Millennials entering the property market for the first time, or expanding their pad to accommodate family, quickly discover that they have the advantage over non techsavvy people. In fact, they often view (and get the contract on) a property easier and faster than before.
Smartphones and tablets coupled with an Internet connection allow them to find, arrange to view, share with their friends, and make snap decisions within a few minutes after the listing goes public. Here are the things that make them certified digital homebuyers:
Notifications about new listings
- Online banking
- Email and instant messaging with the agent/owner
- Digital maps and street views
- Augmented reality in lieu of static photos
- Property portals with neighbor reviews
- Finding Properties First
With sensible use of mobile phones and tablet computers, Millennials are proving themselves adept digital homebuyers. Using the Internet to sign up for email alerts and listing notifications, they are able to contact the agent almost immediately. And they do.
Notifications and alerts, along with instant messaging with owners and sharing among their friends and financial advisors, speed up the process of buying significantly and give them an edge on landing a good deal. By the time nondigital homebuyers have seen an ad in the realtor’s window, the digital Millennial has already signed the contract.
Researching the Property
Philippine Millennials often know more about the property and street it’s in than the agent, giving them unparalleled power to negotiate or wait for the ideal time to close a deal. Current mapping tools overlay local landmarks, such as schools, shops, transport links and much more on screen, but savvy digital homebuyers are taking this a step further by using the street view to see actual photos of the area. Knowing where traffic congestion starts, or how happy neighbors seem to be, is a huge time saver. Why would anyone arrange a viewing in a street they don’t like?
One of the most powerful tools at the disposal of Millennials is digital forums where people can share links of a city, street, or specific property to get advice from fellow homebuyers. A great example is Zipmatch, a Philippines real estate marketplace, where you not only get hundreds of listings for a city, but have access to such perks as 360 virtual tours, 3D modeling of preselling condo units, property reviews and soon, so as to make Filipinos into smart homebuyers.
The Sharing Economy
In the sharing economy, information can be more valuable than the product. The 21st century has proven that online real estate marketplaces have radically changed homebuying by making it easy to determine the desirability of listings. Digital homebuyers assure themselves that others would also want to buy the property before they make an offer.
By reading reviews and evaluations of districts or streets, digital homebuyers are changing the way real estate is handled. By sharing information about reputable agents and developers, quality of apartment blocks, access to services etc., they are also equalizing the imbalance in property transactions through technological means.