TMCnet Feature
February 17, 2021

How Is Technology Impacting the Home Buying Process?



The property industry is now one of the world's most prosperous enterprises. It's hard to imagine that we had to find a house for ourselves relying on word-of-mouth advertisements, property brokers, and newspaper classifieds just a few years ago. The advancement of technology has led to the expansion and transformation of the real estate industry. Whether you adjust comfortably or not, technology continuously advances, requiring us all to comply, eventually. The launch of listing hubs has taken the industry by storm. Developers are now recruiting technology firms to market their properties better.



If you are house hunting, you can now check out listings and study area facilities and market rates from afar. This is made possible as real estate agencies are now equipped with instruments such as 360-degree videos, drone imaging, virtual reality, and tours on FaceTime (News - Alert). Some real estate agents fail to keep up with such dramatic shifts, while others explore new technologies to catch up. To the home buyer, the universe of future homes or knowledge that they have not had prior access to is immersive, and at times daunting.

Statistics

On average, these are the general statistics for this rapidly growing industry:

  • Over 90 percent of realtors are now using social media to advertise listings.
  • More than 90 percent of buyers are now using the internet to carry out their search.
  • At least 50 percent of prospective buyers utilise a mobile application or website to search for a home of their choice.
  • Over 40 percent of buyers begin the purchase process for a new home by searching online.

How Technology Assists in the Buying Decision

Construction Technology

The demand for low-cost housing is increasing in some countries with lower environmental impacts. Therefore, property developers ultimately have to take into account the use of creative construction techniques. Emphasis includes modular construction and prefabricated architectural materials for the off-site construction and on-site installation of a building. In 2014, a business headquartered in China, Winsun, designed a 3-D printed home. This innovation brought about savings of up to eighty percent on structural costs and sixty percent on labour in comparison to conventional building methods. These are only a couple of the creative concepts property developers pursue internationally to reduce expenses.

Drone Photography

Offering prospective buyers an aerial view of the property is a rare and convincing way to grasp their attention. Drone photography is predominantly useful for estates or vast properties as it offers the spectator a detailed outline of the sprawl. Drone photography is suitable for any property type because it offers a greater intimacy in conjunction with virtual reality (VR) and artificial intelligence (AI) technology.

The Internet of Things (IoT)

The IoT is a major element of intelligent homes and house automation. This includes the automated operation of things around the home with a portable device or voice control from electricity to curtains. Smart home technologies have transformed the property industry. It is now a property developer's game-changing technique. Contractors are attracting buyers with ready homes on the internet rather than offering a house-shell. It is anticipatory that property agents may soon begin to use IoT for property searches.

Home Listings

Another thing that totally altered the way sellers and potential buyers viewed the method of searching for the property was the arrival of online home listings that acted as a meeting spot for sellers and buyers. Equipped with all the essential details, such as hospitals, schools, parks, shopping malls, and other surrounding facilities and services, a potential buyer is now better informed. Having all this knowledge before viewing the property physically equips you as a buyer with important information to govern your decision. It also makes it easier to eliminate properties that would otherwise have consumed your time, only for you to arrive on site and decide it is not the neighbourhood for you.

Artificial Intelligence

Machine Learning and Artificial Intelligence (AI) is the technology of machines learning how to enhance their performance based on trends or past knowledge. To adequately control costs, produce greater yields, and mitigate risk using algorithms programmed to anticipate and consider individual investor interests, these programs are put to use by property investors. The real estate analysis software improves how potential investors align preferred properties and enhances the broker's work.

Big Data

Much as today's big stories are VR and AI; big data may steadily be discontinued from conversations. Still, it remains as important in real estate as ever. Big data will have a great deal of impact on the market, from making business decisions to building improved customer interactions. Real estate firms often obtain a vast volume of data from repositories without examining the sector's dynamics or customer behaviour.

Any real estate company trying to approach the best buyers needs to know who they are, where they are, what they want to order, and how they can easily access them. Big data is a significant factor in improving the real estate process and an indispensable method for targeting purchasers. It will increase productivity unequivocally while enhancing customer support for property service companies.

Quick Sale Property

Above all, with all these technology upgrades, there is one crucial part of the home buying or home selling process that can be a colossal hindrance: the paperwork, valuations, solicitors, and cost implications of it all. Plus, as it can be time-engaging, you may want an option that will afford you a fast process.

Different online instruments have modified the way we view house sales and purchases, for instance, to assess the most efficient mortgage rates and evaluate and compare home values. The best method to quick sell property is through a company with extensive expertise and experience like We Buy Any Home. They'll take the headache of having to deal with valuers and solicitors or go through the arduous transaction process alongside management of costs. They will help make your property acquisition or disposal process a walk in the park.



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