Over the past year, more people than ever are turning to digital solutions for all of their needs, and real estate is no exception. Having gone undisrupted for decades, the industry is starting to see the impact of technology in every aspect of the home transaction, from selling, to financing, to buying a home. Our data shows that 75 percent of home buyers now want digital tools throughout the real estate process, and 71 percent of sellers said that they were likely to consider selling their home using a product like an iBuyer.
With so much of the transaction going digital, we ask ourselves if the entire transaction can be automated and online. I believe consumers want digital, one-stop shopping for buying and selling homes that’s what we're working towards at Opendoor. That said, a home is about the people and experiences that live inside it. There are some steps in the home buying and selling process that can’t be replicated in a digital environment. Here are three of them.
1. The move
Moving is a real-world event that is triggered by real-life needs. Earlier this year, our data showed the pandemic had become the number one driving force for moving. But in normal times, it’s usually a life event of some kind; for example, a new marriage, baby, job changes, aging parents, or growing children who take up more space.
We think about this a lot at Opendoor in terms of designing around the customer experience. Yes, a digital experience is incredibly useful and makes things easier and faster for consumers. And yes, it needs to work in concert with the real-life customer needs that are requiring the move in the first place.