How technology is changing how we buy property

Technology is rapidly developing and quickly influencing the way many processes and practices work in our society. Included in these is the property and real-estate sector. The growing coverage of the internet and the ever-increasing utility of computers and mobile phones has meant that nearly every step in the home-buying process has changed in some way because of technology.

Technology has changed how we look for the property we want to buy. There is now an abundance of websites that advertise properties from several agencies. These sites allow you to filter out the properties that aren’t suitable for you and some even allow you to virtually ‘walk-through’ the properties you are interested in. These sites allow you to inspect 50 properties from your home in the same time it might take you to inspect 1 in person. Obviously, there will always be a need to inspect in person, but online inspections can help you work out which properties will and will not be suitable, saving you some time further down the line.

Another area of the property-purchasing process that has been affected is the mortgage and finance side. Most people need to take out a loan to purchase their first home and in modern times, this can be done almost exclusively on your mobile phone. Most banks still require in person attendance to confirm identity, but there are a handful of online mortgagers that mean you can perform this process from your own living room.

Finally, the legal side of the property trading process has also changed dramatically with the introduction of Electronic Lodgement Networks, the largest of these being PEXA. These Networks allow for the online completion of several steps required in the conveyancing process that have historically been paper based. Not only is this more convenient, but it also cuts down costs.

The impact of technology on property trading has been huge. Although the property buying and selling process still requires some level of face-to-face interaction, many working in the industry think that in only a few years it may be possible to purchase and sell property completely online.

If you’re looking to buy a new property be sure to give our experienced conveyancers at Frank Law a call on (02) 9688 6023.

If you have further questions, please contact us at frank@franklaw.com.au.

This is not legal advice.