Property Fair Goes Online: Establishing a Yet Unfamiliar but Necessary Concept
The year 2020 had been a tremulous year for the real estate scene of Bangladesh, to say the least. Thanks to rising property demand and transactions, this year was on its way to be quite momentous which was to build on the success of the previous few years.
Unfortunately, all that momentum and potential suddenly found itself threatened when the pandemic hit, and both the consumers and the suppliers were fish out of water regarding how to move forward.
At that time, some real estate entities looked toward the digital and the virtual landscape to continue on with real estate activities. While the concept of using online property portals to search for homes had been in effect for a few years in Bangladesh, taking that crucial step of making a transaction or deciding on a property by solely viewing online and making an offer had eluded the industry.
But if the recently held Bproperty Online Property Fair is any indication, the behavior of the people is changing. The unfamiliar concept of online property transactions is now becoming more familiar, more acceptable.
Maybe it’s due to peoples’ trust in the brand or a general shift in consumer behavior, but the results of the latest endeavor of the property solutions provider supports the idea that online property transaction has the potential to be the future of real estate in Bangladesh.
According to Bproperty officials, the online property fair, which was hosted from October 1st to October 15th, pulled in more than 50,000 visits throughout its fifteen-day tenure. While not the first of its kind, the Bproperty Online Property Fair stood out from the rest for several reasons:
- The availability of 17 exclusive real estate projects and over 10 thousand properties made it the biggest online fair in Bangladesh
- The ability to negotiate the prices of properties directly online via their “Offer button”
The “Offer button”, in particular, was the crown jewel of the online property fair. It was the first of its kind, enabling people to “offer” their desired price on a property that is available. According to Bproperty, this feature is a primary catalyst for so many visitors to the fair.
And it’s not just visitors either. The organization reported that the fair also generated hundreds of verified offers on properties throughout its tenure, which is a strong indication that people are not only browsing their options but are also actively participating and taking necessary steps to transact real estate online. All of these without physically stepping foot inside a property.
Gaining trust in the digital landscape is crucial at this point in time. Especially since there is a good possibility that hosting traditional property fairs can be few and far between. Health and safety concerns are still on peoples’ minds, and that takes priority.
Property fairs, in general, are great product movers for the sector. It is a place where buyers and sellers can commune, discuss, and transact properties. So, as an alternative, online property fairs need to gain more acceptances and the Bproperty Online Property Fair has certainly made strides in the right direction.