Will Uber-ized Property Showing Gain Momentum?

‘Uberization’ is the latest term to enter the market, and many industries are already experiencing its effects. Including real estate. Taking direct inspiration from cab company Uber, Uberization means converting services into on-demand tasks. Just like you can hail an Uber on demand, by booking a car through the app when you need it without having to interact with virtually anyone until you require the car, other industries are aiming to give you the same experience.

Uberization aims to change the course of an industry’s way of working by bringing in disruptive technology that benefits users more than before. Home buyers or renters of today are a lot smarter in terms of knowing what they want, and getting all the necessary information about it before they approach an agent or mortgage company.

Right from finding out the right neighborhood for themselves to zeroing in on a budget by calculating their credit score and mortgage eligibility, these smart consumers know exactly what they want much before they get in touch with the people who will seal the deal for them. This is where the primary aspect of real estate uberization comes into play – On Demand Showings.

This is a very cool practice that, although currently popular mainly in bigger cities, is gaining ground in more and more places. Just like you book an Uber on demand through the app, you can do the same for checking out a house!

A lot of real estate companies like 10MinRealty, CurbCall, Naked Apartments, AgentPair and RedFin arrange on demand property showings for prospective customers. The customer can simply go to the app, arrange for a property showing in a particular neighborhood, put in the date and time, and send the request. The app then sends the request to agents in the area and when the agent accepts the request, he or she can get in touch with the customer. The rest is history.

Naked Apartments is said to be the real estate website that pioneered the term ‘on demand showing’. A 2016 report shows that when they introduced the ‘Viewings on Demand’ feature, they got 3000+ requests and closed 12% of the deals! If that trend is anything to go by, the figures in the past couple of years have surely shot up!

The main reason for this will be the convenience and ease that this process affords buyers, whilst taking out the hassle, time spent, and resources expended. Buyers will be able to invest their time only in properties that are of interest and relevance to them. The latest technological boom and changing buyer preferences and interests have led to this consequence. The content-hungry buyer will consume all the data out there before making an informed decision. And that’s the case everywhere; with buying a car, booking a vacation, even looking for a good pet boarding facility.

This trend has ensured that the same goes for looking at properties while buying or renting a house. Hence, an on-demand property showing demand that’s responded to immediately leads to better chances of closure. If a buyer needs to wait too long before viewing a property, you can be rest assured that they have moved on to another one.

Uberizing real estate is also cost-effective, innovative, time saving, and more lucrative for real estate companies. It nullifies the middleman and the bureaucracy that comes with it. This contributes towards better customer service and giving them what they want, which serves profitable for the company.

It will also benefit agents to instill more flexibility in their work. They can schedule showings on a regular basis, without the uncertainty or time constraints.