Property listings in real estate are property records for sale or rent by an authorised agent. Listed properties refer to the available properties in the market. In more legal terms, a listing also represents an agreement between an agent and property owner, allowing the agent to show and facilitate the property transaction. Authentic and verified property listings attract buyers and sellers. Buyers get a fair idea of what is being offered, increasing the chances of a transaction. For sellers, transparent property listings can make a property listing stand out, increasing the seller score for real estate agents and ultimately more leads. Unfortunately, the quality and authenticity of property listings in Pakistan are not up to the standard, leading to malpractices in the real estate sector.
The State of Property Listings in Pakistan
For an extended period, there was no concept of quality property listings in the real estate sector of Pakistan. The only way to get real estate ads were either through a classified newspaper advertisement or word of mouth from a real estate agent. There was no platform to verify property data. The lack of authentic and proper quality listings led to large scale misrepresentation of properties. Property listings represent the property in the larger real estate market. If the listings are inaccurate, it leads to misrepresentation and jeopardises investor confidence. Real estate agents often ignore the credibility of information on a property listing. This often leads to false advertisements to generate sales lead. Moreover, a lack of authentic and verified real estate listing can lead to mistrust between property buyers and sellers.
Real estate buyers and sellers have been hitherto unaware of the concept of property listings, price estimates, and contact for sellers’ information. Previously, this information would be impossible to acquire without hiring a broker in the local community. The idea of quality real estate listing is relatively nascent in Pakistan.
According to local real estate experts, real estate agencies in Pakistan do not allocate a considerable budget for their marketing. In Europe or the US, the average real estate company spends 25% of its budget on marketing, whereas in Pakistan, only 0.5% is spent on marketing.
Companies like Graana.com, Pakistan’s first online real estate marketplace, introduced the concept of quality assured and verified listings that require verification of property data to avoid any misrepresentation. Such verified listings can significantly increase the transparency and authenticity of property listings data. Real estate investment advisors need to understand the importance of accurate property listings and their impact on real estate market practices. Moreover, the silver lining for Pakistan’s real estate sector is its increasing base of educated and knowledgeable real estate agents who use technology and digital media to promote verified and authentic property listings. This effective promotion has led to the growth in demand for the online real estate marketplace.
A Short Guide to Credible and Authentic Listings
Real estate advisors and agents need to invest their time building good property listings considering the numerous benefits of authentic and credible property listings. By developing credible listings, agents do not have to put too much effort into following leads or potential investors. Credible listings can attract buyers and sellers. As a result, agents do not have to invest too much time keeping tabs on them.
Today, 93% of homebuyers shop online for properties. This implies that real estate listing description matters when showcasing a property. A great listing can give the agent a professional look and help pitch the prospective property to clients and potential buyers. Any good property listing should describe the property accurately. Although this is a basic step, agents and sellers often overlook it. In addition, it is also important to describe the property with all its flaws and shortcomings. If the potential buyers know what to expect, they will be more likely to accept the listing as credible and be willing to invest in it.
If unique features of the property are highlighted in the real estate listing description, the right buyers will appreciate it. They may end up convincing the potential buyer to schedule a showing. Quality photos are also important in real estate listings. Today’s potential buyers are tech-savvy and expect quality photos of the potential property. If the images are of poor quality, potential buyers will move on to the next listing.
According to a study from Realtors.com, North America’s largest online real estate marketplace, listings that offer virtual tours receive 87% more views than properties that don’t have any. There has been an increase in online software tools that help agents or sellers create professional-looking tours without a large price tag.
Quality listings are negligible in the Pakistani real estate marketplace. Companies like Graana.com, for the first time, have introduced the concept of quality assured and verified property listings. A lack of verified and authentic real estate listing can misrepresent property and false property advertisements. Real estate advisors need to understand the importance and benefits of credible real estate listings and property listings for increased transparency and a better buyer and seller relationship.