How Has Technology Changed How We Buy and Sell Property in 2021?

How Has Technology Changed How We Buy and Sell Property in 2021?

22nd September 2021 0 By Jamie Francis

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 Luxury Homes, you need to physically walk through the house so you can look at every nook and cranny. In 2021, with websites and numerous other technological tools, buyers are finding that they needn’t be present in order to tour the home. The use of these tools has increased largely as part of 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. However, don’t think that this means you can be lazy with how your house is displayed just because their client won’t actually be entering your house! The agent can go through the home with their client on a video conference call and show every inch of the property, inside and out, 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 the features of the home. This means your house needs to be clean and tidy, just as if someone was physically walking through the house. As mentioned above, this also applies to the outside of your house, so ensure windows are sparkling, any grass is cut and maintained, and gutters are clear of debris. You should be able to do most of these tasks yourself, but it may be sensible to find a company like Clean Pro Gutter Cleaning HAMILTON to clear your gutters for you, as this can be dangerous. You may also decide to get a professional window cleaner, for example. This may seem like a lot of work, but it is definitely worth it – clients are likely to ask to see the exterior of the house during a video tour and things like this can make your house look unappealing.

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. Mortgage sellers and buyers who are new to the terminology and process find it very easy to look at websites like Amerinote Xchange and learn more about mortgage notes and their dealings. 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!