As technology evolves, industries that haven’t changed in decades finally do things differently. The rise of smartphones and real estate apps has changed the way people buy real estate today, and everyone is better off.
Let’s take a closer look at what’s different and some of the various benefits.
More and Better Information
For almost everybody, a home is going to be the most expensive purchase of their lifetime, especially given the current market. In Toronto, it’s hard to find a detached house for under seven figures, and these prices don’t appear to be dropping anytime soon.
In other words, you can’t go into this blindly. There’s a lot to know about any home you’re considering buying, and the information doesn’t just rush to disclose itself to you. New homebuyers may not know what to ask and may struggle to get a straight answer.
Digital platforms like Nobul put reliable information into the hands of consumers while they’re shopping for homes. In a Toronto Life profile on Nobul’s founder Regan McGee, the platform is described as “the world’s first and only open digital marketplace that connects consumers with the right agent for their needs.”
These platforms provide greater insight into the market you’re buying into, giving you the macro data you need to make an informed decision.
Know about the home’s previous prices, view homes by location, or whatever other filter you want.
Incentivized to Help Consumers
In the past, real estate agents took a 5% cut no matter how much work they had to do. On digital real estate platforms, agents get user reviews like you’d find on Airbnb or Uber.
If they command a 5% commission, you’ll know if they’re worth it. Otherwise, agents need to compete for new customers in a more transparent atmosphere than can be found in the traditional real estate agency. Deal flows that work in the consumer’s favour are a big win for those looking to enter the housing market.
Lower Commissions
Consumers can leverage resources like apps and other technologies that will charge them lower commission fees than they’re likely to get outside of a digital product. Look for a medium that can save you money while providing all the support and help you’re used to.
Nobul is an open digital marketplace that enables buyers and sellers to see real estate agents’ transaction histories, pricing, services, and reviews, all right in the open. After you assess this information, Nobul will connect you with the agent offering affordable commission fees.
Predictive Algorithms
Knowing data about a home’s past is one thing, but algorithms that can reliably estimate home values are another crucial tool. An algorithm isn’t meant to be taken as 100% confirmed, but it’s a powerful way to leverage available data and obtain a powerfully revealing sales point.
Proptech — the colloquial term for property technology — can help consumers navigate the complexities involved when buying a home. With such an expensive purchase, people need support, guidance, and a tool to simplify matters. Scour the market to find the most suitable proptech platform for you, using the above criteria as a basis of comparison.
