In the post-NBN era there would be very few, if any, parts of the Australian landmass outside the connectivity paradigm and therefore usher in complete digital transformation.
Some of the key benefits to accrue for the real estate sector, in the post-NBN era can be enumerated as given below:
Improvement in Consumer Connect: NBN will allow for consumers to remain connected with their real estate agents irrespective of where they are. Agencies can ensure that agents out in the field are still connected to the clients and vice versa. This creates a seamless consumer connect and improves consumer rapport.
Improvement in Information Dissemination: NBN will allow for high speed transmission of data (voice, audio & video) thereby allowing for better virtual tours and visual depiction of properties. Visual information has a much better impact on consumers and aids increased conversion rates.
Improvement in Transaction Closures: Real Estate transactions are now increasingly being closed online. The NBN-era will give further fuel to this trend as consumers no longer need to physically visit properties before giving their nod. As more and more transactions move online, there is an improving trend in transaction closures.
Improvement in Customer Confidence: The NBN-era will usher in a phase where all land records, property documents and ownership information is available and exchanged online. This eliminates the risk of fraudulent transactions and thereby helps improve consumer confidence.
Improvement in Industry Outlook: Overall, the NBN era will help the real estate industry as a whole by improving bottom-lines, increasing sales and decreasing the cost of sale. With digital impetus agencies can deploy online advertising that is more cost effective, achieves better returns on investments, and has a lower entry-barrier even for smaller real estate firms to enter and compete with the more established firms.
Looking much further ahead, the NBN will bring about a new phase of virtual reality and wearable technologies. While the immediate impact of these might not be huge in the real estate space, developers are already looking at some exciting possibilities in the not so distant future.
In the words of Jon Brouchoud, founder of Arch Virtual, specialists in creating 3D environments for virtual and augmented reality, “It is absolutely mind boggling to visit these spaces virtually. It gives you a sense of presence, and a deep understanding of what that space is really like in a way that photos or a website simply cannot convey. I think we’ll start to see a rapidly increasing number of agencies adopting this technology in the next 2 to 3 years, we’re already seeing a lot of early innovation today, and in 5 years, it will be commonplace.”