Thriving in the Digital Era

The coronavirus pandemic has spurred on the demand for tech and has meant that many people involved in real estate transactions who might have been reluctant to use digital technologies suddenly needed to rely heavily on them. There have been many inventive solutions to the question of how to deal with property interactions while maintaining social distance, and their applications will be relevant long after the pandemic has passed.

Real estate will always require personal contact and experience in supporting face-to-face interactions, but the exciting new digital innovations are helping to transform the way we do real estate.

Let’s look at some of the technologies that have supported the real estate industry through the coronavirus pandemic, and will continue to be used to support clients remotely, well into the future.

Property viewing.

Even in the past, some agents showed properties to people who lived far away by recording with a video camera and sending away the tapes. Remote viewing isn’t something that’s new – modern technology just makes it a lot more accessible for a lot more people.

3D videos of properties and online viewings make property inspections easy at any location. In fact, some aspects are even more appealing to clients that the traditional in-person inspections. Online videos allow clients to browse at their leisure, without needing to schedule a specific appointment, and they can set time aside to view as many as they like. Videos can be zoomed or panned to have a closer look at aspects that interest clients and they have the option to take their time instead of feeling rushed through the place.

Being online provides some other positive points – viewers can have other facts on hand like maps, reviews of the area, and research lifestyle options while they’re searching. It might not completely take the place of visual inspection, but virtual tours make it much easier to narrow the field and save time during a property search.

Auctions.

After governmental restrictions on interactions, the number of auctions dropped off in favour of selling through online listings. However, the initial period of uncertainty still saw an unliveable house in Thornbury sell for $130,000 more than its reserve price. Auctions might have slowed during that period but they are still very much an option.

While remote bidding and other technological options have been around for a long time, auctions are moving even further ahead. Bidding platforms like Anywhere Auctions and Gavl.com list properties and allow interested parties to watch and bid at auctions in real-time. It also offers online functions such as signing sales contracts and completing digital sales authorities to sign up vendors.

The online platforms enable agents to run online checks on the people who are bidding, using personal information such as a driver’s license and passport. Within minutes, the agents can have a list of potential bidders who have already been vetted. Online options can work hand-in-hand with traditional in-person auctions, such as holding auctions only with pre-registered bidders.

The paperwork.

Reading and signing contracts is extremely important, but the turnover times between drawing up the contract, getting it to clients, having them read and sign and then return them is a long process – and that’s if there aren’t any changes to be made.

Having the contract available digitally can speed up the process, as well as making it safer during times of no-contact, or long-distance sales. Done properly, online contracts are just as legally binding and an environmentally friendly option, not to mention more convenient for most people.

A digital future.

While many forward-thinking real estate agents were already on the path to adopting and utilising technology within the industry, the coronavirus pandemic and resulting restrictions meant suddenly those options became vitally important.

Having the option to view properties remotely, bid at auctions, sign contracts, and complete all the relevant processes online makes the property market more accessible from any location. Like most digital technologies, it means that people looking to buy, sell or rent property can look further afield and can carry out extensive research before they have even walked in the door.

Real estate will always require a measure of personal contact and the experience that comes with extensive time in the industry. Technology isn’t a replacement for a good real estate agent, but it can help support the client’s experience.

The team at Love & Co are experts at combining the best of both worlds, staying up to date on the latest tech but still specialising in a personalised, client-centred approach. The new reliance on providing remote options for clients is here to stay, and the technology will only improve to further support the buying, selling or renting experience.