Mobile apps and improved browsing experiences have combined to create an on-demand economy where many products and services can be had within minutes by the simple tap of a finger. Everything from pizza delivery to maid service can be booked instantly. People conduct a search, place an order, and expect speedy service.
Tech Trends in Real Estate
Some of this technology has worked its way into real estate. Mobile apps match potential buyers with available agents in their neighborhoods. Additionally, virtual reality (VR) home tours are slowly starting to replace open houses.
According to a November 2018 NAR report of Profiles of Recent Home Buyers and Sellers, 83% of all respondents frequently used the Internet to search for their home, and 90% of buyers found online photos to be very useful. These figures may help explain the popularity and disruptive potential of online real estate platforms.
The NAR also found that while 50% of shoppers started the search process online, 90% made their purchase through an agent or broker. It seems as if consumers find the Internet to be a useful source of information. However, real estate professionals are still needed to help buyers navigate the market.
Simplifying the Home Buying Process
The Internet and mobile applications are changing how people search for real estate. New platforms like Propy make it possible to close a deal in a virtual environment. On Propy, users access listings aggregated from MLS. For the transaction, paperwork is uploaded and signed through the company’s All-in-One Transaction Platform. Pertinent documents, including the deed, are stored on the blockchain. There, they are securely encrypted, but they can still be available to interested parties.