Digital home buying has become more of a necessity then advancement. Until a few months back, the real estate market was adapting to technology sluggishly. But this unforeseen pandemic has caused the dynamics to shift in the favour of digital real estate giants.
Due to the new world rules of quarantine and social distancing, physically visiting the properties is out of books now. Customers want to sit in the comfort of their houses and avail the best services in every aspect and real estate is a part of this big game too. Gone are the days when buying a property meant shuffling across apartments across the city. The yesteryear process of home buying was taxing for both buyers, sellers, and third-party men. Hence, a shift in technology is being accepted by everyone.
Today, more than 4.2 billion people have access to the internet. Almost half of the property buyers admitted that they have researched the investment online before making a decision. Consumers are empowered with this ubiquitous tool with an abundance of readily available data. Around two-thirds of urban decision-making is entirely based on internet searches and data. On the times of Virtual Reality, the Internet of Things, and other digitization, it has become impossible to disregard the fact that it is time to adapt and grow.
Here is a list of reasons why digital home buying has become the future of real estate:
- An increase in Real Estate Search Platforms:
Internet is an open market for all. People have become more habitual to mobile phone searches. Every real estate search platform has launched its mobile-friendly applications which have made buying property a walk in the park.
There are a ton of digital real estate hunting companies providing information about all kinds of projects. On the contrary, developers have become more available too. They have a wider range of audience accessible on their phones. Marketing on billboards was a 20th-century tradition and today, every single company only depends on digital marketing. This means while sitting in Delhi you can connect with customers from Mumbai, Pune, and all over the country. This is also true for NRI buyers.
Real estate firms are also deploying creative social media strategies to attract customers. Rather than using sign advertisements, we now see Google advertisements to know what’s growing and selling. Online presence has become a large part of brand identity and real estate firms are trying to offer a great experience to probable customers.
- Easier to compare properties:
Property portals are enthusiastically collecting and providing smart property information. Every real estate platform has now launched 24*7 chatbots that assist the prospective home buyers conveniently. The amazing UI/UX of these apps have made property buying seamless. They can select, compare, and analyze every project just with a few clicks.
Apart from getting every information about the property and project, it has become easier for customers to get every detail about their investment. Walkability, closeness to schools, hospitals in the vicinity, crime rate, and accessibility are few of the many details that are available now. Digitalising real estate has stream-lined the overall home buying experience.
- Online Real Estate Transactions:
The online transaction was a hiccup that everybody expected. But with the growth of trusted payment channels, this has easily become a crossed hurdle. Payments can now be done with the utmost ease. Initially, buyers depended on third party people to close major projects. This power is now going back to the buyers. They have their independent decision-making involved in finalizing the project. Basically, brokerage charges will now become obsolete.
Digital real estate agents are also providing great deals to increase sales. Many platforms are offering rebates and referral discounts with concurrent pandemic situations. And will continue these discounts until the market gains stability.
- Virtual experience:
The growth of such superior online real estate agencies has changed the working model of the property reveals. Instead of investing a big chunk of money on show houses and designing flats, developers are relying on virtual staging and walkthroughs. These digital rendering methods have simplified the beautification process of the property. Let’s be honest, a staged house sells better than shell and core spaces. And real estate agents have been profiting from this, for ages. But technology has made their life easier. And for home buyers, it is an amazing experience too. They can sit in the comfort of their homes and have a 360-degree view of the prospective space.
Talking about virtual experiences, the other major change that we saw in 2020 was the launch of online property expos. Leading developers like Sobha Group organized virtual expos to attract customers worldwide. These could be a beneficial move for real estate companies to effectively launch their projects, provide offers, and share their stories with future clients.
- Faster Closing Process:
Studies have shown that digitization of real estate buying has already paced the buying process. Earlier major decisions took longer periods of extracting information, negotiating, and closing the deal. But with great tools in your hand, this process has become much easier. Homebuyers can directly get in touch with developers, strike a deal, and make quick payments. Many legal aspects like authorization are slowly becoming digital and would make things better.
For first time buyers who cannot afford full-time legal fees or facing issues can refer the internet for the solution. It is not a reliable source of information but every query is addressed online and some might find them apt too. The digitalization of data has surely made things easy for all.
- Transparency of process:
With the amount of openness provided by the internet, it has become easy to judge. With news and reviews floating everywhere, word of mouth has now become an online evaluation sheet. Transparency is a two-way street to be followed by both developers and buyers to make informed decisions. Being crystal clear with the clients is more like a necessity because nothing hides away from the realms of social media. But this transparency is truly profitable to the entire system of the real estate industry.
It is quite convincing to say that digital home buying is the trend and the future of real estate.
Sources –
https://www.forbes.com/sites/forbesrealestatecouncil/2018/12/10/three-predictions-for-the-
future-of-real-estate-tech/#3ee96c433803
https://realty.economictimes.indiatimes.com/realty-check/home-buying-gets-a-digital-
transformation/3935
https://housing.com/news/2020-digitisation-to-shape-indian-realtys-future-in-the-new-decade/