We all know how real estate consumerism used to work. Homebuyers search for a new property that fits their needs, using local listings and agents to find out exactly what’s available in their area. In many places, it continues to work this way. However, nowadays, the Internet is bringing new efficiency to the process. Buyers can find the exact properties that they are looking for without employing an agent, and new real estate applications like Propy enable buyers to make offers without having to call their agents’ offices first. Let us review what these changes in real estate consumer behaviors might mean.
Faster Transaction Times
If homebuyers are able to “pull the trigger” on house purchases by themselves, the transaction time required of typical buyers and their agents can be dramatically reduced. In the traditional model, an agent might work with a client for weeks or months before a first offer is made. In a situation like this, the agent would be holding onto the deal for ages, losing time and money because there was simply no other way. However, with modern platforms, there are cases in which agents would truly only be needed during several steps in a workflow, which can be completed digitally.
Home Sellers May See Marketing Efforts Rewarded
With homebuyers more active in the “search” step of the homebuying process, sellers can be rewarded by amplifying their marketing attempts. Better pictures, more active listings on more diverse platforms, and targeted social media activity can all improve outcomes over and above standard results from the traditional method.
Closing Costs Will Fall
Less time spent in offices, less paperwork, and fewer steps means lower closing costs for all. Propy’s transaction management platform has already proven that its method works in multi-million dollar real estate deals, and it continues to bring these results to a new generation of buyers and sellers.
Real estate consumer behavior is changing. Some people cling to old ways of conducting business, but most digital natives and young homebuyers and real estate professionals will say that this digital evolution is a change for the better.