The real estate industry is always changing and evolving, from Hawaii to Chattanooga. Technology has significantly influenced the operations and standards in the day-to-day practice of the real estate business and continues to shape it today. More sophisticated, user-friendly software and ways of doing business have also grown out of the changes to serve sellers’ and buyers’ needs better in every area of life.
Read on as we explore three ways the Hawaii real estate industry in Hawaii has changed in the last ten years.
Online Listings
Technology is a major player in how the real estate industry in Hawaii has changed in the last ten years. Online listings have become the primary method of marketing a property for sale. As a buyer scrolls through listings online, there is that one chance to make a great first impression. Among the seller’s frequent expectations of their agent is the use of high-quality digital photography and virtual walkthroughs using a tool such as Matterport (here’s our 3D walkthrough of a Kaneohe property last year), which are now industry standards.
To this point, top agents market properties on multiple sites, like Zillow and Facebook marketplace, and utilize the services of photography and copywriting professionals to grab buyers’ attention. With highly-detailed photos becoming the standard, quality home staging has become even more important as savvy sellers aim to further separate their home for sale from the competition.
Additionally, pricing your home right has never been more critical; setting the wrong asking price in either direction could cause buyers to skip over your listing. These changes in the real estate industry have also made properties in less-than-perfect condition challenging to sell through an online platform at market value.
Buyers’ Habits
Buyers have become quite proficient at searching online listings when looking for a new home, and this is our second of the ways the real estate industry in Hawaii has changed in the last ten years. Expectations have changed for technically savvy buyers who scroll through properties online; unfortunately, presenting a property with that lived-in feeling and low-quality imagery to this audience typically raises a red flag, turning them off on the listing, even in Hawaii where low inventory can spark a bidding war on less than pristine properties.
However, because of the speed at which these buyers can now review a massive amount of data, you’ll find the buyers you deal with are well aware of how much your home is worth in today’s market. They understand the implication when a price is too low — structural concerns. Today’s buyers prefer properties that are in move-in condition; homes that require noticeable repairs typically receive insultingly low offers, if any come at all.
Virtual Real Estate
One of the most remarkable ways the real estate industry in Hawaii has changed in the last ten years is the tidal wave of virtual real estate transactions. Now, you can sign just about all of your contracts and other paperwork online with services like Docusign and Dotloop. You can hire local ‘boots on the ground’ with services like WeGoLook to scout out your long-distance acquisition. Even notarizations for closing docs can be done via video in some areas. Even simple apps like Facetime let you remotely view a property in real time before deciding to purchase.
The emergence of high tech in real estate is one of the most significant ways the real estate industry in Hawaii has changed in the last ten years. Buying or selling your home may be the most substantial financial transaction of your life, so why not find out how this revolutionary combination can benefit you? Contact Oahu Home Buyers today at (808) 333-3677.