Modern technology is causing rapid changes to the New Zealand real estate market. It’s currently a buyer’s market, with the national average value for a home sitting at $933,633. However, innovations such as AI-powered home valuations and Virtual Reality home tours have the potential to empower both buyers and sellers alike.
Modern, Intelligent Pricing
These technological changes can present homeowners with several new options when managing, advertising, and selling their properties. AI-driven property valuations, such as CoreLogic’s Automated Valuation Model, can eliminate time spent on researching and analysing house prices, as well as keep up to date with fluctuations in the market. This can provide transparency and accuracy in the property valuation, which can drive interest in the property with attractive yet competitive pricing. The time saved with these AI- powered valuations can help real estate agents focus on high-value tasks such as advising their clients and negotiating deals, rather than spending hours researching market data.
Futuristic Home Tours
The advancement of Artificial and Virtual Reality can help interested buyers view properties from anywhere, without waiting for an open home. They can also be used to visualise new properties in the planning stage, providing incredibly valuable insight before even breaking ground.
These tours can provide an accurate feel for a property’s layout, size, and features, helping buyers make informed decisions at minimal cost and effort. Virtual and Artificial Reality tours can help real estate agents inform buyers about a property by presenting a convenient, immersive, and fun way to experience a home.
Convenient Smart Homes
Smart homes are properties with automated devices that allow homeowners access to many aspects of their property, including lighting, temperature, security, entertainment, and energy usage without even being at home easily controlled and monitored through smartphones or voice assistants, technology has made it easier than ever to manage a home from anywhere.
Smart home technology can provide agents with a unique selling point, differentiating their listings from others in the market, and providing sellers with a competitive edge.
Online Property Listings
Platforms such as TradeMe and OneRoof are a great way to connect buyers with sellers. Online listings offer a convenient and accessible way for real estate agents to advertise and inform potential buyers about a property, and allow them to search for a property within their budget and preferences. For sellers, this means their property may have increased exposure and a broader audience.
Looking to the Future
Leonie Freeman, chief executive for Property Council New Zealand, believes technology has the potential to redefine the way Kiwis buy and sell homes. “We are all bearing witness to game-changing innovations in everything from artificial intelligence to automation, big data to blockchain. The report suggests the property industry is using these technologies to create sustainable places where communities can thrive.”
However, these advancements can bring new challenges, such as finding new ways to ensure data privacy and addressing potential biases in AI-powered valuations. New Zealand’s real estate industry may face changing consumer behaviours and preferences, and the growing demand for sustainable or eco-friendly properties.
As the New Zealand real estate market continues to evolve, these technological changes can help buyers and sellers make informed decisions, and provide real estate agents avenues to deliver services that keep ahead of the needs of their clients.
Here to Help
At List Now, our goal is to create better outcomes and improve the Agent-Seller relationship through simple solutions and innovative finance tools.If you’d like to learn more, visit listnow.co.nz or click here to contact us.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.