Can The Internet Change The Complex Kenyan Real Estate Market

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  • 5 years ago
  • Posted: December 4, 2014 at 6:14 pm

The real estate market is one of the most complex markets in the entire world due to the fact that it is in a continuous change, thus making it a very dynamic market. The internet has a lot to offer consumers regarding real estate and as a result it is a great place to start shopping. The tech community discovered the idea of online real estate with the advent of real estate search engines; offering home buyers the opportunity to scour through millions of properties. Unfortunately, those homes are not always for sale and the rest of the process is usually conducted offline.

Using the Internet for real estate will make you your own real estate agent without having to pay a great sum of money to an agent and also you will have full-control of the entire activity. Whether you are a home buyer or seller, it is very easy to search for the perfect house as the online offers are endless. Or, if you would like to sell a piece of real estate, there is no safer and quicker way to do it.

Online real estate has become popular and is consuming are looking to the internet more each day as an easy place to get good information. As a matter of fact, more than 5 million people use the internet for real estate issues every month. With numbers like this it is easy to see how the internet can improve your chances for selling or buying a home.

Another major advantage of real estate moving to the internet is that you won’t need a real estate agent to start your search. This is very important because we all know that real estate agents are of value but sometimes you just want to look.

All in all, there is no better, safer and easier way to search for a home or to sell one than online as the internet has a lot to offer in the real estate market and it is rapidly developing, gaining more and more consumers everyday and thus improving your chances for a profitable buy/sell.

80% of home buyers today rely on the internet as one of their primary research sources, and 50 percent turn to the web as their first step, well, this is just extrapolation, but the figures indicate the reality. Additionally, approximately one-fifth of real estate related searches happen on mobile devices, and Google real estate related searches on mobile devices grew 120% percent year-over-year from 2011 to 2012. Overall real estate related searches on Google.com have grown 253% over the past 4 years.

Normally, many real estate agency sites and FSBO (for sale by owner) sites have high search engine ratings or rankings in Google, Yahoo and Bing to name a few. They also offer extra services like email marketing, social media marketing and other marketing strategies that will help boost the chance of getting more leads.

Buying and selling properties does require due diligence, but in the end, with its risk free nature of investment, it is certainly a better option than stock or equity. When you think of selling a piece of real estate, the first thing that comes to mind is dealing with real estate agents and trying to get the best offer for your property.

Under the conventional approach you will first have to find a reliable real estate agent who understands your terms and puts them across to the buyer. Not only is it a time consuming process, but the chances of finding such an ideal agent are very slim. On the other hand, Internet, with its various digital tools and technologies provides sellers with an instantaneous way of selling their real estate without requiring any mediator’s help. The other day we had a chat with marketing manager of OLX , and I realized that OLX is a good starting point. OLX does save you a lot of time, although the necessary due-diligence has to be carried out.

Some of these advantages for selling on OLX are:

  • It is inexpensive, if not free to list your home in an online property listing service.
  • It is a quick and easy method to advertise your property that is for sale/lease or if you would like to buy a property.
  • The buyer and seller have direct access to information about the property in question. This makes other forms of communication between the buyer and the seller obsolete. The internet is easy in comparison to the old-fashioned method of answering dozens phones calls or setting up numerous meetings. OLX offers grand opportunities.
  • Many websites that deal with real estate allow you to include up to 5 photos of your property. This is a lot more in comparison to a regular newspaper and you have complete control over the photos’ quality. In addition you can highlight specific features about your property with the potential buyers. This can be very helpful if you are working to attract buyers from outside your local geographic area whom potentially need more explanation of certain elements.
  • Once listed, your home is available until you will sell the property. This is a big advantage if you consider that for a newspaper ad you will systematically have to pay a fee week after week.
  • These online real estate listing services have a nation-wide audience which will make your ad visible to the entire country;
  • Searching for the right house is very easy as these websites have filters which will allow you to only see the houses that meet your specific requirements. Therefore you can spend time looking only out houses that meet your needs without having to waste time looking at houses you aren’t interested in.

Selling real estate on OLX in Kenya has great growth potential and the subsequent revolutionary process of flipping the fortunes of the Real Estate market toward a highly profitable paradigm.

What is your opinion on the topic?
Stefan Wolf
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