Does the rise of portals mean fall in demand for brokers? Not really, due to three main reasons. One, the property market is fragmented and there are many homes — both new and on resale — that are not found online. Two, brokers have area-specific information such as availability of water, which may not be easy to find from online resources. Three, many buyers find it helpful to be guided through the process rather than take a do-it-yourself approach.

Online portals recognise the role of brokers. 99acres.com, for instance, lets brokers register on the portal. Some sites authenticate the broker. Their help is also availed of by online providers for last-mile services such as site visits. As brokers typically tend to possess knowledge on transactions, they are used as a source of price data.

Also read: Clicks that lead to your house

Brokers also make use of the portals to list properties. They help home owners and landlords by taking pictures and writing a detailed description of the property. Buyers and tenants can benefit with brokers as they can help you negotiate terms and prices.

Portals are moving beyond providing listing to offering brokerage services. They, however, find it difficult to authenticate listings in the rental market due to high cost of physical verification. In the rental segment and in land sales, currently brokers have an edge over purely online channels.

So, what lies ahead? The pressure from portals and the requirements from the proposed Real Estate Regulatory Bill require brokers to be well-qualified and offer expert advice to buyers. And the property market, similar to the ‘click and mortar’ model of retailers — where they have an online presence along with physical stores — will have online information along with expert help offline to guide you through the process. Professional brokers and unbiased portals would be all the better for home buyers.

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