Imagine you are buying your dream house. The ideal digital future has already been created. You do not have to break through dozens of portals and websites, while "fending off" the annoying agents who offer "something extra".
You just submit your request to a voice assistant or a bot. Looking through the options found for you, you realize that they are almost 90 percent of what you are looking for. Each property is presented in the best way possible — it has all the data, including videos, virtual tours and live streaming views from windows by day or night. You don't need to write or call the agent to find out what size is the backyard, where the main bedroom windows are and whether there is a jogging area nearby. You can be sure this property is on sale for exactly the price you are currently seeing. Nothing stops you from submitting a viewing request.
In the ideal digital world of the seller, the sales flow is smooth and straightforward. He receives the most relevant information about the property on the app (by a cadastral number) and adds photos. The application itself chooses the best of them and offers a stunning selling description at the best possible market price, taking into account your sales strategy (as in advertising systems). All you have to do is to press the "publish" button. Within 15 minutes, the property will appear on all the appropriate sales channels. Within an hour the seller receives the first request made by a potential buyer (not a competitor, a neighbour or a bored housewife looking for a new experience).
Does that sound simple? But even now, in 2020, it does not work as described. (And in this article, we don't even describe the flow of the deal itself — the number of steps, interconnections and processes there are even more complicated).
One of the most common claims made by real estate buyers about the search for housing information is the inaccuracy and incompleteness of this information itself. The incomplete and unsatisfactory description is the second most important reason to refuse to buy in general. The house is for sale, but it has been sold already, or the home is located in another street (not as described)?
The price you saw is not the same when you call the realtor? Or did the seller forget to mention that 2 out of 3 bedrooms require substantial investment and repairs? Of course, realtor's techniques are as ancient as the world and you cannot get rid of them quickly. But the society as a whole strives for digital openness and transparency, ease of access to information. And in the long run, companies supporting digital transparency will have the most significant competitive advantage.
It is also vital because the offer in the real estate market is always limited by the physical boundaries of the location and the availability of the offer at that moment. Simply said; there are only ten three-bedroom houses in the area of a given school, currently for sale. Suppose none of the sellers have an exclusive agreement, then the same property will be presented in all local real estate agencies and on all property portals. This creates a "digital competition" and the winner will be the one who presents his product while taking all user preferences into account.