The basic values of real estate are timeless. From reliable to efficient and friendly service; all of these have always been at the core of the industry. Plus, one thing that still rings as true today as it ever was is the adage of “know your customers.”
Now, the question is “have the expectations of sellers and buyers changed over time or have they remained constant?
Over the years, the real estate industry has undergone a couple of noticeable disruptions and changes. There has been an increase in the prices of houses as well as the introduction of different technological solutions; offering improved customer insights, more effective marketing, and increased automation.
So, has there been an impact on customer expectations and demands? Plus, what should we be expecting in the coming years?
Technology And Informed Customer Decision
With the easy access to technologies that customers have, there has grown a new demand for things to be more convenient and faster than they have ever been. However, there is still one area that seems to have been unmet; faster transactions. But, with significant improvements in technology over the coming years, slow transactions will be a thing of the past.
When it comes to renting houses or buying properties, the major impact of technology is in the way it has powered more informed customer decisions. Now, we see a lot of people carrying out their own search online; gathering enough information and redefining their requirements before they eventually get an agent.
Also, with easy access to data on properties, buyers can be easily more informed. Plus, sellers can as well benefit from this easy access to property data.
A Change In The Purchasing Power Of Customers
In the real estate industry, one of the crucial emerging transformations in customer behavior is caused by a change in the purchasing power of buyers.
Borrowing finances to buy a house can be difficult; you need a substantial deposit which can be hard to accrue. This has caused the rental market to be much larger than it used to be.
A Change In Customer Representation and Demographics
Another thing that can change customer demand is a change in the ages of customers. The average age of first-time buyers has increased over the years, and this trend seems to be continuing. In the coming years, we might just look at the profile of homeowners and see that more than 50% of all housing is own by people that are over the age of 65.
If we look at it from the perspective of buyers, the emergence of buying agents has led to a significant change in the way business is done with buyers. Now, we have more people being represented by intermediaries.
A Tiny Change In The Needs Of Sellers And Buyers
Now, everyone would agree that there’s a dramatic change in the needs and expectations of customers. Some people might argue that customers want now, more than ever, to deal with committed, experienced, and knowledgeable people that will help them scale through the hassle of letting or selling a property.
However, no matter how the real estate evolves, it remains crucial to offer high-quality service; this will help meet whatever changes occur with the demands of sellers or buyers over time.
Smart agents already understand the importance of building a relationship with a buyer and seller. The more you take time to know a buyer and their requirements, it becomes easier to find the right home for them.
No matter what changes may occur, sellers and buyers will demand efficiency, speed, and professionalism. Personal attention, as well as client care, will also become increasingly crucial.