Artificial intelligence experts predict that the current pandemic will spur an AI revolution, just as the Great Recession did for big data.
A succession of shutdowns since the start of the pandemic are driving innovation and advances in technology. As a result of adopting new technologies, ‘sight unseen’ property purchases are becoming more popular.
Sight unseen is the process of purchasing without physically inspecting or viewing the property.
Before the Covid-19 epidemic, investors and military personnel, or other relocating buyers, would often have to make purchases without visiting a property due to the tyranny of distance. However, with innovative technology such as VR, 3-D tours, digital staging, online auctions, and conveyancing, more buyers choose to negotiate the contract, buy – via private treaty, or participate in an auction from the convenience of their desktop. As a result, we have seen an increasing demand for houses for sale in the Byron Bay area and surrounding LGA’s. In particular interstate dwellers from NSW and Victoria, and in recent months buyers from the UK and USA are purchasing property without crossing a border or getting on a plane. The potential audience is virtually anyone who can log onto the internet regardless of where they are on the globe, which is excellent news for sellers.
Probably one of the most innovative online platforms is e-conveyancing using PEXA. Until a few years ago, property exchanges required the lenders and lawyers associated with the settlement or transaction to be in the same room with the cheques and physically swap pieces of paper and put pen and ink signatures on documents. PEXA has automated this process. It offers a secure online environment for conveyancers, lawyers, and lenders to transact and lodge documents required for settlement, with the buyer, seller, and their agents able to track the transaction’s journey to completion.
COVID has changed the way we do things, and the only upside has resulted in digital initiatives that keep people safe while doing business.
Buying property online ‘sight unseen may remain a way of life for some time. However, buyers will continue to embrace these technological innovations, with savvy sellers opting to take advantage of the myriad marketing opportunities. Call us now to find out about our 3D video tours or see what your property is worth.
