Millennials are the face of a lot of markets, especially the new homeowner market. This age group gets a lot out of the experiences of events. When it comes to online business, millennials have certain criteria they prefer. According to an article published by Core Logic, millennials expect to start their home buying process online using databases to search for homes for rent or sale. Self-service options must be a part of the process, they want to be able to only ask for help when needed.
It is more important now more than ever for realtors to create a digital presence. The experience and technology side of the experience is the main portion of what makes or breaks it for them. If the latest tech is not used in this experience, it may leave a negative impact on their decision making process.
Online real estate marketplaces like Zillow are booming nowadays. Most people search for general information and details about a property before making the decision to move further. The days of going in person to scout out properties are going away with the technology that online real estate marketplaces can do.
Not only with the current times with the pandemic, initially scouting out places online is less time consuming and can fit into anyone’s day. On your lunch break? Waiting in line for some reason? You can pull out your phone to look up listings. It is as easy as that and you don’t even need to be at home to do so.
Millennials actually make up the biggest portion of first time home buyers. According to a report by Real Estate in a Digital Age, 66% of first time home buyers are millennials. This generation makes up a large percentage of buyers in the market now and for years to come.
This generation is single handedly changing the ways of the home buying experience.
With the Coronavirus pandemic comes the rise of virtual business. All types of businesses have had to resort to switching to online for many reasons, including the real estate world. In normal times, buying a house or selling a house would require countless hours and days of in person meetings and open houses but with a pandemic crashing on us, all of those processes have had to go virtual.
Signing formal documents and contracts have been put online using DocuSign. Open houses have been converted into virtual home tours where you can explore them online with sophisticated software such as Matterport.
As we get further into this pandemic and we become more comfortable with virtual business, companies are putting more and more of their business online. With selling or buying a home online, a person will have to sign major contracts and documents virtually or potentially make a decision to start the process of buying a home just from seeing a 3D virtual model of their home. This is a wild concept to get comfortable with when we, as human beings, are used to human contact and face to face communication.
Hire a Great Real Estate Agent
The process may look a little different when exploring options to buy a home but the main aspect that is very important is a great real estate agent to put your trust in. They are the ones who will know the property the best, even if you cannot physically take a tour of the property. The real estate agents are the ones who are going to make sure everything is up to par and that there are no issues.
According to an article by The New York Times, buyers and sellers might end up being more comfortable with virtual transactions with real estate in the end. These kinds of tech solutions might be here to stay even after the pandemic is over. DocuSign has made signing documents easier than before, clients are even able to sign documents on their phone while they are on the go.
The Take Away
Every business has had to adjust to the new ever changing “normal” that is every day business but virtual business techniques will be here to stay.