Technology has revolutionized real estate, transforming how buyers, sellers, and professionals engage with the market. From virtual tours to big data, tech provides invaluable tools for all facets of the industry. Read on to learn more about the role of technology in real estate.
The Role of Technology in Real Estate Transactions
It Simplifies Asset Management
Tasks like asset management can be tedious and time-consuming, but technology can help. Automation can take over many simple, repetitious tasks that take up so much time. With more time, professionals can focus on tasks that require a human touch.
Online Listings Become More Useful
Those hunting for their dream home can now do so with ease online. They get access to detailed photos and descriptions and specific data beyond that. The listings might include info on property taxes, local schools, or the crime rate.
Listings can include satellite views to show neighborhoods and their surroundings. They might include distances to different highways, airports, or shopping centers. With all this information in one place and searchable, it is much easier to find the right home.
Using the many 3D tours available, potential buyers can measure rooms, get a better feel for a space and property.
There is still nothing that can compare to seeing a property in person. No online tool can give you the smell of a property, you can’t feel a crooked floor, or a wet yard. It’s important for buyers to see a property in person if they can before making the purchase decision.
Mobile App Integration
With all of the websites offering mobile apps, it’s easier than ever to stay in the know about new property listings. Buyers can set search criteria and preferences, and the apps can send notifications for new listings that match. It can save time for buyers and help them find the right home with less effort.
Did you know there’s a new app directly connected to the MLS coming to the DMV area? The promise is that this new app will be the most comprehensive search tool, not affiliated with any brokerage (consumer advantage!). Contact us at [email protected] and we can connect you to the new app when it becomes available.
E-signing (UETA)
E-signatures are revolutionizing real estate transactions. Cutting-edge platforms provide secure and legal e-signatures. They may also have features for document sharing and storage. Some can even assist with online notary services. With these tools, real estate transactions can be faster and simpler. It can also save time since all the parties don’t need to meet in person to sign.
NOTE: There are some types of paperwork that still require “wet” signatures, usually at settlement and required by the lender, however there are a few lenders who don’t require in-person wet signatures. Contact us at [email protected] and we can connect you to specific loan officers that offer complete electronic services.
Virtual Property Tours
Savvy agents are taking advantage of this technology. A virtual tour can create an online experience more like walking the property. It can be a way to attract interest with a more engaging experience. Agents can also save time since they won’t need to drive to properties to provide clients with an initial viewing.
Big Data
Every real estate transaction generates data. You also have data from listing websites, market variables, and more. Real estate professionals and businesses can identify trends with these vast data stores.
With this new information, people can make better decisions. Agents can use the data to identify emerging markets or new clients that may need attention. Investors can also use the data to inform their strategies.
Final Thoughts
Modern tech is doing so much to revolutionize the real estate industry. It affects all levels, from the average homeowner to large real estate firms.
We Save Sellers Thousands!
If you need more information on virtual tours or if you’re interested in saving thousands on commissions selling your home, click here for our contact page, and we’ll reach out to you promptly.
Thanks for visiting!
Suggested additional “deep dive” reading:
One of our favorite experts is Mike DelPrete. Super smart guy who does the kind of analysis that we like – charts, hard data, smart extrapolations, he’s got it all. Check out Mike’s information here: https://www.mikedp.com/
This is the kind of additional information you get when working with us, we research and learn every day, then leverage that knowledge for the benefit of our clients. Schedule an appointment today to discuss how this data relates to you individual situation.