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How Technology is making the prospective buyer smarter

Saturday, October 27, 2018

By Shailesh Goswami, CEO & Founder, Foyr

Buying a commercial space is way easier than you think today. Innovation and technology have infiltrated the process of property buying and selling by making it simple, speedy and savvy. The application of transformative modern techniques like virtual reality augmented reality, and Iot has altered the way prospective buyers desire, imagine and eventually buy a space.  There is no denying the fact that till almost a decade ago, real estate stakeholders had no indication that technology would create a lasting impact in the ever-evolving real estate sector. And when they comprehended and applied the same, their properties became more mainstream and extremely popular amongst clients. But what they did not interpret was that just like them; technology had constituted the creation of a new breed of buyers that are in sync with the trending times. A smarter and tech-savvy buyer!

Gone are the days when property buyers had to hunt for a decent real estate broker, spend hours on telling him what exactly their ideal property is all about and then spend months on end on searching for the right one by shunting from one property to another. But, technology has made prospective buyers smart as well as self-reliant. They don’t have to depend on the third party as much as they used to before. Online listings across umpteen online portals, VR headsets and the power of touch screens, that are compatible with all leading smartphones gives them a 360-degree preview inside the property of their choice right there in the comfort of their home.  They do their own study, explore the place online, learnabout price variations and strategize future dynamics before proceeding with property buying.

Smart buyers are even bold in acknowledging the fact that technology has given them to power to evolve smartly. Acceptance of technology has become second nature to them. Therefore, realtors need to understand that technology has made these buyers look for properties that include smart features and enable the usage of smart amenities. They want something that simplifies their everyday life as well as gives them a sense of security, comfortability, and practicality in the functioning of their life. While scouting for a new property having the convenience of touching virtual objects that feel very similar to the real objects and decide what suits better is quite a preference buyers tend to take into account now.  
There is no denying that today’s prospective customer knows how to stay ahead of the game, all thanks to technology. They have seamlessly integrated it into their lives at breakneck speed and are enjoying the immersive experience they receive. They definitely don’t want to compromise on something that is evolving globally and has a futuristic scope. Realtors, on the other hand, need to work in tandem with the growing need for smart buyers in order to stay relevant and viable for the buyer. They are interested in a world that comprises of tailor-made, smart and efficient products that work according to their lifestyle and preferences.

So, as a realtor, if you still putting your best bet on brochures & a sample flat? Or still making your clients imagine spaces for ideas? It is about time you change the way people are experiencing and search for property, through technology.

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