Digitization…
A friend of mine related to me earlier this year:
“Digitization means tomorrow won’t look like yesterday.”
The above is the consequence of the term Paradigm Shift, which is a fundamental change.
Remember:
“When a paradigm shifts, everyone goes back to zero, your past success guarantees nothing when a paradigm shifts.”
A Paradigm Shift also creates a huge advantage to “first market movers.”
Errol Samuelson, Chief Industry Development Officer, Zillow Group, said in an interview with Inman News:
“What we’re focusing on right now is digitizing the transaction.
The real estate transaction today still is very complex. It’s got a lot of offline pieces. There’s a lot of paperwork.
Our focus right now is removing all of that friction from the moment you decide you’re going to get into the real estate market to the moment you get the keys to your new home. That’s where the real opportunity is and that’s what we’re really excited about with our Housing Super App. And that’s where we’re putting a bunch of our focus in 2025.”
Both the loan process (and all it entails, from origination to payoff) and the process of buying and selling a home are being digitized. Look for loans and property closings in the not too distant future to take “minutes instead of days.” That is the objective.
Also keep in mind the race for “first party data rights,” as highlighted in this recent article in The Data Advocate.
