It doesn’t take much to realize that the digital world moves fast. Look no further than your phone constantly tell you that you’re behind on updating basically every single app or the new interface of Snapchat, Instagram or any other social media platform that you're still adjusting to.
And the crazy part, this is only the beginning.
HousingWire and Ten-X company, Auction.com, discussed this along with the latest trends in real estate sales and how those trends impact sales in the latest HousingWire Webinar on Wednesday.
Sharga kicked off the webinar saying that the real estate industry is only in phase one of going online, which is informational sites.
“We’ve really only started to scratch the surface of what we are going to see,” said Sharga.
— Brena Swanson (@BrenaSwansonHW) June 8, 2016
Sharga noted that 92% of home purchases include online activity, and this statistics is from 2014, meaning it’s likely higher now.
Once past this bend, he explained that phase two would be real estate turning into more transactional sites, such as E*TRADE or Scottrade.
And looking at the bigger picture, he said, “In the next ten years, we see both residential and commercial real estate fully online.”
It’s important to note though that this does not mean the end of the real estate agent. While 51% of Millennials who bought a home found their home online, 87% of buyers worked with an agent.
As an added note, while this data is focused on Millennials, the digital appeal is not exclusive to them. Sharga said that they are not seeing a huge difference in age when it comes to going online.
For more info on the future of digital, check out these links:
- Digital disruption: How consumer demand is pushing lenders to a new normal
- Here's where mortgage companies should invest in tech to reach Millennials
- Mortgage lenders: The future of your business rests on mobile technology
A copy of the webinar presentation will be available on HousingWire shortly. Be sure to check back here later for a link.
The webinar provides you answers on:
- Recent data for online real estate activity
- Effective strategies for selling real estate online to both owner occupants and investors
- Strategies to optimize your disposition of distressed assets
- Investor’s impact on the housing market
- Best practices for getting the most out of retail sales
- How online real estate sales benefit all parties