How Real Estate Technology Tools Affect the Real Estate Landscape
Google and the National Association of Realtors recently completed a study about the state of the real current estate market. While they focused on many topics, one such topic was how technology was affecting the real estate landscape.
Think about it; traditionally, when you wanted to buy or sell a house, you contacted a real estate agent, discussed your preferences and must-haves, and then scoured properties until you found one that you met your needs and wants, and then went to see it. But real estate technology tools are changing that single, simple, long-standing scenario.
According to the study, the above scenario is being eclipsed by a modern marketing strategy calledZMOT – Zero Moment of Truth – which is that anticipated point in time when traditional modes of shopping and purchasing are being overtaken digitally, through real estate technology tools such as search engines, social media, online videos, and so on. In terms of real estate and technology, ZMOTmeans that buyers are spending much more of their time pre-shopping – that is, deciding what they like and don’t like, if they want to buy or not, what they want and don’t want, and what they must have – than they have ever before, and this occurs before they ever approach a real estate agent. Digital media makes it easy for this process to happen. In regards to real estate and technology, here are a few results of that study and how the real estate market is being affected in recent years:
- Nine of out 10 homebuyers today now rely on the web as a primary resource for their initial home research.
- 52% of potential buyers use the Internet as their first stop when looking for homes instead of using traditional methods such as magazines, newspaper classifieds, or contacting an agent.
- One-fifth of real estate-related searches now occur using mobile devices.
- Home buyers are performing an average 11 online searches before deciding to take additional action. However…
- Of those nine out of 10 people who use the Internet to start their search, an astounding 89% of them still contact a real estate agent to help them during the buying or selling process.
Knowing that the potential home buyer will turn to the Internet when pre-shopping for a home, what does this mean for the home seller or real estate agent? You need to harness the power and far-reaching grip of the web. To do this, make sure that:
- The home you want to sell is available electronically for viewing on the real estate agent’s web site.
- You add pictures – and lots of them. This will show buyers what is available and can entice them to come in for a viewing.
- You use Facebook, Twitter, Pinterest, and online classifieds to your advantage. Even if your friends aren’t interested in buying your house, maybe a friend of a friend is. Word of mouth can stretch far and wide. Also, you can use Facebook, Twitter, and other means to answer questions or provide details of upcoming open houses.
- Keep engaged: Once you list your property using real estate technology tools, you still have to be aware of prospective buyers. At any time, they may request a viewing, ask questions, or need to see an extra photo. Therefore, you need to be available and prompt in your responses because if you don’t answer quickly, your buyer will lost interest very quickly.
- Don’t forget about traditional methods though! You never know what will catch someone’s eye and when. Also, everyone has their preferences, so by embracing both digital and traditional means of attracting buyers, you can reach more people than ever before.
By: Shamrock Financial