The rapid advancement of technology and AI is revolutionising the real estate industry and changing how properties are being bought and sold.
Here are four technological advancements that can save you money and time, and reduce stress.
Virtual Tours
- Virtual tours allow buyers to explore properties remotely through immersive 3D walkthroughs and interactive videos. This saves time for buyers, reducing the need to spend weekends at inspections. It also expands the pool of potential buyers, especially for properties located far away.
AI-Powered Valuations & Reports
- Artificial intelligence is speeding up many processes behind the scenes, including understanding the pricing of properties with valuation and report generators. AI algorithms analyse vast amounts of market data to generate accurate property valuations for banks and financial institutions to support their lending decisions. As a property buyer or seller, you can easily find property and suburb reports free online (we’d be happy to provide one), which can help you understand the local market.
Online auctions
- Online auctions have gained in popularity significantly, providing a transparent and efficient platform for buyers and sellers. They typically take place on specialised real estate websites or platforms. With features like real-time bidding and transparent price tracking, online auctions offer a dynamic and accessible experience for buyers. The result can be quicker sales and higher prices.
Buyer Apps
- Platforms like SoldOnline and MarketBuy are streamlining the buying and selling process, offering features such as online auctions, transparent offer management and real-time communication. These platforms empower buyers and sellers to make informed decisions quickly and efficiently, minimising the stress and uncertainty often associated with traditional property transactions. Additionally, industry standards like RESO (Real Estate Standards Organisation) facilitate seamless data exchange between different real estate software systems, enabling smoother transactions and reducing the potential for errors or delays.
Secure Online Document Exchange
- Ready to sign the proper documentation? New innovations can help with that! Your conveyancer will now most likely use a cloud-based platforms to facilitate the secure sharing and signing of contracts, eliminating the need for physical paperwork. This can really reduce your settlement time.
Remote Identity Verification
- Identity theft is a major problem. However, technology innovations have significantly reduced the risk. Facial recognition and biometrics enable secure remote verification of buyer and seller identities. This reinforces protections against fraud, especially when it comes time to secure your mortgage and exchange contracts to buy and sell a property.