In the post-NBN era, there would be very few, if any, parts of the Australian landmass outside the connectivity paradigm, and thus it would usher in a complete digital transformation.
Some of the key benefits to increase for real estate in the post-NBN era can be listed as follows:
Improved Consumer Connect: NBN will allow consumers to stay connected with their real estate agents regardless of where they are. Agencies can ensure that agents on the ground stay connected to clients and vice versa. This creates a seamless connection with the consumer and improves the consumer report.
Improved information dissemination: NBN will allow high-speed data transmission (voice, audio and video), which will allow better virtual tours and a better visual description of the properties. Visual information has a much better impact on consumers and helps increase conversion rates.
Improved transaction closing: Real estate transactions are increasingly being closed online. The NBN era will fuel this trend as consumers no longer need to physically visit properties before giving their go-ahead. As more and more transactions move online, there is an improving trend in closing transactions.
Improved Customer Confidence – The NBN era will usher in a phase where all land records, property documents, and property information are available and exchanged online. This eliminates the risk of fraudulent transactions and thus helps improve consumer confidence.
Improved Industry Outlook: Overall, the NBN era will help the real estate industry as a whole by improving results, increasing sales, and lowering cost of sales. With digital momentum, agencies can implement online advertising that is more profitable, achieves better returns on investments, and has a lower barrier to entry for even the smallest real estate firms to enter and compete with the more established firms.
Looking much further ahead, the NBN will bring a new phase of virtual reality and wearable technologies. While the immediate impact of these might not be huge on the real estate space, developers are already considering some interesting possibilities in the not too 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 amazing to visit these spaces virtually. It gives you a sense of presence and a deep understanding of what that means. The space is really like in a way that photos or a website just can’t convey. I think we will start to see an increasing number of agencies adopting this technology in the next 2-3 years, we are already seeing a lot of innovation. today, and in 5 years it will be commonplace “.
