The coronavirus may have permanently changed the way people buy and sell properties as buyers continue to embrace the convenience of virtual property inspections.
Interactive real estate live-streaming platform Home Live has reported a 41 per cent surge in digital traffic during the September quarter.
Virtual property inspections catapulted in usage during the March quarter as home hunters leapt onto their keyboards to virtually inspect properties when open inspections were banned by the government.
Despite restrictions easing from July in most states, which allowed buyers back into open homes, demand for remote inspections has not decreased, suggesting that live-streaming is here to stay.
In a recent study conducted by Home Live it was revealed that, under normal circumstances, 76 per cent of respondents would request a live-streamed property inspection if they knew it was an option, and 81 per cent would watch a live-stream if available.
Those numbers jump considerably when factoring in COVID-19, with 97 per cent preferring a live-stream prior to a live inspection.
Home Live co-founder Luke Watson said while consumer need drove the addition of livestreaming to Home Live in 2018, current market conditions have fast-tracked the user shift.
“COVID-19 has put live-streaming front and centre, causing a massive acceleration for Home Live” he said.
Similar to the adoption of video conferencing platforms like Zoom, social distancing created the need for many people to embrace new technologies for the first time.
“We have seen vendors and buyers across the country quickly adapting to the virtual changes in real estate technology with positive feedback,” Mr Watson said.
“The public is recognising the importance of live-streaming when looking to buy a property, whilst real estate professionals are becoming increasingly aware of their online presence and ability to access a much larger audience, regardless of their physical location.”
As restrictions continue to ease around Australia, this doesn’t necessarily mean everything will revert back to normal.
Here are three reasons why Home Live believes virtual inspections are here to stay:
Live-streaming offers personal and considerate engagement
People have become increasingly paranoid about their personal space and general levels of cleanliness.
Offering the option of live-streaming to clients demonstrates the agent is considering their preference directly, which will in turn build trust.
This also gives the power back to the agent, ensuring they remain an integral part of the property transaction process in the face of countless new technological advances.
Conveniently accessible for those leading busy, millennial lives
Live-streaming opens a property up to anyone with an internet connection, increasing market reach for the agent and maximising the convenience for home seekers.
For many people, lockdown introduced new ways of working, socialising and getting the most out of your day.
Multitasking around the home, in front of a laptop or even out and about is now the norm, meaning people are looking to do more, and offering an alternative way to view a property from any device at any location enables this.
Efficiency is at the heart of the product
Efficiency and usefulness sit at the core of every real estate tech development as those in the industry are well aware of how time-poor these professionals can be.
Live-streaming acts as an engagement point for any home seekers looking for a property even if they are not entirely committed to attending a physical inspection.
By ensuring the leads are qualified before proceeding to an in-person inspection, both the agent and home seeker are saved many hours of potential home viewing, thus reducing the time a property is spent on market and increasing the overall efficiency of the transaction.
For inquiries and to request a demonstration go to home.com.au
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