Far from being the harbinger of doom to the real estate (RE) industry that many are claiming the increase of technological solutions to be, these developments are actually moving NZ’s RE industry forward. From aiding in listings and marketing to confirming buyer profiles, technology is helping the RE industry step seamlessly into the 4IR world.
Reduces manual processes
The RE industry is admin-intensive and can prove a headache to anyone trying to manage all its moving parts. Where back in the day estate agents would have to do a lot of manual filing, contact updates, and form processing, technology now exists that enables them to easily and automatically manage these aspects. Agents can also now access data regarding anything from property trends to selling prices, so as to better valuate and match properties and buyers. The reduced need for things like manual calculations means higher accuracy, and the reduction in time taken for repetitive tasks means that agents can focus on other, higher-value areas instead.
Thanks to big data, social media, and online listing platforms, NZ agents have access to a far larger pool of potential buyers. In the past, homes would primarily be marketed to individuals in the immediate area, unless buyers from out of town happened to contact an agent directly, or an advertisement was placed in a regional or national newspaper. Now, it’s possible to reach potential buyers situated anywhere in the country, or even abroad.
But marketing doesn’t stop at increased reach. Developments in live streams, 3D rendering, and video and image quality means that even technologically challenged RE agents can put together digital marketing campaigns that promote a house far better than even just a few short years ago. Think about it – potential buyers can now conduct a full home viewing without even leaving the comfort of their couch; and they can access all kinds of data related to a home’s age, most recent inspections, nearby amenities, and more to help them make an informed choice as to whether or not to put in an offer to purchase. By embracing technology as part of a home’s marketing strategy, agents are far more likely to make a good sale in a shorter turnaround time than what was previously possible.
Helps with comparison
NZ’s best RE agents will go out of their way to match legitimate buyers to available properties. With the help of technology, things like credit checks and sources of income become much easier to conduct, which means that agents are better able to ensure that only buyers who can truly afford a specific home are considered. This saves a lot of time and heartache for all concerned. Similarly, comparison sites and client reviews help buyers and sellers find good agents, which, in turn, keeps agents on their toes and ensures that they continue to provide good services.
As person-to-person interaction becomes more vital in the digital age, it’s good to see that technology can actually help, rather than hinder, NZ’s RE industry.