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B2C E-commerce Model In Real Estate Industry. By Sundar Rajagopalan Miyoung Yoo. Site Name. Sponsor. Honeadvisor.msn.com. Microsoft’s Homeadvisor. www.cyberhomes.com. Cyberhomes. www.homehuntet.com. Homehunter. www.iqualify.com. Property Transaction Network’s finance site.

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b2c e commerce model in real estate industry

B2C E-commerce Model In Real Estate Industry

By

Sundar Rajagopalan

Miyoung Yoo

major players in real estate

Site Name

Sponsor

Honeadvisor.msn.com

Microsoft’s Homeadvisor

www.cyberhomes.com

Cyberhomes

www.homehuntet.com

Homehunter

www.iqualify.com

Property Transaction Network’s finance site

www.manheim.com

Manheim Auctions

www.owners.com

Abele owners’ Network

www.realtor.com

Operated by RealSelect, Inc.

Major Players in Real Estate
basics
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.

basics cont
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.

who are the customers
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.
how to attract customers
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
value added
Value added

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

  • Enhance Buyer–broker– seller relations
  • Provide mapping functions that places houses in relation to nearby landmarks, such as post office or police station
  • Integrate finance component
value added cont
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
turning one shot customers into repeat customers
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.