Over the last 15 years or so, technological advances have reshaped the norm in several industries. Banking, travel, the hotel industry, even the way we hail a cab-one by one, they've all undergone dramatic transformations thanks to tech-savvy entrepreneurs with a knack for upsetting the status quo.
One industry that is poised to turn is the Real Estate Industry. The way home-buyers access property listings, information in all areas of Real Estate are now easily available to Sellers and Buyers. With tech-loving millennials leading the charge among home-buyers, it's safe to assume that further disruption in the real estate industry is inescapable but what's behind it? It ultimately comes down to three key factors that are driving the trend.
If you wanted to buy a home ten years ago the first thing you'd do is connect with a licensed real estate agent to find out what properties were for sale in your area. Now, if a buyer wants to see what's out there, they can get it all right on their smartphone. While that's a step forward, it doesn't mean that buying a home itself is any easier.
Even though there have been developed apps that allow you to estimate how much of a mortgage you qualify for and what the payments will be, the same old headaches are still there in terms of finding a lender, applying for a loan and getting approved. Having to jump through so many hoops is a serious drain on time and hitting a snag can launch a ripple effect that slows down the entire transaction.
Finding a way to streamline the process is the obvious answer for both buyers and sellers alike. Uber is a notable example of how it's done. These days, if you call a cab company or a car service, you've got to go back and forth with a dispatcher to get a ride. Uber essentially cuts out the middleman and puts customers in control of how they get where they're going.
Applying that same principle to home-buying puts the focus on meeting the expectations of both buyers and sellers, rather than the process. When the obstacles to buying and selling, give more choices to consumers, like selecting the services they need and only paying for those services. The result is the industry benefits when it's easier for homes to change hands.
2. Buyers want more value for their money
In the pre-Internet days when agents were the sole source of information about the housing market the 6% commission they typically earn may not have raised much of an eyebrow. In today's economy, however, where wages have remained stagnant since the recession and home prices are once again on the rise, buyers are asked to pay Administration Fees of $350-$500.00 paid by the buyer.
Bottom line, it's simply not enough anymore for an agent to pull up listings of listed properties or walk buyers through a showing. To justify the commissions they earn, agents must be able to offer something different that provides their client with unique value. That's one need that tech companies are looking to fill.
3. Demand for information is high
The number one goal of buyers, sellers, is to make the most financially sound decision possible and to do that they need to have all the facts. Much in the same way consumers shop for anything else, from shoes to household goods, they expect transparency. Real Estate Websites are turning to Virtual or cloud operated platforms, big data and more. This means more interactions are taking place online versus face-to-face.
Realtors will be forced to change their strategies to connect with buyers. Improved access to digital legal and land records will clue the buyer into the history of the property, renovations and more. When buyers have more access to information the result is that prices, loan terms, and expectations come much closer to "fair market."
Town and Country Homes By Owner feel there's no time like the present, they have developed a system that is fair to Sellers and Buyers. They call it “Real Estate From A Different Of Point View. YOURS!”http://Townandcountryhomesbyowner.com