Tech trends transforming how we buy and sell homes
No industry is immune to the technology revolution, especially not real estate.
When it comes to buying, selling and even building property, technology is playing an ever-increasing role.
In the real estate industry, forward thinking agents are harnessing the power of technology to promote houses to buyers in new and dazzling ways.
These are some innovative tech trends that you may have already noticed infiltrating the real estate industry if you are currently buying, selling or building a home:
It’s all about video
Buying property is a huge decision and largely a very emotional experience.
Real estate agents aim to make an emotional connection between a buyer and a home and they are able to make that connection stronger than ever with the help of video.
Filming a video and using beautiful shots of the home and surrounding areas, accompanied by a soundtrack that brings out strong feelings, gives the buyer an added incentive to book that viewing appointment.
Agents are also able to introduce the current homeowners and ask them on camera why they loved living in their house, creating a narrative that speaks to potential buyers.
Now it’s not just a house, it’s a home filled with resonant stories.
Rise of the drones
Speaking of video, have you ever wondered what your dream home looks like from above?
Wonder no more! Real estate agents are using drone footage and creating grand, sweeping previews to present a lifestyle as well as a property.
In the USA, one agent splashed out with a $40,000 budget, complete with drones and models in swimsuits to sell a Hollywood home worth over USD $33 million.
The effort paid off with a sales commission of around $1 million.
Drones can even fly through houses to give real estate videos that have extra pizzazz and take the viewer on a journey from a different angle.
The Australian property market has a huge amount of interest from overseas buyers and expats looking to return home.
This demographic often enlists the help of buyer’s agents, who charge a commission to find them their dream property.
Wouldn’t it be amazing to be able to walk through a home, no matter where you are in the world? Virtual Reality (VR) headsets make it possible to do just that, viewing a home in 360 degree detail.
The wearer can inspect a property and make a more informed decision as to whether or not they wish to buy.
According to Melanie Hoole of Hoole Marketing, a Sydney based agency that specialises in real estate marketing, “VR is also perfect for new developments, allowing people to get a feel for what a property might be like that isn’t even built yet.
"Using this technology brings that emotional attachment and also allows buyers to try out different finishes in the kitchen, bathroom and elsewhere in the house before they commit to making a purchase.”
Social media platform Facebook added a feature this year that is growing in popularity – Facebook Live. This allows people to stream whatever they’re doing direct to their followers.
Applied in the real estate industry, Facebook Live is an accessible platform for sharing auctions, with many agents getting on board with the technology.
“People are definitely watching,” says Melanie Hoole. “Viewing an auction gives people the chance to build their confidence to bid for themselves one day.
They can watch from the comfort of their own home to understand how an auction plays out. So many homes are sold by auction these days that it pays for buyers to be prepared.”
Live Facebook videos can be commented on during proceedings, giving viewers the chance to ask a question of the agent. They can also be watched later by sellers who’d like to find out more about the auction process.
This technology is on the verge of hitting the mainstream across many industries.
For real estate agencies, 3D printing offers a chance to quickly and easily produce display models of soon-to-be-built apartments and complexes.
Beyond selling property, 3D printing has the potential to drastically reduce the price. Completely liveable houses have already been built in a matter of days using this technology in countries such as China.
Very little manual labour is required for this technique, meaning that there could be a new trend in affordable housing heading our way very soon.
Find out how one Australian real estate agent is relying on the potential speed available over and the power of the nbn™ network to change the way he does business and provide better service to his customers.