From buyers to agents, technology is changing how the industry operates
The technology sector is constantly making advancements and breakthroughs that inevitably influence real estate industry practices. Whether it is how properties are marketed, settlements are made or negotiations between buyers and sellers; online technology is fast becoming one of the most important aspects of real estate today.
No longer bound to banks and mortgage lenders, your home loan can now come from online platforms that offer highly competitive rates. Springing up to create further choice for consumers, online lenders can often work out to be cheaper in the long run.
Thanks to their minimal physical presence, these companies are making it cheaper and cheaper for investors to build a portfolio that provides the right rental returns. The lack of overhead allows their rates to stay competitive as well as allowing a person to go through the mortgage process in their own home where they can relax and be in familiar surroundings.
Using companies like these also means that consumers save on the time cost of applying for a home loan. Applying from the comfort of your home means that there is no need to make a trip to the lender’s physical location.
Another advantage of using these digital home loan companies is that they specialise in performing the checks needed online and can receive many of your documents electronically. The information in these documents and the identification you give can be verified in very little time.
In all, technology has helped empower the customer when it comes to home loans.
The settlement experience
In the past, the settlement experience in property could be generously described as stressful and quite painstaking. Thanks to technology, this is changing for the better.
Property Exchange Australia (PEXA) is a part of the natural evolution of real estate, where the convenience and streamlining that technology provides enhances the experience of all stakeholders in a property.
PEXA is an online property exchange network. For its members, PEXA allows for the lodging of documents with Land Registries and means financial settlements can be completed electronically. Its members include lawyers, conveyancers and financial institutions that are experts in the simplification of the exchange process.
Home buyers and sellers are able to search PEXA’s extensive network of conveyancers and lawyers to find the conveyancing professional that is the best fit for them in order assist in their settlement.
The conveyancer can then use PEXA to communicate with the home buyer or seller’s financial institution, submit documents, conduct title searches and conduct the transferring of funds which creates a fast and minimal stress settlement. Payments are made digitally and not via bank cheque.
There are lots of advantages that come with using a digital service like PEXA.
Practically eliminating the need for paperwork in the settlement process is the main benefit of using this service. When requiring the use of hard-copy documents, you can be at the mercy of delays that can come with errors in paperwork. Postage costs are also eliminated and in a process that can be very costly overall, saving every dollar is important!
Another benefit of using PEXA is that those buying and selling a property can use the SettleMeapp. This app allows for the process be tracked in real-time with greater efficiency. Some features of SettleMe include a personalised settlement checklist and real-time alerts via SMS or email.
Planning made simple
Apps are the perfect platform to put customer convenience into practice thanks to the handiness of having them on your phone, only a second away from use at any time.
Providing solutions for those in construction and real estate, magicplan allows for the fast creation of floor plans using only a smartphone or tablet. Once the dimensions of the floor plan have been created you can then use it as a cost estimator for all the required construction materials.
Floor plans that are created can also be generated in 3-D for a more complete representation of a property. This process also allows for the creation of virtual tours.
This is a technology aimed specifically at the professional side of real estate. Agents can use this as an easy tool when creating a comprehensive profile for a property for prospective sellers. The same can be applied to property managers when looking to lease a client’s investment property.
Pricing can vary depending on what is needed but in general is quite affordable. From a one-off on demand option that gives you a single floor plan forever to a monthly business subscription, magicplan operates on demand for its customers.
Improving maintenance management
New software is seeking to resolve some of the common frustrations surrounding the maintenance process for investors, tenants and property management professionals.
Bricks + Agent is an app that allows for seamless maintenance management and informs all parties of maintenance progress to maximise efficiencies. Tenants can request maintenance work, which will be assigned to a professional within the Bricks + Agent network and approved by the owner all at the tap of a button.
Additionally, tenants can track their tradie's progress as they make their way to the property - meaning that tenants will no longer need to take a day off work to wait around at home because they're unsure of exactly when their trades professional will arrive.
Best of all, with push notifications, all parties stay completely informed for maximum transparency around the process and its progress.
Embracing new technology
It is through embracing new technologies such as these that real estate and property management businesses can provide an innovative and comprehensive service to their clients.
Modern technology has changed how the people in the industry go about their business and will continue to adapt to new advances.
What technological advances have you seen in the real estate industry and where do you think the next technological leap will take it?