Impact of digital marketing and e-commerce on the real estate industry.doc

IMPACT OF DIGITAL MARKETING AND E-COMMERCE ON THE
REAL ESTATE INDUSTRY
* S. SANTHINI , Assistant Professor, PG and Research Department of Commerce with CA,
Hindusthan College of Arts and Science College, Coimbatore. TN INDIA. ** T. DEEPA ,
Assistant Professor, PG and Research Department of Commerce with CA, Hindusthan
College of Arts and Science College, Coimbatore. TN INDIA.
Abstract
In this paper, we would explore how e-commerce, the World Wide Web in particular, is
distressing the real estate industry. Real estate is a promising set up to study e-commerce
because it is an information-intensive and information-driven industry. The transactions are
based on high value and asset-specificity with many market-intermediaries like agents and
brokers who connect buyers and sellers rather than buying or selling themselves and
experiencing an on-going IT related changes. We analyze the real estate transaction to
suggest where IT might change the process of selling or buying a house and discuss several
current ventures in this area. This analysis suggests that thee-commerce is eroding the long-
enjoyed information monopoly of real-estate agents and these applications have the potential
to dramatically change the current practices in the real-estate industry, including the
elimination of agents.
Keywords: Property Hunt, Real Estate, Electronic Commerce, World Wide Web, Electronic
Markets, E-Commerce
Introduction
In this project, we explore how e-commerce, is affecting the real estate industry. Real estate is
a promising setup for studying e-commerce because it is an information-intensive and
information driven industry; transaction-based, with high worth and asset-specificity; with
many market-intermediaries (brokers and agents who connect sellers and buyers rather than
buying or selling themselves); and experiencing an on-going information technology (IT)
related changes. We analyze a real estate transaction to suggest where IT may change the
process of buying and selling a house. This analysis suggests that e-commerce is eating-away
the long-enjoyed information monopoly of real-estate agents and e-commerce applications
have the potential to rigorously change current rehearses in the real-estate industry, including
the disintegration of agents. However, these agents and real-estate firms are market
intermediaries connecting sellers and buyers but rarely buying or selling themselves. If the
value added by the agents is only a source of information, their position is weak if sellers and
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buyers develop new ways to find one another. The way IT can be used to disintegrate the
traditional broker and agent is of main interest here, as it possibly impend the traditional
relationship between agents and home owner.