real estate newsletter

Real estate, like most other industries these days, is right on the verge of some very significant change. In coming years, we'll see the internet play a much more powerful role in how we buy and sell, and most immediately, the introduction of more advanced online conveyancing practices will see a major shift in finalising the sales process.

While we certainly aren't at the peak of real estate change, some major evolution has already been introduced. Once adopted by agents and the public alike, these changes will likely inspire a chain of new technologies that will truly revolutionise property sales.

So what new changes and tools are already available for you to take advantage of?

1. Price finding and property report apps

Over recent years, a number of new apps and services have been released to the public, that provide the discerning buyer more power through knowledge. These apps draw on databases, historic records and other sources to deliver reports on the sales history of a property, its potential value, improvements that have been made, possible rental return, information about the wider area and likelihood of growth and further development. And all of this at the touch of a button, while you're standing in the property during an open house.

Information is now instantaneous and both buyers and sellers are benefiting. As well as keeping them informed, it also allows agents to be held more accountable — property owners can now question agents who seem to promise a high sales price in a market that likely won't support the result, and buyers no longer have to attend open homes where 'mum' is the word on the expected price. Examples include CoreLogic RP Data, Price Finder, and ANZ Property Reports

2. Giving the property owner control

Apps and websites that allow property owners to sell their own houses and even businesses, are starting to become quite common. While many have harnessed simple advancements, such as online display advertising and email communication, some, like Sale Ezy, have used technology to transfer the entire auction process into a streamlined online space.

From listing to bidding, answering questions and marketing, all aspects of a traditional real estate sale have been mirrored in an online environment, enabling more people from more places to view a property, get involved in an auction and boost momentum. Check out Sale Ezy's demo auction to see how it works.

3. Shared buying power

In the age of peer-to-peer sharing, communication and support, apps and organisations that enable people to help each other or band together to take advantage of opportunities have become more-and-more common, and real estate is no exception.

In early 2017, buyers were presented with an option that gives them group buying power that has the potential to save them thousands and 'get a foot in the door'. The opportunity involves the use of a middle man, a negotiator, who works with a collective of potential buyers and a developer, to reach an arrangement between the two parties. The concept behind the program is simple, by taking a significant offer directly to the developer, the buyers save the developer time and money in advertising, marketing, administration and help ensure finance for the project.

In assessing opportunities like this, it's important for buyers to remember that these purchases are made off the plan, generally before or during construction, and if scheduling issues or delays occur, or there are problems with the project as-a-whole, it is the buyer, not the middle man, who needs to navigate these issues.

4. Targeting buyers

Wide-scale and relatively untargeted promotion of properties has been a staple of the real estate industry. Newspapers were the foundation of advertising and essentially targeted anyone who read the publication, and in the case of major metro papers, a little property in Penrith may be seen by people living on the other side of the state. While this widespread and unspecific advertising can be useful, it would ideally be complemented by more targeted promotion.

The introduction of social media has now provided the perfect platform for targeted promotion. With personal profiles spelling out everything from a person's age, gender and location, to relationship and family status, their interests and behaviours, advertising can now be much more precise than ever before. When it comes to real estate, this type of precision is very beneficial, it means property owners can target people of buying age from specific suburbs, cities or states who are already interested in real estate. Return on investment is strong, as pay per click ads mean you only pay for people who are interested in the ad, as opposed to paying for a space that may or may not deliver.

5. Real inspiration

Buying a home isn't always just about the walls and floors in front of you, it is often about the potential that they present. And what better way to get inspired to see potential, than apps that contain hundreds of thousands of carefully compiled internal and external design ideas.

Online communities like Houzz allow you to view images of effective home makeovers and design, find professionals in your area and also seek out products for your home. Apps like Homestyler and Colour911 enable you to upload a photo of your own room and redesign it, or identify colour palettes that work well with items you intend to hold onto.

The introduction of these apps and online communities has already had a notable impact on how we approach real estate, and with whispers of things to come, the future looks bright. Don't forget to check back regularly at saleezy.com.au to see our most recent updates and additions to our already advanced online platform and service.