Reimagined transactions: leveraging technology to buy and sell

Reimagined transactions: leveraging technology to buy and sell

As market conditions change and consumer sentiment is hit by growing uncertainty, an expert says buyers and sellers need to ‘reimagine’ real estate transactions and recommends using technology to get the best offer.

Managing director and co-founder of virtual tour platform Little Hinges, Josh Callaghan, said leveraging technology can help any party to a transaction achieve the best results.

For buyers, Mr. Callaghan pointed out that the right technology gives buyers leverage when placing a bid, as it gives them access to more information, which helps them feel secure in a transaction.

“Knowledge is power – or money in the bank – when it comes to buying property. Real estate technology tools are there to give buyers access to more information, putting them in a position to negotiate a better deal,” he explained.

He noted that there is a growing demand to rethink the typical buying process due to poor decision-making by some buyers – some not fully grasping the importance of a home buying financial undertaking. .

“As things stand, buyers are forced to spend a average of nearly $1 million after a few five-minute free visits between two children’s sports activities on a Saturday morning, alongside 50 other families,” he commented.

To demonstrate the growing demand for using technology in the buying journey, he revealed that around 300,000 people virtually explore their open homes on a monthly basis.

But he pointed out that it’s not just virtual tours that give shoppers the upper hand. He pointed out that there are other tools on the market that now help people looking to buy property.

“Tools like virtual tours, pre-building and pest inspections, and other technological advances provide buyers with more information, allowing them to feel truly confident in their offering, not rush to make a purchase without all the information needed to make an informed decision,” he said.

Mr. Callaghan further explained how tech-savvy shoppers can get the most out of their money. “The 3D virtual tours, for example, are accurate to the millimeter, which means you can get quotes from contractors on the cost of renovations before you even move in. Knowing these types of costs in advance means you can incorporate them into your offer. for a property,” he said.

Additionally, the expert pointed out that technology allows buyers to make up their minds faster, which can make or break a deal in a time-sensitive market.

“Using technology in the property buying process also enables buyers to act quickly – buyers can get a better deal by acting quickly and negotiating terms because they are confident in their offer. “, did he declare.

On the other side of the fence, Mr Callaghan advised sellers to urge their agents to use technology when marketing their property to get the best deal.

With shoppers becoming increasingly critical of their purchases in a changing market, he said sellers also needed to step up their marketing game.

“Buyers know that photos are staged and not necessarily an accurate representation of a home. Research has shown that buyers are more likely to contact an agent if they use technologies such as video and virtual tours,” he said.

Mr Callaghan said that as well as enabling sellers to reach a wide range of potential purchases, the technology also helps to ensure that the deal will be secure.

“Technology not only allows sellers to reach more potential buyers, like the one in four who inspects from the highway or overseas, giving buyers all the information up front means transactions are less likely to fall to the due diligence stage,” he concluded.

Reimagined transactions: leveraging technology to buy and sell

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Last update: September 02, 2022

Posted: September 02, 2022

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