Growth of Online Real Estate Services
In the last ten years, the number of Arabs who use the Internet has more than doubled. According to Google data, roughly 88% of the population in the Middle East had access to the Internet in 2022. That percentage has now risen to above 91%. The Internet has changed the way we live, work, play, and shop for the majority of customers in the Kingdom of Bahrain and widely in the Middle East. To suit shifting customer patterns, many sectors have built size-able online components. The real estate industry, like banking, travel, and insurance, now has a significant internet presence as clients attempt to streamline the home-buying process by performing much of their research online.
Home Buyers: Taking the Search Online
According to the National Association of Realtors, 70% of home buyers polled said they would use the Internet to help them find a home. However, this does not imply that the Internet has rendered real estate brokers obsolete. The poll merely questioned which sources of information would be used by property purchasers. In their search for a home, 71% said they would still contact a real estate agent for information. What this means is that more buyers will use the Internet than agents, and even home buyers who use agents will utilize the Internet to augment their search for a property.
While internet real estate research sites have not eliminated the need for real estate agents, they have diverted attention away from more traditional sources of information. In the past, homebuyers depended largely on newspapers and real estate publications sold at newsstands to begin their property search. As per the source, only 9% of prospective buyers said they would use newspaper ads today, according to a poll conducted by the National Association of Realtors, and only 6% said they would use house books and magazines available at the newsstand.
Actions Taken After Online Home Research
The same National Association of Realtors poll looked at what prospective house buyers did after they completed their web research. Nearly half of home buyers completed a walkthrough of a home they saw online as a result of their internet research. A real estate agent was located by 31% of home searchers as a result of an internet home search, and 23% drove by a home they saw online. This figure exemplifies the current role of online real estate services.
Unlike the travel sector, where consumers are increasingly taking control of the entire booking process, the brick-and-mortar real estate industry is still booming. Home buyers’ search possibilities have been expanded by the Internet, which has nearly replaced the research methods of just a few years ago. The majority of home buyers still use real estate brokers, but they undertake research and hunt for homes using online resources first.
Realtors Going Online
Real estate brokers have reacted positively to their business’s expanded online presence, becoming more involved with technology to match changing consumer trends. In order to better stay in touch with customers, half of the agents polled said they would get a smartphone with Internet and email. The vast majority of agents also stated that they will list homes not only in newspapers and real estate periodicals but also on the internet. When it comes to modern technologies, real estate agents are also on the cutting edge. 88.5 percent of the agents asked said they would advertise themselves via social media in some way.
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