Technology is streamlining the entire property buying cycle from search to close. Buyers and agents can easily access complete property data and comparables online. Consumers can conduct a comprehensive property search through their phone. It’s no longer essential to even physically see the property in person. Google Earth and mapping changed everything. Zillow and other online property sites have led much of the process. As technology and the ability to gather and analyze data quickens, real estate transactions becomes even more streamlined.
Here are four technologies transforming how real estate transactions take place:
The buyer can access what the fair market value of the home based on readily available data. Today, data drives consumer purchase decisions more than impulse and instinct. Real estate buyers are informed consumers. Whether acquiring a first, second or third home, they can access the data to determine the actual market value. They're empowered as a market to make better and more accurate choices. It’s completely transformed the entire real estate transaction process. Data is about options.
Mapping and Location Intelligence
Location, location, location. Buyers now have better access to deep spatial insights. Google maps started the revolution and companies such as Map It continues to refine our ability to collect a wide array of geographic data pertinent to determining factors such as real estate values and rental prices. We can now conduct an accurate flood risk analysis, which is a significant factor in determining property values. By mapping the geographic data that surrounds the property, buyers and agents can now source the properties with optimal environmental conditions for either personal or commercial use. A business seeking out a new office space can analyze where the available workforce is and commute time. Data
Virtual Reality and Augmented Reality Platforms
You can experience the property without ever physically stepping inside it. More buyers are purchasing property without ever seeing it on sight relying on data, videos and driven to make remote decisions. It’s a growing trend that will continue to dominate more of the market. Location independent home buying is on the rise. It’s easy to scour the globe for property for the ideal property remotely. Virtual and augmented reality technologies make the process even easier. They home search has gone global, and it is now longer necessary to get on a plane to make a transaction happen. We expect to see more apps emerging that integrate augmented reality technologies into the home search process.
Drones transformed the luxury market sales process because it gave agents the ability to supply clients with aerial views. Before drones, gathering these images was cost-prohibitive. Cameras placed on drones can capture big picture views of properties. When it comes to selling luxury properties, high-quality photos, and video have become an essential sales tool for agents.
Technology will continue to advance and refine the sales process in the next few years. Integrated apps are on the horizon. These apps can accurately price properties and provide users with the ability to assess whether or not a property fulfills their needs. Buyers can make better and more accurate purchase decisions.
Michelle Farber Ross