- May 24, 2023
- Reading time about 6 minutes
Living in the ever-evolving digital landscape, it is becoming crucial for real estate professionals to incorporate digital transactions into their sales strategies. Years ago, commercial real estate property sales relied only on in-person interactions which can be time-consuming with activities like multiple on-site tours, inspections with tenant interviews, and countless meetings as well. This takes lots of effort, time, and money for sellers, brokers/agents, and potential buyers.
Introducing digital transactions in property sales with the help of Real Estate Auction Software will not only set you apart from competitors who have yet to embrace modern technology but also improves efficiency and enhances the overall customer experience. In this blog, we will see how you can optimize property sales with online transactions.
Top Reasons to Choose Digitization for Your Real Estate Business
Most successful real estate businesses are the ones that have aligned technological innovations on time to cater to the needs of evolving customers. Listed below are some of the factors that show why you should drive digital adoption in the real estate sector-
Shifting Customer Behavior
More than 90% of home buyers start their initial property search via an online search. This means without having an online presence, property listings won’t be visible to interested home buyers.
Better Customer Experience
Home buyers today expect seamless services with personalized customer experience during their journey for home buying and selling journey. Starting from property search to sale closures, they want every service to be tailored as per their search history, and preferences.
Technological Advances
Making use of the latest technologies is helping real estate professionals to achieve benefits and improve the customer experience for better business ROI return.
Using Online Sales to Help Property Auction Platforms Grow
The evolution of technology has transformed a lot of things in the real estate sector and especially after the COVID-19 pandemic, real estate online transactions have changed the lives of real estate professionals for the better. With the rise of Property Listing Software, agents and brokers are now able to connect with home buyers and sellers seamlessly.
Online sales have not only overcome the challenges of in-person meetings between buyers and sellers but also shed the long-held stigma that property auction platforms are only meant for distressed properties. Yes, auction platforms are now used for the purchase and sale of every type of property i.e. performing and distressed assets.
Homeowners of both performing and distressed properties are now selling online as online sales offer several benefits as compared to traditional methods. Here are some of the best benefits-
Robust Technology
The best thing about using property online sales platforms is that they enable home buyers and sellers to get access to the data, insights, and information they are looking for to make informed decisions. This helps both sellers and buyers in closing the deal faster and effortlessly.
When we talk about sellers, these platforms help in fetching different additional prospects in more locations across the world giving access to more properties than they can reach on their own. For buyers, the technology used in property platforms helps in making property research easy with just a few clicks of buttons. This happens by enabling buyers to have access to properties through 3D renderings, virtual walkthroughs, and high-resolution photos/videos.
Through this, buyers become more confident in bidding on properties online without the need of meeting in person. Digital real estate services such as live bidding, online war rooms, and digital contract signing are gaining huge attention as they help to simplify and speed up deal closure without paperwork.
Enhanced Transparency
Another good thing about online real estate sales is that real estate platforms offer greater transparency with access to the starting bid and due diligence materials upfront with no mysteries, hidden fees, or closed-door negotiations. Getting access to all of the information right from the beginning can give buyers more control and confidence to close the deal and make the purchase.
With the help of the live bid experience, interested buyers can keep track of pricing changes in real time and can make immediate decisions. This saves time, unlike the traditional approach that goes through the lengthy process of submitting a bid, waiting for a response, revising the bid, and so on.
Quick Closures
If you go for paperwork and cash payment, it can be quite time-consuming as there are limitations of timing as you can only close the deal during operating hours. However, when it comes to online, there are no hard-and-fast rules to transaction timing.
With traditional payment methods, several unforeseen complications can cause delays in closure. However, online auction platforms can be a great way to carry out quick, efficient, and on-time closures, as advance deposits are fully at risk before the bid is won. On the other hand, online transactions often provide more certainty with shorter timelines from the beginning.
Better Pricing
We have heard misconceptions about online property sales as they involve huge amounts of money but the truth is online property sales are more likely to meet or exceed pricing expectations as compared to traditional transactions.
Additionally, in many cases, online opportunities help to reach out to a broader range of prospects than conventional sales. Online real estate platforms give access to a deeper pool of interested buyers, which leads to a higher number of bids, & ultimately drives up the sales price.
Final Takeaways
As we know, technology plays a huge role in increasing demand for commercial real estate sales making the property selling and buying process seamless and hassle-free. Technology has made online transactions easy but selling a property is a difficult task that takes a lot of effort. Whether you opt for online or traditional methods, property sales transactions need complex financial modeling, qualified prospects, market intelligence, and marketing insight.
To help you optimize real estate sales with online transactions, you can take the help of BidHom, a Free Real Estate Auction Platform that enabled thousands of clients to grow tremendously. By incorporating digital transactions using the right tools, agents can increase efficiency, improve client experience and ultimately drive more sales. Connect with our experts to know more.
