How Has Technology Changed How We Buy and Sell Property in 2021?22nd September 2021
You may have bought or sold property in the past, but we bet that if you were to do so today, it would be a completely different experience. The difference of doing any real estate transactions today is that the process isn’t as forward facing as it once was. Now, realtors have embraced technology to do a lot of the usual face-to-face interactions and this is in direct response to the global pandemic that continues to be a problem.
It doesn’t matter if you’re venturing into the real estate world for the first time or if you’re familiar with the process, here are a few ways technology has changed how we buy and sell property in 2021.
Showing houses virtually
You would assume that in order to buy a house, you need to physically walk through the home so you can look at every nook and cranny. In 2021, buyers are finding that they needn’t be present in order to tour the home – this is largely in part to the pandemic and social distancing guidelines.
Today, realtors can take their clients on a virtual tour to give them that first look at a potential property. The agent can go through the home with their client on a video conference call and show the property in real time. The client can ask the agent to open cabinets, turn on lights, and test the plumbing. They can ask the agent to answer any questions while they go through the property and show them features of the home.
Then, once the tour is over, the client can ask the agent to make an appointment so they can view the home in person and the agent can use the newly recorded tour on the property’s online listing page. It’s a win-win in both regards!
Digital closings are the go-to
The traditional closing would be a time consuming final part of the real estate transaction. You’d have to find a time where all parties (the buyer, the seller and their agents, the title company, and the lender) are available. You then have to travel to a designated office and spend hours going over the paperwork.
Digital closings, thankfully, have changed the closing process in a way that is more convenient for everyone involved. Instead of physically signing documents, parties can click a button and their digital signature would appear in the necessary spots. The documents can be reviewed online and there’s no need for physical copies. Plus, no one has to travel to a conference room somewhere. They can log into a video chat room from the comfort of their home!
Online mortgage and financial tools
Being able to view a property online and sign documents from the comfort of your home are great examples of how technology has changed how we buy and sell properties. However, long before you even get to do these things, folks can use online tools to gauge their finances, be it to see how much house they can afford, how much they need for closing costs, and how much they could earn when they sell (among other things!)
Digital real estate transactions are the way of the future
Entering the world of real estate can be intimidating, but it doesn’t have to be. Real estate agents have worked hard to keep the industry afloat amid the economic calamity that we’ve been experiencing. They’ve adapted their business practices in a way that is both convenient and safe for everyone involved with the transaction.
Once things have settled down and the public health crisis is over (or at the very least contained), it’s highly likely that these technologies will continue to be used. Of course, only time can tell!
After reading the articles on my website, you would be quite likely thinking about the brain behind this information. It will be better to inform that one person could never create, update and maintain such a big website. Although people like to call me as the owner of this information portal, I would like to describe myself as a geek trying to help others.