Indeed the primary factor which has been known and proved to affect a considerable percentage of the purchasing decision is the ‘word of mouth’. Moreover, it has greater influence when buyers are purchasing an item for the first-ever time, or if such products are considered to be expensive (“A new way to Measure”). These two factors naturally compel customers to conduct some research, seek for varied opinions, and engage for long periods than they would have otherwise done. The influence of “word-of-mouth” has certainly proved to continue growing. The digital revolution has accelerated and amplified its coverage to the extent that the ‘word-of-mouth’ has lost its act of closeness, that is, the one-on-one communication (“A new way to Measure”). Still, the concept of one-on-one exists as product reviews are always posted online where opinions troop in especially through social and other online networks. To some extent, satisfied consumers go ahead to even creating blogs in praise or push for particular brands. Information technology has just revolutionized the concept of word-of-mouth. Today, you do not have to walk into retail stores to do window-shopping or to go and have an experience of how products look like. Everything can be checked online and in most instances you will find reviews tending to take some specific directions concerning a given trendy item.
The possibilities of imagining or even making up minds for the desired product even before an actual, feel, touch or use have been achieved through information technology. This aspect is similar to what happens in the stock market, where store rates are consistently displayed on screens and websites for consumers to see regardless of their physical locations. In this paper, using the case of information technology in the real estate industry, I have discussed in detail how technology influences and make ease the decision that we make concerning product purchases.
There have been struggles in the real estate industry in the past few decades, with the housing bubble and nasty recession being threats to the industry. The new survey indicates that those people in the real estate, agencies, investors and companies are presently one of the happiest and satisfied business groups, within the country and even around the world. The latest technology which is opening up opportunities for their success translates in equal measure, success for consumers or anyone looking to buy and sell or rent housing (Narwal, & Sachdeva, 2013).
Impact created by the Cloud
Whereas there were once some gaps in the industry’s information technology, the cloud is literally changing how to buy, rent and even sell real estate. In particular, two types of technologies are increasingly becoming important.
First on the list are the mobile tools. Many of the existing mobile gadgets such as tablets, smartphones, and other forms of the latest technology assists agents in accessing information anywhere and at any time. Given that real estate agencies/agents are always present in the search; these mobile tools help them push the sales at faster rates faster (Narwal, & Sachdeva, 2013).
Another critical and important information technology type that is equally making an impact is the tools used for quick information sharing and collaborations purposes, similar to enterprise software. It is this kind of technology that enables faster and cleaner transactions deals between the agency, the buyer, and the real estate. Lining these two aspects to one product massively increases the power of the tool. The way to go is the mobile, as it is assisting the agents in tracking and accessing important details with their clients’ information and documents even while on the road or field. This aspect further strengthens the nature of cleaner transactions (Narwal, & Sachdeva, 2013).
Cloud-based applications are also at the forefront for ensuring increased efficiency. These apps, such as Drop box, and Ever note have been of significant support to agents in assisting consumers keep track of files and notes, such as disclosures and contracts. Another technology that is starting to gain popularity is the E-signature which help clients get their signed documents much faster and with a lot of ease though iPad.
Improved Search Efficiency
Few years or even decades ago, the biggest stumbling block, and which was creating the gap between real estate and the consumers, was the search problem, especially for the web listings. At the moment, the web search property and listings is ubiquitous, clients can easily check for listings online with lots of ease, speed, and with an extended target searches. This element shows many improvements which are attributed to technology. Simply put, mobile devices like smartphones have acted as the catalysts for escalating the whole real estate business.
Buyers, on the other hand, are provided with all the options needed to find homes nowadays. Applications such as Zillow, Trulia and Realtor.com assist consumers begin the process while already having some ‘pictures’ in their minds. This development makes it easier for them unlike the previous system where they had to move from one inventory to the other. Again, Apps such as a lamode’s RE:Focus Analytics hasten decision making processes by offering up-to-the-second inventory and pricing analytics. The use of Dropbox and Evernote ensure that documents and other information are quickly done, anytime, and from anywhere.
The best part of this information is the nature of its accessibility. All consumers and agents have access to this technology. In fact, the technology in real estate industry is so much that it would not be overwhelmed any time soon. This technology makes deal negotiations occur quickly and smoothly. As such it has made customers’ lives enjoyable. With the use of this technology, the purpose is to offer customers with information needed, and when needed.
References
Narwal, M., & Sachdeva, G. (2013). Impact of Information Technology (IT) on Consumer Purchase Behavior. Researchers World, 4(3), 41.
A new way to measure word-of-mouth marketing. (n.d.). Retrieved May 08, 2016, from http://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/a-new-way-to-measure-word-of-mouth-marketing
