‘Digital’ is taking over, and it’s significantly impacting almost every single industry. In fact, digital is even beginning to infiltrate sectors that have traditionally been more paper-based, more hands-on, and more ‘human’. Examples of this include the legal industry as well as the property buying and selling sector.
Today, there are many different digital solutions available for selling properties, although what’s particularly interesting is that digital has impacted the property industry in two very distinct ways: firstly through supplementing traditional approaches, and secondly through creating new opportunities.
Supplementary digital solutions are aimed at enhancing the traditional ways of selling properties, and will usually involve working with an estate agent who is able to demonstrate a strong and visible online presence. This may be through their own website, through social media, or through the use of digital ads.
Social media, for example, enables property adverts to be shared across multiple ‘groups’; different demographics that an estate agent may find challenging to reach without the use of ‘influencers’. And selling via an estate agent website enables agents to gain a greater understanding of the buyer’s requirements and preferences through their online actions, making it easier to match homes to buyers.
A little closer to the traditional way of doing things, even those estate agents who are notoriously reluctant to get online are starting to embrace the digital revolution through digital signage, with window-mounted TV screens scrolling through property advertisements, and slowly but surely replacing the old style printed documents.
New Digital Opportunities
There are also a wide range of digital platforms that are creating a selection of new opportunities for those wishing to sell property, whether that’s homeowners looking to move, or developers wanting to identify prospective buyers for their new build homes. Digital platforms typically aim to minimise the number of people involved in a sale in a bid to streamline the sales process and reduce complexity.
While these digital selling platforms are certainly new, and may be somewhat unfamiliar to sellers, they are expected to see high adoption rates due to their benefits. Both buying and selling are important, life-changing activities, and both buyers and sellers (including homeowners and property developers) are showing an increased preference for control. Sellers especially are looking to exhibit greater control over how and where their properties are marketed, how buyer enquiries are handled, and of the overall process.
Expansion of Digital Selling Solutions
Digital solutions for selling aren’t limited only to the marketing of the property. In fact, it is anticipated that the prop tech sector will grow rapidly to a point where these extended solutions are the norm. For example, digitising the legal side of selling holds the potential to speed up what is widely understood to be the most lengthy and frustrating aspect of selling a property. Digital solutions focusing on the conveyancing side of selling include online, real time communications with solicitors; automated process updates and delivery to sellers, and smart contracts that can be sent, read, and signed instantaneously.