Real Estate Tech Trends That Will Dominate In 2020
The New Year is about setting goals and if one of yours for 2020 is selling your home, then there are some trends that you should be aware of to ensure success. A recent survey of 500 leading real estate agents outlines data that will get you ready to put that for sale sign up. We’ve culled the most helpful information from HomeLight’s top agent insights survey from Q4 to give you a head start.
If you don’t know what an iBuyer is now, then 2020 is the time to learn this real estate term, as over a quarter of top agents in the survey said that iBuying is the real estate tech trend that will most resonate with home sellers this year. iBuyers are high-tech startups who are backed by venture capital and use automated valuation models (AVMs) and other technologies to make quick offers on homes — typically in cash. The iBuying process starts with general questions about your home, like its condition and recent upgrades. Then, an algorithm assesses its value and if it qualifies under the iBuyer’s specifications, you will receive an offer within a few days and could close the sale in a week. As iBuyers like Opendoor, Redfin, and Zillow Offers expanded in 2018, they made up 9.6% of home sales in that “I” category, with nearly 18% of agents saying they presented iBuyer offers during listing appointments that year, according to the report.
Reinventing the open house
Open houses date back to the early 1900s, and in this digital age, top agents are questioning if they are still relevant. A little over half of top agents who participated in the survey (52%) recommended an open house as part of their strategies, while 48% did not. Where you live can determine whether or not an open house is a tactic to consider in 2020: If you live in an interesting neighborhood an open house might be the way to go, and 32% of top agents in the survey said a location in a bustling or trendy area is the top factor that makes a listing a strong candidate for an open house. In general, agents across the nation are ditching the open house in favor of online and social media marketing. In the survey, agents on average, ranked the effectiveness of open houses as 4.4 on a scale of 1 to 10.
Speaking of social, it’s not only how we communicate with our friends and family, it’s also how you might get that home sold in 2020. More than 66% of agents polled in the survey said that the number one key to a successful open house this year is marketing through social media and real estate listing sites. That’s not to say that your home needs its own Instagram account, but you’ll certainly want your agent to share it on theirs, if they have one. You might even consider an agent’s social media presence as a factor when picking a professional to work with. When it comes to marketing your home, your top tools for a robust online presence will be professional photos and expertly-crafted website copy, which will make its feature shine. You’ll want to work with your agent to determine the real estate websites that might perform the best, and you may even want a web page for your home, depending on how competitive your market is.
If you keep these trends in mind as you look to sell your home in 2020, you’ll be well informed for a successful deal.