The Future is Now: How Technology is Making Property Transactions More Convenient

As the digital age continues to transform how we live, technology is progressively becoming integrated into everyday life. These days, hardly anyone can get by without a smartphone, the Internet and a home computer – and with such mod cons at our reach, it’s becoming more commonplace for transactions and business deals to take place online, too.

The property industry has not be immune from this advancement – in fact, it has enthusiastically kept up with the evolution of digitisation.

In the United States, the industry belief is that we’re headed towards seamless transactions: Rick Sharga, CMO of California real estate firm Ten-X, confirms: “The notion that people will be able to buy and sell properties wherever they are, whenever they want, using whatever computing device they feel like, is where the industry is going.”

Whether such a fast-paced state of play will be adopted in Australia remains to be seen!

That said, we are already seeing evidence of several ways in which technology is simplifying property transactions, for both buyers and sellers:

  1. Real-estate apps
  2. Apps continue to make life easy for agents and vendors, compiling complicated services into handy, user-friendly packages. For instance, Australian depreciation experts Washington Brown have developed the Property Calculator app for iOS, which helps investors to calculate expected depreciation tax benefits. The BMT Tax app serves the same purpose for Android users. Buyers can also determine the best properties and suburbs to invest in through the Suburb Investor app, which utilises data from CoreLogic to provide information on value. And of course, a good browser app never hurts to get you access to the top real estate websites.

  3. Social media
  4. One of the best places to list – and find – homes for sale these days is increasingly through social media platforms, such as Facebook and Instagram. Word spreads easily because postings can reach your friends, and their friends – and you never quite know who’s following along. Social media also enables a seller to show off photos and videos of the property on the market, and to even provide real-time updates on any work being done to enhance the property further.

  5. Virtual reality
  6. Interested buyers are now able to view houses through their screens instead of having to personally visit the property. Video tours are one of the most popular ways to market real estate, especially those that utilise 3-D software, as they enable you to experience a home halfway across Australia. Photo editing software is getting more sophisticated, allowing virtual staging – where you can add decor and furnishings to listings photos – in order to give buyers a premium idea of how the house will look once lived in.

Behind the scenes, technology is enabling faster processing of paperwork and correspondence, which may soon translate to faster conveyancing and improved finance processing times, leading to quicker settlements.

However, whilst there are now a number of ways that the real estate industry is evolving and improving, nothing quite beats the personalised touch of one-on-one service. Whilst these apps and advances help to facilitate long-distance (and even global) interactions, buyers and sellers ultimately do business at a personal level, through phone calls, text messages and e-mail. At Think Conveyancing, we leverage the best of technology to make our operations as efficient as possible, while also keeping our focus on our customers. For an obligation-free chat about your situation and how we may be able to assist you, contact our friendly team at Think Conveyancing on 1300 932 738, or request a free quote online.

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