When the U.S. Census Bureau announced earlier this year that only 36 percent of Americans under the age of 35 own a home (the lowest level since the early 1980s), it was easy to jump to the conclusion that the absence of the much-discussed millennial generation from the pool of new homebuyers might be a drag on the housing market.
There is growing evidence to suggest, however, that millennials might be anything but a drag: they might be primed to send a housing market already gaining momentum from sustained low rates and a steadily improving economy to really take off. In a study that took place this summer, Chicago-based BMO Harris Bank found that about three-quarters of millennials are already planning on purchasing a home within the next five years. Nearly four out of 10 millennials plan to do so within the next two years, and 15 percent in the next year.
In the context of a market that is steadily heating up and showing signs of even more significant growth in the near future, new technologies and new efficiencies—like those available through zipLogix’s comprehensive suite of streamlined digital solutions—will be more important than ever.
New Buyers and New Opportunities
With a potentially large number of new and different buyers coming into the market without preconceived notions of how the home-buying process works, this is an ideal opportunity for our industry to step forward and make the process faster and easier for everyone involved. It is all the more important because millennials expect to operate in a mobile/digital environment. This is a generation with high expectations for speed, service and technical savvy.
With increased volume, it is critical to be able to perform as many transactions as quickly as possible. zipLogix products allow key documents to be signed without ever leaving the office, to have multiple transactions going on at the same time, to be able to close quicker and have completed and verifiable documentation, and to avoid the headaches and delays of snags and disputes by quickly resolving potential conflicts with the powerful and proprietary security and tracking functionality that is an integral part of the system.
New Hiring and Training Protocols
Historically, most industry training takes place on the fly: in the midst of a transaction. Today, however, zipLogix has created a vast library of on-demand training videos available online to help new hires get up-to-speed quicker. Additionally, Help and Wizard functionality baked into the software itself provides critical resources to walk users through specific tasks.
New Standards for Accuracy
With more data being introduced into the system, handling that information and reducing errors is vital. With zipLogix digital solutions, MLS data is pulled directly into zipForm, and local, regional and national data flows not only out, but also in, to ensure that all forms are as up-to-date as possible. Consequently, the need to retype and reenter data is substantially reduced or eliminated, both lightening the workload and reducing the potential for error.
Lisa Mihelcich is COO, zipLogix. For more information visit www.zipform.com.