Technology Driving Change In Property Market

7th April 2020 posted in Sellers

The changing nature of technology has been at the heart of the property industry for many years, and this will continue to be the case. If you think about the way buyers search for homes and vendors list a property, technology is central to the buying and selling of homes. With the Coronavirus crisis impacting the property market, it is no surprise technology will drive further change.

Government guidance to the housing industry has emphasised the importance of using technology, with virtual viewings cited as a great way to let buyers see homes. While high-quality images have long been an integral factor in promoting homes, there is a sense that video content will become even more vital.

With a lot of people working from home, these people will feel more confident about video connectivity and communicating live online. Over time, this will feed into buyer behaviour, which means there will be a more significant number of people who are more than content to view homes over a video link.

There will be a growth in demand for virtual video tours of rental property

The following video formats will be in demand from buyers and vendors regarding the housing market:

·         Live “open house” sessions

·         Question and Answer sessions

·         Tenants communicating with landlords/agents via video connectivity

·         Video walkthroughs of a property

·         Virtual video tours

Change is often a daunting prospect, but the housing market has proven itself to be robust and adaptable to change. Improved communication will speed up property transactions, and fast-developing technology will ensure there is no compromise when it comes to how people engage and interact.

As agents, we are here to assist you with the process, and while many people will need time to become comfortable with new video technology, it will happen over time. A lot of people would have said they wouldn’t get to grips with the internet and social media. Over time, their use has become second nature, and this will be the same with video connectivity and communication in the property industry.

Virtual tours help prospective buyers to feel more informed

The use of virtual tours and videos may lead to a decrease in the number of viewings for a property, but this isn’t necessarily an adverse outcome. While there will be prospective buyers with an initial interest who decide against following this up, the people who do arrange a viewing will likely have a higher level of buyer intent.

In the property market, quality is more important than quantity, and it is better to welcome a smaller number of motivated buyers than a large number of buyers with minimal intent.

The use of Q&A sessions and “open house” video sessions will also provide buyers with a lot of information. Providing prospective buyers with as much guidance and information as possible is always a smart idea, as informed people are more likely to follow up an interest in a property. Therefore, improved video technology should be viewed as a positive thing for the property market.

At Hunters Hornchurch, we are on hand to ensure you receive all the guidance you need in the local property market, and we are here to assist you.