Photo by rawpixel on Unsplash
Guest post by Lucy Wyndham
For most people, buying a house is the most important investment they’ll ever make, which is why the process is a little bit long and complicated. Buyers take an average of 4.3 months to search for their new home, while millennials take just under four months, and silent generation buyers take 5.6 months. This process is beginning to change, however, with the introduction of smart technologies. While we know and understand just how smart technology is infiltrating our homes and everyday lives, it’s important to understand how it is impacting the home buying process.
Streamlining Lengthy Processes for Efficiency & Personalization
The process of purchasing a home in the United States, and many other countries, is highly inefficient. The complexity of mortgages, contracts, and closings makes buyers and sellers comfortable working with an agent, even if comes with a higher commission and overall price tag, but the introduction of artificial intelligence could change all of that. Chatbots that are equipped with smart learning algorithms have the potential to revolutionize lead generation processes for real estate companies as well as completely change the way they provide customer service. By automating the initial stages of contact between agents and prospects, which is often one of the most time-consuming parts of buying and selling a house, an AI chatbot can be more engaging based on customer behavior and feedback, resulting in a better, more personalized process for all involved.
The Ability to View a Property in Virtual Reality
Physically viewing a home is one of the most important factors in purchasing a new property. While photos and videos have emerged as a way to show off properties, they’re often insufficient and don’t really allow the potential buyer to immerse themselves into the space, which is why virtual reality tours have become so popular. This has been a revolution in home buying technology and it’s also enhanced the way houses are marketed, as well as having a significant impact on the speed of sales too. If a buyer can view 50 properties in the amount of time it traditionally takes to view one, they are cutting down on transportation costs, saving time, and facilitating the ease with which they can make their decision.
Real-Time Stats Are Reducing Risk
The process of buying a home is daunting to say the least, but smart technologies are permitting companies to release and convey information in a much more transparent way. Creating real-time market coordination where sellers can easily and seamlessly sell their properties in a way that is totally transparent not only helps reduced risk and increase decision-making, it keeps prices low. Real-time market coordination and statistics regarding pricing, changes and market value allows real estate companies, buyers, sellers and agents alike to focus on transparency and efficiency that reduces the cost of ownership. That’s a true revolution in real estate for anybody who has ever had to buy or sell a home.
The Future of Tech in Real Estate
As technology and innovation continue to reshape the industry, emerging smart technologies will continue to create opportunities for real estate companies, buyers and sellers to take advantage of improved systems, streamlined processes, transparent deals and an overall personalized process. Artificial intelligence, virtual reality, and access to real-time values will all continue to impact and improve the way people purchase homes in the United States and across the world.