fixes:
Stale listings. Is it still on the market? Consider the date of the listing.
Duplicate listings, but priced differently. Find out who is the true owner and analyze their listings in writing.
Bait pricing. An unrealistically low price should make you ask more questions rather than make you hurry.
Too many calls. One call can lead to several agents, since the listing may have been distributed. Mention how you prefer to communicate in your call message.
Missing information. The absence of information about the type of area, date of possession or fees should prompt you to inquire prior to visiting.
A quick cheat sheet
The takeaway
The website is responsible for creating the introduction; however, the quality of the connection will depend on the users of the site. Listers who list truthfully, buyers who ask precise questions, and agents who remain truthful will do better. Websites such as Prooperty have made an effort to simplify the research process; however, regardless of which site you choose, make sure to view the property in person and check the documents before buying any property.
If you need the full step-by-step guide, with an example, verification limitations, and a full FAQ,read our detailed guide on how real estate marketplaces connect buyers and sellers.
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