One thing that was certain for sure is that the real estate sector in Bangladesh was booming and it would not take long for the market to have fully matured. But following the unfortunate event of the outbreak that the world has become acquainted with for almost a year now, the real estate sector is now facing new challenges. Finding homes that fit the budget and fulfill needs has always been difficult in Bangladesh, especially in major cities. The lack of a unified structure within the sector has led many people to bear the burden of many unnecessary hassles. It has now become even more difficult considering how everything is functioning.
Before the pandemic, property fairs organized by different real estate companies were a light of hope for both prospective buyers and organizers but that is no longer a feasible option in this current condition. Since the overall landscape of the real estate sector is somewhat in a disheveled state, the only alternative is to take the entire event online. Acknowledging this fact, Bproperty, the country’s only property solutions provider has also launched their first-ever online property fair named ‘Bproperty Online Property Fair’ with exclusive projects and over 10,000 available properties. But what is an online property fair in the first place and how does it affect the fabric of Bangladesh’s real estate? Let’s dig deeper.
Property fair – An overview
A fair, on the whole, is a gathering of people for various purposes including entertainment or commercial activities. The fundamental thing about fairs is that they are temporary, whether a day or a few weeks. Similarly, in property fairs, visitors get to interact and deal with properties. Property fairs have been playing a major role and have a huge impact on the overall real estate landscape of Bangladesh. In these fairs, real estate developers and individual sellers come together under the same roof to sell their properties in huge quantities. Real estate developers also get to showcase their newest, best in class, and most exclusive properties in these kinds of events. Bproperty has been hosting these kinds of events for years, one such example was the Bproperty Rampura fair. Another major event is the annual REHAB fair organized by the Real Estate Housing Association of Bangladesh (REHAB).
Online property fair: how does it work?
Just like a physical property fair where there are settings for real estate developers, companies, and sellers to have physical stalls for exhibiting their latest and exclusive properties, and services, in an online property fair, everything remains the same except the need for an actual physical venue. In the Bproperty Online Property Fair, we are offering over 10,000 available properties and exclusive projects and services ranging from legal support to free financial consultation to our clients. From special discounts and covetable EMI schemes to various real estate services and negotiation facilities, an online property fair can cater to everything that a prospective client would want in a physical property fair.
The way an online property fair works is pretty straightforward. As the name suggests, an online property fair is hosted online, as a website with features exclusive to the fair. Also, the site may feature different sections highlighting all the available services and features. Check out the following playlist to know more about Bproperty online property fair and how the offer button works.
Benefits of a virtual property fair
Online exhibitions and events such as the Bproperty Online Property Fair offer every advantage, in most cases, even more than the traditional physical property fairs to prospective buyers and visitors. The advantages offered by online property fairs benefits the organizers as well.
- Being held online, travel time is nonexistent. This is one of the greatest advantages and primary reasons why visitors prefer online fairs over physical ones.
- The lack of time wasted traveling incentivizes more potential customers.
- In such exhibitions, location does not really matter at all. Visitors can attend the fair from anywhere and any place on the planet.
- Since there is no specific opening and closing time for the fair, anyone can access it at any time.
- Reaching the target audience even on the other side of the world has never been easier. With just an active internet connection, different institutions can be brought together under the same roof.
- Capacity is not an issue.
- Online property fairs also offer real-time chat and numerous features exclusive to the fair. For example, in the Bproperty Online Property Fair, visitors can negotiate the price of a property with a new feature in the form of an “Offer Button”.
- With a virtual interface, prospective buyers can have the most detailed view of any property with an online walkthrough.
Apart from that there are numerous technical benefits as well. For example, since all data will be stored in the database, conducting future research to determine customer behavior for similar events is much easier.
Impact on the future of real estate
As the ongoing situation pushes online shopping and other economic activities, people who were reluctant about dealings online are now changing their minds. They are getting more accustomed with online shopping including online property transactions. And this is good news both for organizers and customers for multiple reasons.
First of all, the current pandemic situation has made it extremely difficult to arrange physical property fairs in an actual venue. Amid such situations, the only way to overcome this limitation is to resort to online property fairs. And the way things are looking, people are now willing to transact property online more than before. Although most real estate developers will go back to organizing physical property fairs when the situation becomes normal, until then virtual property fairs should be the primary way to go. And considering all the benefits, there is no doubt that if proper credibility is ensured, people will definitely prefer online events over a physical one in future. Meaning a potential paradigm shift on the overall real estate scenario of Bangladesh. So all things considered, online property fairs can have a major impact on the future of real estate.
The Bproperty Online Property Fair or virtual fairs in general are not a foreign concept in Bangladesh, but were never properly implemented in the real estate scene. While it can be a really great alternative to a physical event, in the light of the pandemic it is the only option. It may not have the same grand vibe of a physical property fair but it can be a lot more efficient and has the potential to become an integral part of future real estate.