Technology has made things easier than ever for home buyers, sellers, and builders alike. Having access to thousands of real estate listings without having to call an agent or visit a development office has dramatically changed how people are buying homes. Whether you’re looking to purchase or sell a home, it’s important for you to know exactly how it’s being done and how the landscape is developing. Follow along as we go through 5 ways that technology is changing real estate today.
The internet has had an incredible effect on pretty much every marketplace you can think of. In fact, searching and purchasing online has become so universal that more than 90 percent of home buyers use the internet as their main research tool. This is an incredible win for both sides because of the sheer amount of time it saves! Builders don’t have to spend countless hours showing model homes to unqualified buyers, and potential buyers get the chance to tell if they like a new development all without leaving their home. Of course, real estate has always been a fast game because another buyer could bid right from under you. However, with the accessibility of the internet, hundreds of houses are being searched and reviewed constantly; meaning that every second can count towards losing or getting a new home.
Experiencing the Home
One technology that is becoming more popular among consumers and businesses alike is virtual reality (VR). Forward-thinking builders are already moving beyond photo, and even 360-degree videos, by offering clients 3D virtual property “tours” right on their devices. Although it is still in its early days for real estate, virtual reality is almost tailor-made for this market! VR allows users (read: buyers) to navigate floor plans in a digital manner unlike anything experienced before. These immersive 3D tours will drastically change the pre-construction phase for new homes and condos as potential buyers have the opportunity to see what the spaces look like before any construction has begun!
Easing the Process
Anyone who has ever purchased real estate knows that the closing process can be a long, inefficient, and frustrating ordeal. However, thanks to cloud and data management applications, the entire process can be streamlined, all the way up to electronic signatures! What once took weeks or months to finish can now take only days with this technology. Lawyers and financial institutions can transfer required paperwork to the land registries instantly, allowing them in return to complete all the settlements digitally.
Blockchain has been getting a lot of attention these days, mainly because of its connection to Bitcoin and other cryptocurrencies. While there’s certainly a place for cryptocurrencies in real estate transactions, it’s Blockchain’s security, transparency, and efficiency innovations that are drawing attention from home buyers, sellers, and builders. Consider the home buying process from a buyer or renter perspective: once their offer is made, the process becomes a bit of a mystery. This can lead to buyers thinking that the sellers or builders are playing games and being opaque on purpose. This is especially troubling because real estate transactions contain private information like offer terms, Social Security numbers, and bank statements. With Blockchain, everyone involved can have the transparency they crave in order to track the offer.
Role of the Builder
With all these rapidly changing technologies available, builders have been continuously changing to gain a competitive edge. In general, this means that home builders are outdoing themselves by providing a service that is much more directed towards customer responsiveness and service than ever before. Many home buyers are still dependent on builders in order to assist them with the process of choosing the right home for them (running them through floor plans as well as interior and exterior upgrades), however, they are coming to the table having done a lot of the footwork themselves. Smart builders are making sure that they establish strong, personable interactions with potential buyers while remaining well-informed in order to establish a trusting relationship.
Technologies are continuing to play a huge role in changing how both consumers and industry professionals are approaching the market. Although bringing up listings and community developments on your phone or tablet has become the norm, it is just the tip of the iceberg. Be sure to follow SkyHome’s blog series for more information about what’s happening in real
estate these days!