The Digital Property Boom

THE DIGITAL PROPERTY BOOM How the internet has revolutionised the property industry- Over the past decade the property business has become increasingly digital. Explore the rise of online home shopping and discover the evolving role of digital media in the property market. Google 9 in 10 home buyers searched online during their home buying process Property buying searches on Google.com have grown 253% over the past 4 years 78% of new home shoppers visit 3+ sites prior to taking action on a real estate site THE RISE OF MOBILE HOUSE BUYING Almost 9 in 10 (89%) new home shoppers use a mobile search Mobile applications are used by 68% of new home shoppers engine to find property HOW ARE HOUSE HUNTERS USING THEIR MOBILES? 51% Read general home information 48% Get directions to visit a home 44% Compare prices 35% Compare features 35% Search a listing company's inventory 21% Read reviews 20% Research mortgage financing 16% Watch an online video about a home HOUSE BUYING ON-THE-GO Locations Where New Home Shoppers Use Their Mobile Devices 77% 31% 28% 27% 26% At Home At Work Waiting In Line At A Restaurant Other People's Homes HOW DO ONLINE HOME BUYERS BEHAVE? 69% 52% 11 9% 69% of home shoppers who take action begin 11 searches on 52% of actions on Home shoppers using search engines are 9% more likely to take action average before taking action real estate brand site come directly from a local search their research with a local term on a search engine on a search engine IS VIDEO THE NEXT PROPERTY FRONTIER? Number of property-related videos on You Tube 19,200 results for how to find a real estate agent 88,400 results for real estate agents 118,000 for buying a home 21,800 how to get a mortgage loan Fact Agent related searches on YouTube grew 46% year-over-year THE TABLET TAKEOVER 362% 300% Home builder related searches on tablets grew 362% year-over-year Real estate broker related searches on tablets grew 300% year-over-year TOP MISTAKES OF ONLINE HOUSE BUYING 1 Assuming you can do it all yourself. Although the Internet can provide heaps of helpful tips and research, you should enlist the help of an experienced estate agent to help with your final purchase. 2 Looking too narrowly Buyers can be tempted to stick to just one or two popular real estate search engines, meaning they miss out by viewing a smaller cross section of the homes that are out there. 3 Ignoring the indies One area that major property search engines overlook is the market for homes sold by the owners. Falling for fake listings. The internet is full of scammers, only use reputable property websites to ensure you're safe. 5 Putting too much stock in home valuation websites Many property sites put pricing information at buyers' fingertips, but they're not infallible. WHAT THE EXPERTS SAY "The digital age has seen the balance of power shift from estate agents to consumers as the former no longer acts as gate-keeper and the later now makes informed choices. Sold prices, crime stats, data on schools and mobile reception. All this and so much more is just a click away. Home buyers and prospective tenants have never been so well informed leading to a fairer, more open market and the end of Caveat Emptor." Henry Pryor BBC Property Expert "Its critical property buyers know how to interpret property data and apply this knowledge in context. There are micro and macro-economic factors at play in the property market. Buyers need to understand the local property market dynamics at play that are important and a buyer's agent can protect them from buying the wrong property or paying too much." Rich Harvey CEO www.propertybuyer.com.au "My sense is that the digital age has materially enhanced residential property marketing, by making available property listings to a much wider audience than ever before. Being able to get regular updates on properties meeting specific criteria direct to one's inbox makes the average punter much more informed about properties and values in their area of choice." - Professor Barry Gilbertson Barry Gilbertson Consultancy PROPERTYSTEPS.IE Passion For Property www.propertysteps.ie References: http://www.ForSaleByOwner.com http://www.BiggerPockets.com http://www.property24.com/articles/buying-property-in-the-digital-age/17707 http://www.realtor.org/sites/default/files/Study-Digital-House-Hunt-2013-01_1.pdf http://www.goodhousekeeping.com/product-reviews/research-institute/digital-apps-house-hunting http://www.opp-connect.com/17/06/2014/bitcoins-used-to-buy-london-property-and-st-kitts-citizenship/ http://www.ooba.co.za/news-archive/buying-property-digital-world http://blog.propertyabroad.com/buying-advice/the-digital-age-for-buying-property/ http://www.digitalfinanceanalytics.com/blog/how-household-property-intention-trends-have-changed/ http://www.telegraph.co.uk/property/propertyadvice/10617302/The-30-best-property-apps.html http://money.usnews.com/money/personal-finance/real-estate/articles/2009/01/07/5-top-blunders-of-internet-home-buying http://www.bhgrealestate.com/Learn/Buying-and-Selling/How-Do-Buyers-Shop-For-Homes-.html http://www.bankrate.com/brm/news/real-estate/buying-onlinea1.asp http://www.inman.com/2013/01/08/study-offers-a-deep-dive-ways-homebuyers-use-web/ http://www.bbc.com/news/business-17225066 http://money.usnews.com/money/personal-finance/real-estate/articles/2009/01/07/5-top-blunders-of-internet-home-buying http://www.northjersey.com/news/business/zillow-trulia-deal-shows-importance-of-internet-in-home-sales-1.1058623 http://www.rightmove.co.uk/news/articles/how-the-internet-has-changed-estate-agency http://matinrealestategroup.com/how-the-internet-changed-the-housing-industry/ http://www.propertysales.com/Articles/Article/has-technology-changed-the-commercial-property-market- TLLDLLELLILLE