words Alan Woods
For now, the process of selling your home is relatively mundane. From listing it with your chosen agent to arranging viewings and negotiating in price point, it can be arduous, time consuming and one of the most frustrating processes known to man.
We are on the cusp of a technological evolution in the property market, however, and one that has already transformed some industries such as gaming. It might even have an impact on future home designs.
Led by frontier technologies such as augmented and virtual reality, this evolution will change the process of selling our future homes and upgrade it for the modern age. But how exactly will this change manifest itself?
A Different Way of Selling our homes in the future: The Age of Big Data
According to a new report by The Future Laboratory, by 2025 there will be three clear trends that will have changed how we sell real estate. The first of these is the impact of big data on society and within the property market, which is driving increasingly personalised property searches nationwide.
So, while sellers currently deal with cash buyers like Flying Homes or create a basic listing on sites such as Rightmove, in the future they will be able to leverage more detailed data surrounding location and the psychological profile of buyers to market their future homes more effectively in the age of big data.
In short, sellers can develop a far greater understanding of buyers and their individual preferences, and use this to highlight appealing features of the property and the local amenities that are likely to gauge interest.
Visualising Real Estate in the Future: From Drones to VR
Similarly, new technologies will also change the visual techniques that sellers use to market their homes. The most interesting example of this is the use of drones, which can explore areas outside of a home that cannot be reached or explored by existing technology. This type of technology is becoming increasingly affordable and accessible, so sellers can leverage this to present their property in a more detailed and visually engaging manner.
This can also highlight interesting selling points such as low noise levels and traffic-free areas, which are likely to appeal to young families and specific buying demographics.
Then we have VR, which provides an obvious platform from which sellers can host virtual tours of their properties. The technology can go far beyond this, however, as it has the potential to constantly broadcast details of a property to anyone who owns a smartphone or has access to wearable-technology. These virtual tours and explorations can also be shared in real-time with interested buyers, who have registered an interest in your property online.
This has already begun to trigger a shift in the U.S. market, where an app called Opendoor has enabled buyers to visualise properties in 3D through their smartphone. They can then attend the property straight away and use a secure access code to explore it for real, optimising the chances of a quick and profitable sale for owners.
The Last Word
While technology may have taken its time to influence the property market, it is set to become a key driver of its future growth. More specifically, it will enable sellers to list and market their properties more effectively, while also ensuring that that they are able to target motivated buyers who have the desire, and the means, to make a purchase.