Like it or not, the real estate industry is set to make some big changes. Exactly where these changes may lead is yet to be determined, but for some enterprising young companies, they are setting themselves up to be prepared for the next turn. The industry has already seen a host of brokerages claiming a technological advantage with the aim at lowering fees for the buyer and seller. This is a continually evolving model as the market continues to transition, but it is clear that more and more real estate transactions will be made online.
A recent Redfin sponsored survey found that one in three successful home buyers in cities across the U.S placed a bid sight-unseen in 2017. An even more telling finding is that a stunning forty-five percent of millennial new home buyers did the same.
This strong prevalence of sight-unseen bids is likely due in great part to the record-fast speed of today’s highly competitive housing market, much of which is driven by today’s demand for investment properties, many of which are acquired in different states or even different countries.
Also a considerable factor in this trend toward remote purchasing is the elevated confidence in technology. The abundance of information that can be found online as well as skillfully produced photo, video and virtual technologies that now allow for an immersive online experience all account for an unprecedented level of comfort among new home buyers and investors.
According to a National Association of Realtors study, 89% of homebuyers who searched for a home on the internet found photos to be the most useful feature.
As the real estate industry continues to transition it is a certainty that the significance of quality online marketing will be of utmost importance, and as the trend continues toward more and more online buying, realtors just may find that their most valued partner for success is their professional real estate photographer.