The idea that new home buyers are changing is not new. Other industries have been “disrupted” by technology, which has led to major shifts in consumer behavior. What is different for builders, however, is the way in which their consumers are changing along with the latest real estate tech offerings.
When we talk about consumer behavior in new construction, the discussion often focuses on interior design trends, materials, or floor plan layouts. Rarely do we talk about the buying and selling process and how the outdated process is out of touch with consumer behavior and expectations today.
It’s time to have that conversation.
As technology brings more things online, consumer behaviors are changing to anticipate and expect simpler and faster digital solutions.
- Tesla and Google are poised to beat GM in autonomous cars.
- Amazon beat out Barnes and Noble along with other retailers in the online bookselling space.
- Netflix streaming service effectively ended Blockbuster.
Technology has revolutionized consumer expectations for everything from banking to ordering dinner, but the home construction industry hasn’t kept up.
In a world where the internet makes everything else easier, why should discovering, designing and purchasing a home be any different?
It’s time for a change.
Consumers Prefer On-Demand Actions
Consumer behavior is also changing in terms of expecting on-demand actions and personalization. People are now familiar with the idea of customizing everything from low-cost products like sneakers to key big-ticket expenditures like cars and homes. More and more buyers are now open to the idea of designing and purchasing homes directly online from anywhere.
Unless builders leverage tech to foster new ways to connect, transact, create and update sales processes, they’ll lose these newly tech-savvy consumers. Any company that wants to compete and remain viable in the future should not only embrace technology but completely adjust the culture of their company to include innovation, change, and continuous education.
Consumer-led growth leaders will find ways to take advantage of the opportunity that comes from disruption
Disruption will push many companies out of their comfort zones, but those that adapt will play a role in reshaping the new construction industry rather than being phased out.
Forward-thinking builders and companies who anticipate and embrace these changes will most likely endure as the industry evolves. Consumer-led growth leaders aren’t inactive bystanders; they will find ways to take advantage of the opportunity that comes from disruption. A mindset attuned to perpetual change will allow these innovative companies to shape the industry’s long-term direction.