Pros and Cons of Online Property Dealing
Online property dealing refers to the process of buying, selling or renting properties through digital platforms and websites. It has been found that so many students and professionals Googled ‘rooms near me in Lucknow’, ‘1BHK Flats in Lucknow’, '2BHK Flats in Lucknow’, ‘apartments near me’ and whatnot Searching properties online for buying and renting in Lucknow has become increasingly popular nowadays. This approach is overtaking the traditional in-person dealing methods in real estate.
The contemporary online property dealing is very vast and people are privileged by its convenient methods. There are so many platforms such as To-Let-Globe which help numerous property owners and tenants to sell or rent their properties and find their perfect rentals respectively. The platform listed a number of options for students, professionals, and startup owners to find apartments, rooms, flats, and office spaces in Lucknow without any brokerage charges.
Even after so many precautions and cyber security regulations on online property dealing there are some pros and cons that come under light. Let's have a look at them.
PROs,
1) Listing of Properties: Properties listed online have detailed information like floor plans, photos, videos, etc. Buyers or tenants can filter their needs based on their locality, budget and comfort. Online platform dealing platforms like To-Let-Globe have some advanced algorithms which assist buyers and tenants in suggesting their suitable properties to buy or rent.
2) Wider Market Reach: Online property dealing platforms not only fulfill the buyers’ or tenants’ immediate geographical needs, but they also provide access to a wide range of properties across different locations which helps them understand the current trends of the market. Property owners also find potential buyers and tenants across locations.
3) Transparent Data and Analytics: Online platforms provide transparent information about the properties allowing buyers to make more informed decisions. Platforms like To-Let-globe provide access to comprehensive market data of Lucknow City, trends and insights, and locality assistance with price filters based on individuals’ search behavior and budget.
4) Automation Tools: Online property dealing platforms assist buyers and tenants by providing them with automated property valuation tools, price estimate calculations, and scheduling a virtual or in-person meeting with property owners for more discussions and negotiations.
5) Time and Cost Efficient: Let's assume checking five rental properties in a day in different locations with the traditional in-person method of property dealing, anyone can imagine the time, money and energy spent on the same. Online platforms provide the privilege of browsing properties listed from anywhere and at any time. This feature saves lots of time, money and effort spent on the property searching and negotiation process. It eliminates or reduces commission fees compared to traditional methods. Among online property dealing platforms To-Let-Globe platform stands unique by its zero brokerage policy on property dealings.
CONs,
1) Lack of Personal Approach: Compared to the traditional method of property dealing the online approach feels impersonal. It lacks face-to-face interactions and personalized guidance which is preferable to some buyers and tenants.
2) Verification Issues: In the era of artificial intelligence and increased online fraud transactions sometimes it's very challenging to verify the authenticity and credibility of listed properties. There is always a risk of fraud in online property dealings.
3) Limited Negotiations: Online platforms are bound with some restrictions and provide a little margin for negotiations compared to traditional dealings where usually 4 to 6 members are involved along with real estate experts.
4) Technological Barriers: Some individuals particularly senior citizens and people with less online literacy find it difficult to transact online due to fear of fraudulent activities. They prefer traditional methods of property dealing.
5) Absence of Local Expertise: Some of the transactions need local experts such as real estate agents, and professional brokers who will be having best networks in the market. Online platforms may not have ground knowledge of the current market. Things online can be exaggerated to attract people sometimes.
To Conclude:
Online property dealing has revolutionized the real estate market by providing convenience, wider market reach, transparent data, and automation tools that save time and cost. Among many online property dealing platforms and websites, “To-Let-Globe stands out of the box for its zero brokerage policy in property dealings irrespective of owners, buyers or tenants.” The online property dealing has some drawbacks too such as an impersonal approach, technological barriers, little room for negotiations and fear of fraudulent activities. “However, individuals can have significant benefits of online property dealings by being cautious and pre-studied about the risks”.
