Click and collect, on demand, swap & go, add to cart….. sound familiar? E-commerce is taking over the world and when shopping for a home it’s no different. The internet has become an essential and indispensable tool in the home search process with nearly 100% of home buyers using it to search for a new home.
But when it comes to timing, the online space has shed light years off the process of buying a home. Buyers can now have a contract in their inbox before leaving the open house. They can download a strata report from their living room, forget getting to the bank for a deposit, most are now wiring their deposit via EFT.
From the Agent’s perspective, getting a new listing online is done in 24 hours, whereas 20 years ago it took a week. Agents now use Apps to register buyers at open homes, whose details transfer immediately into their database, and at the push of a button they can alert buyers to new listings in minutes. Mobile devices allow buyers to see information on new property listings from anywhere, at any time and save inspection dates and times to their calendars, and organise their inspection lists. A buyer can complete their due diligence quickly, purchasing online building & strata reports, and position themselves to make offers on properties in 24 hours. It’s no wonder that properties are selling faster (on average in less than 30 days).
More and more genuine “Off Market” listings are now in play, as Vendors take advantage of their Agent’s ability to tap into their electronic platforms to reach buyers instantly. This substantially decreases both the cost of traditional real estate marketing and days on market.
The only problem that Agents have in 2020 is keeping up with the available technology. But there’s probably an App for that.