Real Estate Industry

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1.B2C E-commerce ModelIn Real Estate IndustryBySundar RajagopalanMiyoung Yoo

2.Major Players in Real EstateSite NameSponsorHoneadvisor.msn.comMicrosoft’s Homeadvisorwww.cyberhomes.comCyberhomeswww.homehuntet.comHomehunterwww.iqualify.comwww.manheim.comProperty Transaction Network’sfinance siteManheim Auctionswww.owners.comAbele owners’ Networkwww.realtor.comOperated by RealSelect, Inc.

3.A Sample Front Page

4.BasicsThe real estate transaction process can be divided in thefollowing five steps:1. Listing: a seller registers his house with a real estateagent or directly to the online-site(www.owners.com,www.homehunter.com )2. Searching: a buyer review houses to find those thatmight be suitable in location, size, price, and features.

5.Basics (Cont.)3. Evaluation: the online agency evaluates ahouse for the buyer based on the environment4. Negotiation: An offer made by the buyer isworked out with the offering price of a seller5. Execution: The deal is completed, wherebythe money and house can change hands.Currently, the legal system creates obstacles toelectronic closings.

6.A Sample Registration Page

7.A Sample Home on Sale

8.Who are the customers?• Customers who want more information andless transaction fee• Customers who want faster and convenientsearch functions based on their financial andgeographical preferences.• In short, anyone who is interested in buying,selling and renting can avail the service.

9.How to attract customers• Provide faster pre-approval for loans• Provide free property analysis reports if a site is tobe sold• Include automated functions such as for-sale -byowner or so that business can take place quicker• Reduce transaction cost• Since real estate is an information-intensivebusiness in nature, ensure more information andprovide professional assistance

10.Value addedThe basic values are to find the right house to buythat matches the buyer’s requirements and to sell ahouse in a successful way. The following could beseveral value added:• Enhance Buyer–broker– seller relations• Provide mapping functions that placeshouses in relation to nearby landmarks,such as post office or police station• Integrate finance component

11.Value added (Cont.)• Provide various demographic statisticspertaining to the surroundings such as themedian age and income.• Rent in various areas• Compare salaries and real estate values invarious cities• Provide loan for buying houses

12.Turning one shot customers intorepeat customers• Provide email notification services thatsends to the registered users the informationon the houses that is newly on the sale listand matches their preferences• Since selling and buying a house is not afrequent event, focus on attracting a largebase of users by providing moreinformation and convenient features.

13.


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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