According to our data, 41.64% of future homebuyers will begin their property search on a desktop computer while 58.36% will be using a mobile device.
As more and more people are becoming tech-savvy, buying a home has become a faster, more interactive, and a more engaging experience.
Let’s look at the five ways technology is revolutionizing the process.
1. Search results are more relevant and cover more ground.
Before: Buyers have to rely on what’s advertised in the classified ads or would have to ask for leads from real estate brokers they know, which limits their options.
Now: Thanks to the internet, buyers can now be more specific with their search and zero in on the kind of home, location, size, and price range, among other parameters.
2. Buyers can experience the property in the comfort of their own home.
Before: Buyers have to set aside time for open house events – time they could have spent doing something else. They also have to sit through Powerpoint presentations and look at brochures. Aside from having static images, brochures are often misplaced and forgotten.
Now: Virtual tours provide buyers 360-degree views of the property they’re interested in, wherever it is in the world. It gives them a better appreciation of the property’s features since it simulates an actual walk through. And because it’s online 24/7, potential buyers can go on a virtual tour anytime, from any device, and can even share the links with family members and friends.
3. Home loan applications can be processed faster.
Before: Buyers have to schedule frequent visits to banks to get loan application documents and to follow up the status of their applications.
Now: Buyers can now speed up the process by downloading loan application forms online. They can also find out if they’re pre-qualified for a loan application, track the status of existing applications, and use tools to assess several loan estimates and ensure that they’re getting the best deal for their financial standing.
4. Buyers can make smarter, more informed purchase decisions.
Before: People have to actually live in a home and neighborhood to know what it’s like to be there.
Now: With vicinity maps and community reviews posted online, buyers can now weigh the pros and cons of a home and community they’re considering long before they’ve made the initial down payment.Technology has virtually eliminated all of the guesswork in property acquisition.
5. Buyers can look up a property agent they feel they could trust.
Before: Home buyers solely relied on the “kakilala” system to look for a broker.
Now: Since a buyer-agent relationship is based on trust, buyers can do a background check on potential agents by going through online sources.
Looking for a technologically-driven home? Start your search here.
