This article originally appeared on Qualia Insight, from RESPRO 2021 Spring Session featuring Max Lamb (Director of Partnerships & Integrations at Qualia) and Bill Svoboda (Co-Founder of CloseSimple).
The real estate industry is in the midst of a major technological transformation. Consumer expectations and technical literacy are driving change fast, resulting in an influx of new tools promising greater productivity and efficiency.
This topic was explored in more detail when the Real Estate Services Providers Council (RESPRO®) held its virtual event (RESPRO28 on April 8, 2021). The event’s focus was on affiliated businesses and strategic alliances across the homebuying and financing industry.
In the session Platforms, Point Solutions, and the Digitally-Connected Real Estate Ecosystem, Max Lamb, Director of Partnerships and Integrations at Qualia, joined Bill Svoboda, Co-Founder of CloseSimple, to discuss how having a flexible infrastructure is the key to bridging the gap between transaction parties and delivering the home purchase experience consumers expect.
Consumer expectations driving digital transformation
One primary driver of digital transformation is that consumers have more access to online resources today. Social distancing and working from home have prompted consumers to search for products and services online more than ever. And having an Amazon-like experience has made purchasing online convenient and transparent.
This is no different for the real estate industry. Last year was a record-breaking year for the housing market, and the pandemic brought about greater consumer demand for remote and hybrid closings. Qualia’s 2021 Homebuyer Sentiment Index found that 62% percent of homebuyers want a fully digital closing experience, yet only 13% of recent homebuyers report receiving digital closings. And when it came to the top things homebuyers valued in a closing, survey participants selected: “quick,” “easy,” and “secure.”
Svoboda emphasized that the ideal homebuying experience really comes down to providing closing options “when [buyers and sellers] want it, how they want it, with no surprises.”
Even with fully digital closings, consumers still need real estate professionals to guide them through the homebuying process. According to the 2021 National Association of REALTORS®, Home Buyers & Sellers Generational Trends Report, 51% of buyers wanted their agents to help them find the right home. Buyers also expect their agents to help them negotiate the terms of sale and price.
Lamb referenced the importance of the omnichannel experience where both digital and human touchpoints are available to the homebuyer throughout the transaction. This multichannel approach provides a seamless homebuying experience whether the client is shopping online from a mobile device, laptop, or in a brick-and-mortar store.
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