There is hardly one industry unimpacted by the rise of smartphones and all the surrounding technology, and the world of real estate is no different. “Fintech,” a short form for financial technology, refers to technology like software or mobile applications that improve and automate traditional forms of finance for businesses and consumers.
Home buyers today increasingly rely on apps that seamlessly keep them informed and connected with everything somebody needs to know before making the most expensive purchase of their life. In addition, many of these platforms provide insights into trends in the housing market, such as the best time to sell the house or when prices are likely to rise. As a result, buyers who use these platforms are better informed and more connected than ever before.
Let’s take a closer look at how fintech is elevating the real estate industry.
Automating Better Listings
Fintech apps make things easy and automatic. Thought leader Regan McGee, for one, built the real estate app Nobul to harness AI and give homebuyers listings that meet all their criteria as soon as they hit the market. It used to be that lucky homebuyers got an edge by calling in favours from that realtor relative or friend, but now this inside scoop is available to anyone.
All people need to do is list their budget and describe the features they want in a home. Then, they get a notification as soon as such a property hits the market.
Agents Compete for Deal Flow
It’s impossible to flip a switch and turn it into a buyer’s market, but you can get real estate agents to compete for your business rather than the reverse. Fintech apps tilt the playing field in the buyer’s favour, which is a perk you can’t ignore given the cost of housing lately.
Agents vying for your business often give free extra services or cash back. Set the parameters of what you’re looking for in a home, then check the app to see which agents are seeking to represent you. Finally, pick the one you most prefer.
Homebuyers have specific needs from their house and their agent. For example, a luxury home buyer needs an agent with lots of experience selling exclusive properties, while someone entering the real estate market for the first time may prefer an agent that offers competitive prices.
Just make sure the fintech platform lets you see verified user reviews and doesn’t accept money from agents to get listed or ranked higher. The technology might be new. However, having a motivated realtor by your side during the process is the most traditional way to buy a home.
Privacy and Safety Assured
Homebuyers want the perks that technology delivers, but not at the expense of their privacy and safety. Some apps don’t do enough to protect their users’ private contact information.
When leveraging fintech to buy property, look for a platform that doesn’t share user data with realtors. All communications between agents and users should be strictly within the app. Agents can’t cold-call you with offers if they never get your home number in the first place.
Technology develops quickly, and the red-hot real estate market is changing quickly, too. Using a fintech app elevates the experience because it helps homebuyers stay ahead of the market, get a streamlined buying experience, and a lower price is simply a no-brainer.