How Technology Is Impacting The Home Buying Process
We’ve reached the point where digital technology is spilling out of its traditional domain and into all facets of our lives, including the home buying process. Technology promises to make buying a house easier, safer, and faster, cutting down on transaction costs that currently rule the market.
The digital revolution is already having a profound impact on the market. More than 44 per cent of people now say that they begin their property search online. And, thanks to innovations like virtual and VR tours, 45 per cent of millennial homebuyers say that they have made an offer on a house without even looking at it in-person.
Technology is having an enormous impact on the way that people buy homes these days, and as a leading Perth Settlement Agency, we’re staying ahead of the pack by innovating and revolutionising our processes.
MOBILE TECHNOLOGY IS A LEADING TREND: FROM LOAN APPLICATIONS TO SETTLEMENT DAY
One of the biggest trends in the home buying process is the significant shift to mobile technology. Not only can settlements occur completely online, we are also seeing the integration of emerging technology which allows buyers to view remote tours of any property.
Visiting houses in-person is a time-consuming process, especially for those looking to move long distances or overseas. House viewing is a significant commitment. But with virtual reality tours, buyers can show themselves around a property with none of the usual hassles
We are also seeing a number of financial institutions experimenting with rapid, online mortgage applications which buyers can complete in minutes. The idea is simple. Instead of applying for a loan by hand under the supervision of a bank clerk, you do the process online, and a computer does all the checking for you.
With trends like these emerging and making every step of the journey to buying a home quicker and easier, it is a clear indication that mobile technology is here to stay in the property transaction process.
The process of conveyancing is also keeping up with these changes and using technology for faster settlements. If you’re in Perth and looking to deal with a conveyancer at the forefront of this change, read on to see how KDD Conveyancing can help.
STAYING UP TO DATE THROUGHOUT THE ENTIRE PROCESS
The purchase of a home goes through many stages. Traditionally, an estate agent would keep track of this by sending clients dozens of texts and emails. But apps like Houseroo aim to cut down on all of this by automatically categorising buyers into various stages, making keeping track easy.
By using Houseroo, we are able to keep all parties involved in a property transaction immediately up to date throughout the entire journey. With an easy to use app, you can keep track no matter if you’re a buyer or seller.
DOCUMENT LODGING MADE EASY WITH PEXA
Lodging the documents associated with a move was also once done by hand. Relevant documents were sent out in the post to the various parties concerned. Lawyers, conveyancers and financial institutions once relied on “snail mail” and coordinated complicated transactions at a distance. It was a time-consuming and highly inefficient process.
At KDD Conveyancing, however, we are at the forefront of new document processing and exchange technology. We are a member of PEXA (Property Exchange Australia) which is an online network where we can exchange documents with all stakeholders faster than ever before.
PEXA allows us to lodge documents with Land Registries and complete financial settlements electronically. The technology, therefore, dramatically speeds up the transaction process, bringing it into the 21st century.
We love integration the latest innovations in the home buying process, including PEXA, Houseroo and mobile conveyancing services. If you’d like to find out how we can make buying or selling a house better for you, get in touch with us today on (08) 9296 8717 or email at reception@kddconveyancing.com.au.
