B2C Ecommerce Model In Real Estate Industry

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B2C E-commerce Model In Real Estate Industry

• By
• Sundar Rajagopalan
• Miyoung Yoo

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Major Players in Real Estate
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A Sample Front Page
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Basics
The real estate transaction process can be
divided in the following five steps 1.
Listing a seller registers his house with a real
estate agent or directly to the
online-site(www.owners.com,
www.homehunter.com ) 2. Searching a buyer
review houses to find those that might be
suitable in location, size, price, and features.
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Basics (Cont.)

• 3. Evaluation the online agency evaluates a
  house for the buyer based on the environment
• 4. Negotiation An offer made by the buyer is
  worked out with the offering price of a seller
• 5. Execution The deal is completed, whereby
  the money and house can change hands. Currently,
  the legal system creates obstacles to electronic
  closings.

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A Sample Registration Page
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A Sample Home on Sale
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Who are the customers?

• Customers who want more information and less
  transaction fee
• Customers who want faster and convenient search
  functions based on their financial and
  geographical preferences.
• In short, anyone who is interested in buying,
  selling and renting can avail the service.

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How to attract customers

• Provide faster pre-approval for loans
• Provide free property analysis reports if a site
  is to be sold
• Include automated functions such as for-sale
  -by-owner or so that business can take place
  quicker
• Reduce transaction cost
• Since real estate is an information-intensive
  business in nature, ensure more information and
  provide professional assistance

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Value added
The basic values are to find the right house to
buy that matches the buyers requirements and to
sell a house in a successful way. The following
could be several value added

• Enhance Buyerbroker seller relations
• Provide mapping functions that places houses in
  relation to nearby landmarks, such as post office
  or police station
• Integrate finance component

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Value added (Cont.)

• Provide various demographic statistics pertaining
  to the surroundings such as the median age and
  income.
• Rent in various areas
• Compare salaries and real estate values in
  various cities
• Provide loan for buying houses

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Turning one shot customers into repeat customers

• Provide email notification services that sends to
  the registered users the information on the
  houses that is newly on the sale list and matches
  their preferences
• Since selling and buying a house is not a
  frequent event, focus on attracting a large base
  of users by providing more information and
  convenient features.