We are living in an era where technology has rapidly transformed the way we live and transact businesses. New technologies such as artificial and machine learning are now a mainstay in service and products that we use daily. A lot of companies from various sectors are now employing technology which improves productivity and efficiency across multiple apps and websites.
Real estate sector is slow in adopting changes. In this post, we are going to discuss in detail three of the biggest disruptors that will transform the real estate landscape.
Real Estate Search Platforms
In today’s world, the buyer has been empowered as a result of readily available data; almost everyone nowadays has a smartphone or computer making it easier to access online services and tools. Companies now find it hard to sell on potential customers as they are much more informed.
The same applies to the real estate sector; buyers have total access to a wide variety of services and tools that upgrades the property search process. According to a recent report, 42% of first-time buyers used online platforms as their first step in the home buying process.
Buyers use online tools to search for answers for their many queries; every aspect about the property can now be easily accessed on these online platforms. Buyers can now research further and even dig on their real estate agents.
Reviews on various real estate sites such as Zillow, Homelight, Google to mention a few play a big part in the choosing of agents.
Online Real Estate Transactions
Real estate sector is one of the last remaining industries to be disrupted by technology owing to its slow adapting pace due to slow transaction process and parties involved. In traditional real estate, home buyers had to rely on real estate agents and other professionals to conduct and close deals.
Due to technology, there is a power shift back to the hands of buyers with an online transaction dashboard that fosters a sense of independence such as the Riverfront residences. Buyers are now actively involved in searching for new homes and making offers with help from their realtors.
However, buyers don’t conduct their business independently as real estate is still crucial in the buying process. Agents help in negotiating and search for rebates and credits for the buyer. Online transactions have shifted the roles of agents from being a director to a navigator and assist buyers to process and understand the information on the dashboard
Rapid Closing Processes
This is 2019; a lot of home buyers don’t want to wait for anything. Clients desire instant a phenomenon partly attributed to the extensive use of smartphones; errands; errands are nowadays done in a matter of minutes.
Real estate closing process takes not less than 30 days, a great inconvenience for buyers. There are a few hindering blocks when it comes to faster closing process such as regulations and compliance.
New technologies such as new customer service and Proptech are quickly changing the way real estate buying and selling processes is done.
As time goes, we are going to see a total transformation in real estates such as digital mortgage platforms, increased search platforms, online transactions and faster closing process keeping up with the needs and demands of millennial-age buyers.