Geo-Location : An important Sauce of Recipe that is Real Estate!

Geo-Location : An important Sauce of Recipe that is Real Estate!

What’s the heart and soul of real estate ever wondered? Well, the answer is fairly common. The location lies in the very heart of the Real Estate industry. Beyond architecture and extra amenities, it's the geolocation that reigns supreme in determining a property's true value. On average, individuals make a lifetime investment in property only three times. Thus, the most decisive factor is none but the location of the property, safeguarding investments for robust valuations in the future.

Someone once rightfully said, the three deciding factors for buying a property are - “location, location, location” and it got popular for all the right reasons. Even now that the real estate market is at its peak 53,550 unsold units are piling up in the bustling real estate market of Mumbai. There could be a multitude of underlying causes, but one of the key factors has to be the mismatch between the property's location and the inadequate appreciation of its worth when realtors present it. Geo-location's crucial role often gives rise to a host of challenges for both property buyers and realtors. 

Challenges of Geo-Location in Real Estate

When purchasing a property, individuals often depend on brokers to provide them with information about the property and its surroundings. However, the traditional property presentations frequently lack comprehensive information about the locality and surrounding amenities, leaving leads confused with unanswered questions. Buyers often invest a substantial amount of time in their property search yet they find difficulties in obtaining critical details about the neighborhood, transportation, or nearby essential facilities. 

Challenges are not exclusive to buyers; real estate agents and developers also have their fair share of hurdles. Inefficient, non-interactive maps used in property presentation lack vital Information and complete data for accurate property valuation. This ultimately makes buyers' journey dissatisfactory and tiring whereas real estate developers struggle to increase their revenue and sales.

Geography, an essential sauce in the Real Estate recipe!

It's evident from the challenges that the geographical location's importance is undeniable. When it comes to real estate location selection, several factors are carefully considered. Let's explore the key deciding factors to understand geography’s role in real estate. 

Crucial Influencers for Geo Location 

Location is the border umbrella term which consists of many key influencing factors that determine property value as well as buyers' decision to choose it. So here is the list of elements that are pivotal for real estate location valuation. 

Transportation Ease

One of the key deciding factors has to be the transportation route. One wants to spend hours in traffic. Easy transportation access, including well-connected bus, train, and metro routes, is a prime choice for any prospective property buyers. Knowing the distance to efficient transport options is always a plus. The availability of transportation information helps buyers make informed decisions. 

Surrounding Developments

The value of the location depends upon the nearby amenities like malls, stations, banks, etc. Buying a property is a long-term investment therefore many often look for a location that consists of great nearby amenities before making a purchase. Real Estate developers often use maps to showcase nearby amenities to increase valuation however static maps provide minimal help and tend to confuse individuals more. 

Upcoming Developments

In ever evolving real estate market location value increases depending on the latest developments in that area. There have been several cases where the value of land, initially acquired at a specific price, doubled due to the advent of developments like new metro routes or business parks. Buying property in a location that has great future promises is a dream for many. Developers must highlight that to increase property valuation. However, non-interactive map views often fall short of representing the correct value proposition to the buyers.

Great residential Neighbourhood

Neighbourhood has great importance in deciding where one buys a property. This is more than just a choice;  especially for the residential properties. Different people have different needs in life. A family with young children yearns for good public schools, while elderly couples look for the presence of nearby hospitals. Moreover, a great neighbourhood encompasses grocery stores, and medical shops nearby, fulfilling the basic human needs. For any developer, the correct strategic approach is to highlight that the property is nestled in the city's centre, providing a gateway to such an outstanding neighbourhood. This can help in translating the property’s true value to the buyers. 

These pivotal elements deserve recognition and proper presentation but static map views can not do justice to that. Every geolocation-related information should be clear to the buyers so that they understand all the nitty gritty details about the locality and neighborhood of the property. As a game changer in the real estate market, Relata recognises this problem and has the perfect solution for it. Relata’s Neighbourhood Map can not only tackle these roadblocks but also assist realtors in obtaining a fair valuation for their projects.

Relata Neighbourhood Maps

With Neighbourhood Maps Relata is reimagining the role of geography in real estate. Our maps are interactive and offer all necessary geographical insights. Whether it's understanding your property's surrounding amenities or upcoming developments everything is possible with the map views. Features like interactive routes and information, configurable places and markers, and dynamic filters, empower developers to customize and highlight important locations. The vicinity map is user-friendly and can also be integrated into the website. The interactive map takes buyers' property exploration experience to a whole new level. Developers can now play at their full potential by utilizing geolocation as the key selling factor. Relata's Neighbourhood Map can convey the property's true value to customers more accurately.

Geography’s importance in real estate is constant. Buyers embark on an endless quest to unearth well-priced properties whereas Realtors pursue to highlight the true worth of their estate in front of buyers. This race is never-ending, and surely Relata’s maps are the modern solution that takes care of all the concerns. With proper presentation property valuation gets easier and the integration of technology with property valuation simplifies the entire process.

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