The real estate industry is no stranger to technology. From 3D floor plan renderings to online listing platforms to property marketplace apps, it has been adopting different tools to satisfy the demands of the market. Then, the pandemic happened.
As stay-at-home orders were implemented across the country and the globe, property buyers turned to technology. This has significantly shaped the current real estate landscape, making property technology indispensable. This was the core topic of the latest webinar episode Lamudi Academy organized, Tech in Real Estate.
In partnership with the leading loan brokerage platform Nook for the first online and biggest housing fair in the country, the webinar delved into modern property buying preferences and behaviors amid the pandemic, as well as the role of technology in supporting new demands. These are some of the highlights of the episode:
What Today’s Property Seekers Are Like
Property buyers are influenced by three emerging trends that have defined the industry in the last few years:
- Increased tech engagement. The average time spent on mobile has surged exponentially from the first quarter of 2020 to the last quarter, according to the 2021 report of Global Web Index. The report adds that consumers within the age range of 40 – 65+ have accelerated their adoption of technology. In the property industry, specifically, members of the millennial generation, aged 25 to 34 years old, were the most active in the market, driving the largest share of pageviews from the second half of 2019 to the second half of 2020.
- Stronger e-commerce demand. Comparing bigger purchases vs smaller purchases, the Global Web Index report shows that 47% claim that they make bigger purchases online, while 33% make smaller purchases online.
- Purchase drivers. Property seekers leverage promos and discounts and make the most of their money. They consider online reviews or the “new word of mouth” before buying properties. Moreover, they want seamless payment options. Buying a property, in itself, is already a complex process with all the paperwork, so seekers prefer a simpler process.
What Property Technology Is
Given the trends mentioned above, property technology has become more popular. Proptech refers to the usage of technology and software to assist in today’s real estate needs. In particular, it addresses these challenges, as cited by KPMG:
- Customer experience
- Building management
- Marketing and insights
- List management and compliance
- Data management, security, and privacy
Why Use Property Technology
One of the leading property technology firms in the country today is Nook, the first mortgage brokering firm in the Philippines. They have ties with nine of the biggest banks, making the home loan process for future property owners simple. It’s the firm’s commitment to help the market to move away from the old-fashioned, slow, and paper-based system of securing loans.
Arvin Chester Abreau, Director-Head of Partnerships of Sales and Business Development in Nook, shares how the platform solves old world problems faced by property seekers and brokers:
- Before, buyers had no clue which banks they’re qualified to borrow from and would have to wait for weeks to know if they qualified or not. Now, with Nook, they can see a range of home loans that suit their needs. What’s more, they can receive results in three minutes.
- Before, brokers experienced losing property sales due to problems in their buyers’ financing. Now, with Nook, real estate agents can identify which buyers qualify for loans offered by their partner-banks, and therefore ensure a successful sale transaction.
How PH’s Mortgage Brokering Industry Will Grow
Abreau envisions a country that will see a growing, more vibrant mortgage brokering industry. In terms of country-models, he said that the Philippines can look to Australia. Twenty years ago, the real estate market in Australia largely involved real estate brokers directly involved in home loan applications, which is similar to the reality of the country today.
While direct assistance was helpful to property seekers, the brokers were losing time on loan paperwork and by extension, the opportunity to sell properties. But with the rise of mortgage brokers, agents were able to focus on the things that matter, which is the selling of properties. Thus, the real estate brokerage practice saw more success.
It is this kind of property industry that Nook wants to see in the Philippines with their innovative platform.
How to Use Nook
Given all the benefits of property technology, you might be interested now to try your hand at it. For Nook, the application for loans is as easy as 1,2,3 literally. These are the simple steps:
- Pre-qualification. Complete the simple pre-qualification form to see which banks fit your requirements.
- Loan application. Provide information and bank requirements.
- Bank approval. Sit back, let Nook work on behalf of your application, and wait for the bank to get your loan approved.
The transaction with Nook is free of charge. Even for applications that get bank-approved, there’s no need to pay. If you apply now until the second week of December, you’ll have the chance to win their promo of loan repayments for a year. If you’re a real estate broker or agent, you can also win as much as P50,000 if you emerge as Nook’s top referrers.
The Philippine real estate industry continues to evolve as technology becomes more advanced. With the shift to accelerated digitalization, a burgeoning proptech sector is indeed upon us, making the property buying and selling journey a lot simpler and more seamless. Embrace the technology before you. If you’re interested to know more about Nook, visit their website.