Housing, Magic Bricks, Common Floor, 99acers, India Property etc. are the prominent giants of Indian real estates market. Indian property market is so gigantic and unorganized that there is no single portal that accumulates all the listing on one platform. That’s the only reason why all such platforms are surviving with very less interfere in the market share of other.
Though every portal has its own unique features, slice view in housing, 360 degree view in common floor, ultimately they are delivering the same outcome, directory of the properties in three categories – rent properties, purchasing properties, new projects, along with the sorting options, different angle view. So use of any of these portals hardly makes any difference in your house hunt.
- Rent Properties – Directory of the properties available on rent are the common feature of these platforms. Other relevant information like owner or broker contact number, estimation of rent, details of the property are also a part of this directory.
- Purchasing Properties – Directory of the purchasing properties is also a common feature to all of these property portals. The other relevant information and features are also similar to the directory of rent properties.
- New Projects – The details of new property projects is also a common feature to all of these portals. So, one can easily make a decision while going for future investments.
- Flat mate Search – Dedicated platforms are available for flat mate search. Housing has incorporated its flat mate search portal as well.
The existing setup is good from “Information Availability” point of view, but this is its limitation as well. The existing setup has a lot of scope from “Market Control” point of view. Shifting from directory portal to the interactive portal would be more helpful for consumers. Here is small analysis of FS Labs to make the housing or other property portal better-
Real Time Tracking and Booking – Major limitation of the existing setup is that the booking process of property is offline, so sometimes the status of property is not the actual. To maintain this record by offline tracking and then updating the online database is definitely a huge task.
One way to avoid such scenario is to control the booking process online-
- Creation of user, owner and broker profiles would be the starting point of such portal.
- Once the property is booked its stats should be updated by any of them depending on the involvement.
- Another, feature that could be useful is to fill the time span of occupancy as well. It would help to get the prior indication of “to be ready for rent/purchase” properties online. So the directory wouldn’t need any regular, rather it would be managed by users itself. It would cut short the “tenant search on” period for the property. Owners would be benefited by this as their property would be vacant for least possible period i,e. change over period of tenants would be shorter.
- Depending on the acceptability by owners, the process of paying money could also be made online through these portals.
Rent Records – Another limitation of the existing housing setup is that the previous rent records are not available on the portal. So the owner/broker has liberty to put as much price as he wishes for his property.
One possible solution to avoid such scenario is to keep the records of rent online as well-
- Previous or current tenant should be able to fill the previous or current rent of the occupied property.
- To avoid the fake records done intentionally to keep the property price high, a first time check at the time of property registration should be done by housing. The upcoming abrupt changes would provide such measure of control.
- The next tenant could easily make a decision on the fairness of prices based on those records.
Property Review – Another limitation of the existing housing setup is that it provides no information about properties by the actual tenant. The benefits of such feedback / review would be for both, owner as well as tenant-
- Tenant would be able to get the limitations associated with the property prior to getting into it.
- Owner would also be able to understand the required changes based on the feedback.
Cost Control Platform – Existing directory system has no control on the costing part of the properties, there are lot of ways by which properties cost could be controlled through housing:
- Broker Control – Generally, one property remains in the portfolio of 4-5 brokers, so if brokers of nearby areas are allowed to put their price for a particular property, there would always remain a feeling of competition, and ultimately the prices of all the properties would get stabilized.
- User Control – Another way to control is that nearby people should be able to decide the fairness of property prices based on the price of their property. This would give a real time control on the rent and cost.
- E-bidding- Another way of controlling it could be the e-bidding system, where user could decide the rent and cost of any of the property based on the tentative rent/cost indicated by owner/broker.
Browsing Experience – Housing has already taken the level of user interface to next level in the scenario of property market. One way to make it better is the pick and arranges facility for appliances in the house online so that one could get the real time feeling of house arrangements.
Setting up house – What we get from housing is – unfurnished house at reasonable cost & furnished house at very high rate.
A better idea could be = Getting a house + Furnishing a house. People often go for furnishing of rented houses and at the end its a costly affair. A separate segment with rented house furnishing could be started on Housing portal. This furnishing would be on demand and that too on rent. It would be like a boon for those who have a habit of changing their bases every 2 year.
Supporting Services & Products – The details of all the supporting services and products required like newspaper, maid, helper, water supplies etc. would help people to get the other useful information at one platform. One possible way is to link the just dial data with the map based tracking of housing.
This was small FS Analysis to make housing on next level in property market.We wish Luck to Housing for their success.
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