How has the Internet transformed overseas property buying?

The rapid development of technology has brought changes to many areas of our lives, and overseas property investment is no exception.  More people have access to more information and to a far greater range of opportunities than ever before, and as consumers in emerging markets become an increasingly significant force, the dynamics will keep changing.  As technology helps capital and information flow more freely around the world, we’re likely to see a more globalised property market and a much better capacity to make really well-informed foreign property investment decisions.

Technology Fast-Tracks "Word-of-Mouth"

When we’re considering any significant purchase or investment, we’ve always taken advice from people whose opinions we respect, but technology has changed the way we do that. It massively expands the number of people we can consult with ease.  Where previously we would have sought word-of-mouth recommendations from family or friends, now we’re relying more on online reviews, blogs or social networking sites to help us make the right purchasing decision.  Many successful companies have teams constantly monitoring these websites, because it’s amazing how quickly the comments published there can impact their business.

Overseas Property Buying Process

Any overseas property purchase should involve detailed background research, and technology has given us direct access to information on an unprecedented scale and all available without even leaving our own desks.  Just as with news, we each have our own preferred way of gathering this information, weighing up convenience, comprehensiveness, timeliness and quality. The type of blogs we visit, or the profile of social media we use, reflects that. Traditional media such as newspapers still have their devotees and their advantages, but most people agree that the Internet offers us the easiest way to find an unparalleled range of up-to-date and accurate information and analysis – much of it not available anywhere else – whenever we want to look for it.

Technology can help you through the process of buying a property overseas at almost every step.  From initial research into different property markets, to finding an agent or lawyer or checking valuations in your chosen area. You’re more likely to find the information you need nowadays, without looking too hard.  Although there is more information in countries where there are published, formalised data such as Property Price indices in countries like Spain, Cyprus, Bulgaria.

Social Media plays a role

Blog posts and online articles allow you to check out the reputation of developers, agents or financial advisers, and to monitor what’s really going on in your chosen property market, on a day-to-day basis.  In some countries, technology even offers a simple and effective way of checking legal fundamentals, such as a property’s title e.g. Montenegro, while financial information websites allow you to assess the potential impact of currency fluctuations in your chosen market and transact on-line.

With the explosion of social media, we are now witnessing the ability of Agents who use certain software, being able to automatically list properties on social media such as: on Facebook Marketplace, Twitter and the Oodle Network. This helps promote or "push" a product, but may not actually be in keeping with the way people use social media and as such could be counterproductive.

Of course, there’s no substitute for actually viewing a property before you buy, but technology can help you get to that point very much more easily and efficiently, before you go to the time and expense of getting on a plane. 

If your property is intended as an investment rather than a second home, you can continue to use technology to make the most of your purchase.  In most instances, it is a requirement to have an overseas bank account in the country where your property is located. Again the Internet makes it very easy to manage this from home, as European banks have internet banking for the European property buyer.  And if you’re not a linguist, online translation tools like Google Translation, can help. 

Of course, the Internet is also one of the best ways to market your property to potential tenants or holidaymakers, allowing you to keep an eye on how competitively priced your property is and conveying the relevant information to your target customers.

Technology has changed the parameters in so many areas of our lives, so quickly and so profoundly that it can be difficult to remember how we managed without it.  For overseas property buyers, there’s no doubt that it has delivered very significant benefits in terms of convenience and efficiency, and that these benefits will continue to evolve, hand in hand with technology itself.

^{Posted by Louise Reynolds 29th June '10}  

Property Venture^® is an independent, UK-based agent. We help time-strapped investors and holiday home purchasers, buy abroad by guiding through the buying process, so reducing the hassle. We visit the countries you buy in, so we can offer common-sense, grounded advice. Overseas members of NAEA. This means we have been subjected to the membership criteria and have signed up to follow the professional Code of Conduct established to help you, the potential buyer or investor, buy property with confidence