How Tech Is Changing the Home Buying Process

How Technology Is Changing the Home Buying Process

Potential homebuyers rely heavily on a real estate agent’s expertise regarding what the home buying process is like. With so many new technologies rapidly altering the landscape of modern real estate, it is more important than ever for agents to stay on top of industry trends.

Smart Phone Technology

With all the new technology flooding the industry, many potential homeowners are likely asking themselves, “How does buying a house work these days compared to the past?” Well for one thing, the home buying process has gone mobile. With the integration of smart phone technology, information is more accessible than ever for those looking to purchase a home.

Optimizing a website for mobile is no longer a suggestion for today’s real estate agents—it is a necessity. More than half of all searches take place via mobile devices, making the development of an effective mobile strategy an essential component of any agent’s success. This applies to everything from web design and content to email formatting.

Apps are another way smart phone technology is changing the real estate game. Real estate agents are able to connect directly with potential buyers conveniently and in real time through apps like Zillow and Redfin. As these platforms continue to grow in popularity, agents are presented with tremendous opportunity for growth.

Augmented Reality & Virtual Reality

Augmented reality (AR) and virtual reality (VR) are rapidly changing how agents show houses to potential buyers. These technologies provide a more immersive experience for buyers seeking to get a better feel for a property. The detailed, immersive images provided by AR and VR programs are even being paired with high-level drone imaging for a more complete approach to showing properties.

Big Data

Data is plentiful in the real estate industry and can be used in a variety of helpful ways. Property history, neighborhood statistics and other buyer-facing information can help prospective homeowners make better informed decisions.

There is a different kind of data though, that is very useful to agents. Predictive analytics uses consumer behavior data to map out ideal purchasing conditions and identify the best leads for agents to pursue. Just like with Netflix recommendations, agents using predictive analytics may be able to know exactly what clients are looking for, even if they do not know it yet themselves.

Smart Homes & Sustainability

Smart home technologies provide homeowners with an unprecedented level of convenience and connectivity. As technology becomes more and more heavily integrated into homes, the bar for what is impressive to potential buyers is rising. Staying competitive in the current market requires the highest tech systems that satiate both a buyer’s desire for efficiency and convenience as well as the growing focus on green living. Properties that come readily equipped with smart home technology for a more sustainable lifestyle are in high demand given the current real estate climate. Learn more about how Smart Comes Standard in every Perry home.

Artificial Intelligence (AI)

Artificial intelligence (AI) is revolutionizing the real estate industry in a number of ways. From machine learning in smart devices and predictive analytics to the automation of everyday marketing and management activities, virtually every corner of the industry is being infused with AI.

AI is what makes chatbots, email automation, social media account management, push notifications and so much more possible. The daily tasks that once took up so much of a real estate agent’s time are now essentially autonomous, allowing agents to allocate more of their valuable resources to clients and property showings.

Blockchain & Smart Contracts

Blockchain is best known for its cryptocurrency applications, but the technology is finding its place in real estate at an increasing rate with smart contracts. The same computer-based protocols and verification requirements protecting cryptocurrencies are applied to these real estate contracts, adding extra security to prevent fraud or information theft. This not only provides a more secure process, it can also save valuable time and money for both buyers and sellers.

Blockchain is also being used to simplify and secure property management and rental processes. The technology is sure to become more of an industry staple in the near future, so it is in any real estate agent’s best interest to jump ahead of the curve and get familiar with blockchain and smart contract applications.

With technology altering the landscape of the real estate industry so rapidly, it is more important than ever to stay informed about what the home buying process is like for potential homeowners.

At Perry Homes, we are committed to walking alongside both agents and their clients as they navigate one of life’s most important purchases. For more information on available Perry Homes properties, register for our Agent Inventory Update Emails.