There is a lot of investment starting to shift from home discovery to automated transactions processes – purchasing a home the same way you’d buy an item using Amazon Prime. Fast, easy and efficient with minimal steps on any devise.
Is this revolutionizing real estate, we don’t think so. . . unless the brokerage or corporate entity (institution, ibuyer, etc.) owns the asset, they can’t dictate the terms of a contract to facilitate the process. Most online systems, at best take basic information which ultimately has to be package with standard contracts and forms, typically provided by the local MLS. Again, exception is IF a company owns the assets and uses their standard contracts to streamline the process. At the end of the day, does the consumer care? If my wife see’s a home she loves, she is not going to purchase a different one “online” because it’s easier – she wants the one she loves! Although, making an offer online adds a level on transparency, peer-to-peer real-time if it’s direct to the consumer would drive efficiency in the buy-side process. This is something we support and are developing.
On the sell side, selling your home through the process is potentially game changing – a few clicks and have an offer within hours. That’s material, but on the buy-side, not so much at least at this stage of the game.
It’s an exciting time to be in the industry!