In this digital age, industries that strive to stay ahead of the competition must transform the way they do business to adapt to evolving consumer behaviour. The real estate industry has been slower than most industries to adopt emerging technologies but is finally catching up with digital trends. The emergence of the PropTech sector in the last decade has seen many new technologies target the home-buying process faster to make it easier, faster and more transparent for all stakeholders involved.
Better search process with big data
Real estate companies such as Rightmove, Zoopla, Redfin, and Zillow now utilize big data to enable home buyers to make more informed decisions. Newspapers and estate agent windows are no longer the first place buyers turn to begin their property search. These online search platforms allow homebuyers to search almost all available properties online at their own convenience. They collect and compile data from current trends, consumer surveys, traffic info, demographic information, and other sources. This data is then aggregated, analysed and used to provide insights on pricing and potential property values.
Transparent bidding process through online auctions
Online property auction platforms are fast gaining popularity due to the convenience and transparency they provide for both buyers and sellers. BidX1 in the UK and Hubzu in the US, ensure that offers are negotiated in the open and no relevant information is hidden from the public. Buyers register, place a bid, and counterbid for a specified bid period. Sellers negotiate and complete transactions right after bids. All transactions are undertaken in a safe and secure online platform.
More convenient conveyancing process
There is considerable legal and administrative work involved in transferring the ownership of homes from one person to another. In the UK conveyancing can take months to finish. Buyers and sellers traditionally must be very patient from accepting an offer to exchanging keys on the property. This conveyancing process is both antiquated and poses risk for both parties as transactions frequently break down. Through technology, multiple stages in this this can be cut down to just a few weeks.
Notarize.com facilitates faster notarization of legal documents online. DocuSign uses eSignature technology to enable buyers and sellers to complete offers and sign contracts online. Meanwhile, Yourkeys manages the sale of new build properties, streamlining the process and delivering significant reductions in conveyancing times.
Streamlined digital lending and insurance process
Online platforms such as Habito, Proportunity and Hippo simplify the mortgage lending and home insurance processes. With streamlined workflows, the entire process timeline is significantly reduced. Buyers can upload their documents online while credit checks and underwriting are done automatically using advanced software. Companies employ a combination of industry experts and cutting edge technology to deliver transparent, and impartial services to help consumers feel comfortable they are getting the best deal for them.
3D / 360 virtual tours
3D and 360 virtual tours have made it easier for home buyers to view properties they want to purchase without having to physically go to the site. Housebuilders and estate agents use popular software such as revvis, Kuula, and Matterport to give their clients a complete walk-through of any property. These tours are especially convenient for long-distance or international buyers and those who cannot physically visit a site. More advanced 3D virtual tours allow housebuilders to provide immersive viewing experiences before a property is even built! Buyers have a deeper insight of what a new build home will look and feel like allowing a more confident off plan purchase.
Virtual and augmented reality make staging and design more exciting and fun. Companies like revvis that employ real-time rendering allow users to customise fit out or furniture choices to their own tastes, visualising changes immediately.
The Future of Real Estate
Undoubtedly, widespread digital transformation in the industry will completely change the way real estate transactions are conducted. Mixed reality technology makes the process more exciting and accessible. Artificial intelligence can predict pricing trends, understand consumer behaviour, and accelerate the search process while software tools automate and streamline the entire home buying process. With these technologies in place, it is clear that the digitised home buying experiences greatly benefit both buyers and sellers.
