Technology has been transforming the real estate industry for some time and the restrictions and disruptions caused by COVID-19 have only served to accelerate the pace of change.
From virtual appointments to digital signage and from online listings to sophisticated data mining, technology has given real estate agents new and effective ways to connect people with property. Now the onset of COVID-19 is accelerating the pace of change as real estate agents look for new ways to effectively bring property to the market and sell it, in the face of restrictions and social distancing.
We look at some of the key ways technology is transforming real estate and what it means if you’re buying or selling, especially here in Perth.
Personalised listings
It wasn’t that long ago that the main way of advertising a property was via print. Buyers and renters would need to get their hands on the paper, scour the listings for properties they were interested in and then physically turn up at each one to see how well they suited their needs.
Then online listings revolutionised property searching. Suddenly, we could see images and read descriptions of hundreds of properties, quickly narrowing down our search, making it a far less painful and time-consuming process.
Now, property listings are entering into a whole new phase.
Today, virtual 3D tours and live streaming can take you inside a property without ever leaving your home. But if you do want to take a closer look, you can easily book an appointment to see it at the click of a button.
Not only is this giving real estate agents the opportunity to better showcase a home, but it’s also leading to more individual and holistic property journeys as buyers and renters get greater control over their property searches.
More targeted advertising
Technology has given real estate agents the potential for much greater control both over how they market a property and who they market it too.
You’ve probably already seen one side of this trend at play – the digital signs and interactive listings that are helping potential buyers see a property in a new and more engaging light. But there’s another side to it too.
Behind the scenes, there have been real advances in the way we can harness and analyse data. Now, instead of putting out an advertisement to anyone and everyone in the hope that some people will be interested, real estate agents can tap into their databases to make sure it goes straight to people we know are actively looking for a new home. We can also reach people we don’t know, who may not be on our databases, by targeting specific demographics and profiles through social media marketing, for example.
The way we can deliver that information is rapidly changing too, with social media, email and text messages giving us the power to actively pinpoint buyers and provide them with what they’re looking for.
Virtual transactions
It’s not just finding or even inspecting a property that’s moving online. Today, we can conduct the whole process virtually – from listing a home to completing the sale or lease agreement.
Video technology lets us book appointments, meet with buyers and sellers, negotiate a sale price and execute every part of the sales process from our phones. We can also arrange for contracts to be signed electronically, bringing a new level of convenience for buyers and sellers and opening up more opportunities to make a sale. And auctions can take place online via live-streaming.
For rental properties, we can carry out routine inspections virtually, increasing efficiency and giving both landlords and tenants better service and more control.
Greater client focus
One of the main ways we’ve found technology has helped our real estate business is in mapping out all of our online and offline processes. This allowed us to coordinate them, streamline them and better orient them to our clients.
It has also allowed us to link all the different processes in our office, from administration through to advertising and from our CRM to our communication.
This means we’ve become more responsive and adaptive, and better able to anticipate our clients’ needs.
What next for real estate in the Perth market?
There’s little doubt technology is changing the Perth real estate market, just as it’s changing the real estate sector more generally. Searching for and securing or selling real estate is fast becoming a more customised, efficient and effective process.
We don’t think it will be long before technology makes buying and selling a property in Perth an entirely personal experience, with open homes becoming an entirely private process. We also believe the best real estate agents will continue refining and improving the way they use data and match their database of buyers or renters with their dream home.
If you’re interested in buying or selling contact our team today.
[Sources/references]
https://www.farmweekly.com.au/story/6739636/some-relief-for-struggling-perth-market/
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