Ascent of social media to scout for realty check

Sachin Gupta
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Ascent of social media to scout for realty check
The transition of social media into a much admired legion of real estate industries is being proven as a quality resource for potential home buyers seeking factual information over upcoming, ongoing or existing realty projects.

Whether it comes to understanding and knowing about amenities or scheduled completion of a project, or sharing grievances, social media is turning up a rather valuable platform for inquisitive buyers these days.

Recently, a buyer wanted to know through social media about the status of a Kondapur-based residential apartment, as he came to know about litigations and other controversial issues surrounding the project.

A Quora user enquired about Bangalore-based apartment, asking whether builders deliberately hold a project to release it later. Actually, the Quora user said builders pre-launching projects in the city offered him 3 BHK apartments, and they did not give any information about availability of 1 BHK and 2 BHK apartments.

Now, this eccentric outcome of the situation prompted the buyer to drop a query on Quora – a well-reputed online social media today.

Potential buyers are leaving no stone unturned to stay informed and get the latest details about a project before reaching at a decision for investment. In view of circumstances when real estate industries run volatile and there is no surety of where it will go, buyers need factual information to serve their needs. Their thirst for knowledge leads them to the social media platforms to voice their concerns or partake in groups to join the debate over existing issue of real estate.

From digging deep into the background of a builder and controversy surrounding, buyers join online consumer forums to get hands-on information about existing realty trends. This is helpful to make an informed and wise decision pertaining to real estate investment.

If you believe social media has very much influenced buying decision of buyers these days, you have rightly conjured up the picture. Importance of social media for real estate is increasing at rapid pace.

Online activism has enabled buyers to be more frank, candid and vocal about their concerns and experiences about real estate. They barely feel hesitated to share their grievances experienced from a wrongful deal on seller’s end.  They share their feedback and even early warning to potential buyers not to consider project of a particular builder.

A Jaipur-based buyer purchased an under construction property in the city from a builder company. Even though the project was not reached at the final stage of construction, the builder, without informing the buyer, had extended build up area to 1250 sqft from the earlier and agreed 1100 sqft. Later, when the buyer was offered possession certificate, he was asked to pay additional money for the extra built up area. In shock because of the arbitrary demand, the buyer hired a lawyer. Subsequent investigation led to the conclusion that the agreement paper of the apartment clearly mentioned that the builder are not authorized for constructing additional area unless the permission of the same is sought from the buyer/owner.

Very soon the buyer shared his concern through online consumer forums and all over social media platforms, mainly Facebook, Quora and Twitter. Finally, the builder had to step in for mid-way solution when the similar incidents from other buyers started gaining the ground all over social media.

While some feedbacks could be of useless because of unrealistic buyers, it, however, doesn’t demean the fact that buyers have found social media their best rendezvous to share frustrations and grievances. Meanwhile, the marketing agencies are taking the help of online reputation management tool to ensure reality of the negative feedback posted by a buyer. This tool is tactical as builders tend to immediately respond to the enraged feedback.

Buyers are posting their queries on different social media platforms to know best property investment options, builder’s reputation and everything that could finally help them make a right and informed decision. To say the least, social media is proving very helpful in enlightening the potential buyers about latest trends in realty world and how to have their concerns heard.

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