Digital Showings - 2/28/2016
Ask any real estate professional if they have sold a house without the buyer having physically seen it and they'll most likely tell you they have. While it may have been an unconventional sale, it is more prevalent today than it was twenty or even ten years ago.
The digital world of the Internet has changed the process of buying a home. It is evolving as people have become more comfortable with the reliability of the information available.
Getting in a car and driving around all day looking at homes that may or may not fit your needs or wants is not productive for buyers or the agents.
The quality and the quantity of pictures has dramatically improved in the last twenty years. Buyers and agents alike can view a property online and get a fairly accurate idea of the condition and layout of home and whether it warrants a physical visit. Videos can "walk" you through the house to be able to assess if the floorplan will work for you.
The 2015 Profile of Home Buyers and Sellers reports 89% of all buyers cited an online website as an information source with real estate agents being a close second at 87%. 42% of all buyers looked online for properties for sale as the first step taken during the home buying process.
Interestingly, 87% of buyers in 2015 purchased their home through a real estate agent or broker compared to only 68% in 2001. The agent services deemed most valuable to buyers were help finding the right home to purchase (53%) and help to negotiate the terms of sale (12%) and the price (11%).
A challenge for sellers is to understand that the digital showings are a critical part of today's process. They save time and money for both buyers and sellers and are convenient because they can be done at any time of day and from anywhere. The difficulty is the seller's feelings of inactivity when they believe their home is being shown frequently.
Agents can share statistics that show a variety of digital activity like number of unique visitors, length of time spent on the listing site as well as the other features that were accessed. 65% of all buyers walked through the home they purchased after they viewed it online.