If you’ve had any dealings with real estate in the past, either buying or selling, you probably have an idea of what to expect. Well, we hate to break it to you… Things have changed, thanks to a little thing called COVID. Today’s real estate transactions are being handled a lot differently than they were a few years ago and instead of it being a very face-to-face arrangement, a lot of it has been changed with some kind of technology.
So, what kind of technology can you expect to encounter in today’s real estate market and how will it impact how we buy and sell properties? Let’s take a look.
Virtual showings
Generally speaking, when you’re going to buy a house, you’d expect to see the property in person. You’d get to walk through the property, open cabinets, turn on faucets and the like. Well, thanks to COVID, realtors had to rethink how to show properties while still maintaining social distancing protocols.
Today, real estate agents can show properties to clients via virtual tour programs. These programs allow potential buyers to see the house in real time. The realtor will initiate a conference call with the client and take them room by room to which the client can ask the realtor questions about the property. They can ask the realtor to test the plumbing, open doors, and all the stuff they themselves would do if they were in person.
What’s nice about virtual tours is that once the tour is complete, the realtor can put the tour (which can be recorded) on the property’s website and when new clients want to see the property, viola! It’s there!
Remote closings
Closings used to be an all day thing (not really, but they could take a while!) and it could be a challenge finding a time that’s convenient for everyone involved. That isn’t the case anymore, thanks to remote closings.
A remote closing is when documents can be reviewed and signed electronically by the necessary parties. Since the participating parties will already be on a conference call (in most cases anyway), any questions and concerns can be addressed.
The best part of a remote closing is that you don’t have to worry about dealing with traffic, bad weather, or pants! Thank goodness for Zoom, am I right?
Online financial planning tools
We do so much online, it shouldn’t have been too much of a surprise that realtors have started providing clients with online financial planning tools. Clients can use calculators to figure out how much house they can afford, how much they’d need for a down payment, potential closing costs, net proceeds if you’re selling and so much more.
Real estate transactions get technological
During these economic uncertainties, making the decision to buy (or sell) real estate isn’t something you should do without careful consideration, tight number crunching, and insight from experts. We understand that sometimes you have a say in when you buy or sell property, but when you have the opportunity to research your options… Why wouldn’t you?
Many aspects of our lives are inundated with technology and, to some degree, it’s at our detriment. However when it’s a result of a public health crisis and it manages to simplify things, it’s enough to have a change of heart. Real estate is a big industry with a lot of moving parts. If technology can simplify the hole process, isn’t it worth the learning curve?
Infographic created by National Land Realty – land for sale in Alabama
