Internet influencing real estate decisions worth $43 billion in India: Google
This very exciting news has inspired me to republish the Google India study who got a pan India survey done by research firm Zinnov about real estate related search query trends on Google which sheds light on the influence of Internet on real estate purchase decisions in India.
As an ever-increasing number of Indians search online before entering property deals, the internet is now estimated to be influencing property purchase decisions worth about $43 billion says the search engine giant Google!
The study commissioned by the internet search giant revealed that over 50 per cent of Indian real estate buyers’ decisions are influenced by internet research. That’s quite a huge number. Isn’t it the most exciting news for realtors who are considered to be in the Internet and Mobile generation? Moreover, more people in the so-called tier-II towns are turning to the internet according to this research.
The primary reasons for researching online were easy access to in-depth property information and market trends (60 per cent), large comparison options (52 per cent), easy access to contact details of owners and developers (49 per cent), and financing and document processing information (43 per cent).
15 cities in India including the metros, Pune, Lucknow and Ahmedabad with 6,196 respondents were surveyed.
According to the research:
Search trends on Google has seen a 3x growth in the last three years.
There is tremendous opportunity for both online real estate aggregators, brokers and developers to engage the buyers online by providing rich, meaningful and immersive experience to buyers on the internet.
62 per cent respondents said aggregator sites (like makaan.com and magicbricks.com) were top sources of information for them on the internet, followed by websites of real estate companies (52 per cent).
About 45 per cent visits broker sites, blogs and forums to find information before making a decision.
An increasing number of people are also using their mobile devices to search for properties online.
Mobile queries are doubling every year and about 40 per cent of total searches came through mobile phones.
73 per cent of respondents saying they prefer using their mobile apps for researching for property.
However, a major concern for people researching online was the lack of accurate and updated information for that we recommend all real estate agents to update their profile wherever they are and upload all relevant information about properties they are uploading online so that the real estate buyers call them for only negotiation and not for petty information regarding that property.
Respondents said websites of developers and aggregators often lacked in-depth information about property and features like easy price comparison.
Now what does this report mean to us, the realtors? It clearly indicates that everybody needs to have web presence. You need to give all property options online. People are searching everything online.
So how would you go online? What are the best ways and means to reach people immediately? We have some answers with facts and figures.
The way we communicate online has gone through a sea-change over last few years – Majority of netizens spend most of their time on social Media / Networking sites.
Facebook has become one of the most visited sites on the web, Professionals are now flooding LinkedIn with their profiles and keep it updated regularly. In last one year twitter has attracted millions!
Do you want to know the numbers behind these uber-popular social media sites? Here are some facts and figures about internet that will leave you thinking about impact of social media in real estate marketing rather almost all walks of life but as we are discussing real estate we will focus on it.
Social Media Statistics
- Facebook claims that 50% of active users log into the site each day. This would mean at least 175m users every 24 hours. (www.facebook.com/press.php)
- Twitter now has 75m user accounts, but only around 15m are active users on a regular basis.( http://www.twitterrati.com/2010/01/26/75m-twitter-users-but-growth-slowing/)
- LinkedIn has over 50m members worldwide.(http://blog.linkedin.com/2009/10/14/linkedin-50-million-professionals-worldwide/)
- Facebook currently has in excess of 350 million active users on global basis. Six months ago, this was 250m…This means over 40% growth in less than 6 months.
- Flickr now hosts more than 4 billion images.
- More than 35m Facebook users update their status each day.
- Wikipedia currently has in excess of 14m articles, meaning that it’s 85,000 contributors have written nearly a million new posts in six months. (http://en.wikipedia.org/wiki/Wikipedia)
- Photo uploads to Facebook have increased by more than 100%. Currently, there are around 2.5bn uploads to the site each month.
- Mobile is even bigger than before for Facebook, with more than 65m users accessing the site through mobile-based devices. In six months, this is over 100% increase.
- There are more than 3.5bn pieces of content (web links, news stories, blog posts, etc.) shared each week on Facebook.
- There are now 11m LinkedIn users across Europe.
- Towards the end of last year, the average number of tweets per day was over 27.3 million. (http://royal.pingdom.com/2009/11/13/in-depth-study-of-twitter-how-much-we-tweet-and-when/)
- The average number of tweets per hour was around 1.3m.
- 15% of bloggers spend 10 or more hours each week blogging, according to Technorati’s new State of the Blogosphere.
- At the current rate, Twitter will process almost 10 billion tweets in a single year.
- About 70% of Facebook users are outside the USA.
- India is currently the fastest-growing country to use LinkedIn, with around 3m total users.
- More than 250 Facebook applications have over a million combined users each month.
- 70% of bloggers are organically talking about brands on their blog.
- 38% of bloggers post brand or product reviews.
- More than 80,000 websites have implemented Facebook Connect since December 2008 and more than 60m Facebook users engage with it across these external sites each month.
- When it comes to usage of various social platforms by Indians, Facebook remains quite strong. The 2nd most popular social platform for Indians is Twitter which has roughly 35 million users, followed by Google+ and LinkedIn. Pinterest, the youngest of social networks has grown quite significantly in India over last couple of years.
- Facebook remains by far the most popular social network in India. In April 2014, Facebook crossed 100 million user base mark in India and by end of the year, it will reach close to 109 million.
- This year, Facebook’s user base in India will grow at 40 percent, more than double compared to any other Asia-Pacific market and most that any other country in the world. Though the growth rate is fastest, it is slightly lower than 43.8 percent registered by Facebook last year.
- While most of the developed countries like US, UK, Japan and others are now growing in single digits, India’s growth rate will remain in double figures for at least next 5 years.
So from above facts and figures clearly suggest that Facebook has edge over other for online marketing. One should use Facebook extensively with free and paid models. Like Pages creation for your business and giving Facebook advts. for your products and service with target audience, city wise, age wise and many more such selections which can show your products’ advertisements to only those who are supposed to see, thus by saving money and time.
Twitter and LinkedIn also have their advantages. But above survey shows that over 50% of India real estate users are going online for searching their dream property and other facts and figures are showing that Facebook is spreading it wings day by day and it is estimated that the user base in the world’s second most populous country that is India to hit massive figures of 136.3 million in 2015 and again a whopping 211.2 million in 2018.
Do not ignore those 50% searching their dream property online. They will soon become 60%, 65 % and so on.. So go increase your web presence.
Sources: Google, various sites