Closing with Confidence: Empowering Buyers to Make Better Real Estate Decisions
How data management is changing the real estate industry
As the Digital Age continues to introduce new platforms and competitors into the real estate industry, traditional buyers continue to face steeper odds every day. Yet, with that influx of new competition comes opportunity: data and how buyers manage it is powering new tools and resources that buyers can use to extend their reach, make smarter buying decisions, and maximize their investments. The arrival of PropTech signals a new methodology in the real estate buying and selling experience, driven by enhanced information and a proactive approach to real estate decision making.
Until the last two decades, the real estate process typically followed a very traditional methodology. Sellers sought out real estate agents to help them put their property on the market; buyers drove around from address to address or leaned on word-of-mouth to identify potential properties before turning to an agent for additional insight into the property and neighborhood. Those agents would then use their client’s provided criteria to filter through addresses using complex proprietary in-house systems. Eventually, the agent would unite the right buyer with the right seller, they would reach an agreement, and the process would repeat itself with new addresses and faces.
Today, the Digital Age has transformed that process into a data-driven, highly accessible exchange. Real estate websites showcase nearly every documented property — addressed or not — while sellers and agents have a litany of digital resources augmenting their sales and marketing efforts.
Buyers expect a 360-degree view of a property, including school boundary lines and neighborhood demographics, and real estate companies need to provide that experience. That means providing accurate and timely data to potential buyers to uphold the company’s reputation, ensure quality, and prevent the consequences of bad data.