Technology has changed the way nearly every industry operates daily. The entire business models of certain business niches have morphed. The models are nearly unrecognizable versions of the business only a decade later. The real estate industry is no different, as the streamlining of communication has improved.
According to Ardent Residential, a property management company in Miami, there are many facets of real estate that have become much more efficient and streamlined. The process of buying and selling a home has changed in huge ways. The lending process has as well with the ability to sign documents online rather than meeting in person numerous times. The following are how the homebuying, selling, and closing processes are changing with the introduction of technology.
Email makes it so much easier to communicate with a realtor along with text messages. The realtor can follow up on a document you might have missed with a quick text instead of having to call. The realtor and lender will be in close communication with you throughout the entire process. Reaching out is as simple as sending a quick email asking for a status update.
The asking price for a home is going to be far more accurate with the information that is available online. The information found online combined with a trusted realtor’s opinion can help generate the perfect asking price. There are plenty of market reports available online and companies that will give relatively accurate estimates on a home for a fee. Homeowners having accurate estimates can drive home sales. Informed sellers make the process far easier as they understand what they want out of the sale.
There are a plethora of ways to get preapproved for a loan with some people opting to do so on websites like Zillow. There is going to be a follow-up call from the lender to ask more questions before you will be preapproved. Having an accurate estimate of how much money you will be borrowing will help narrow down a home search. A buyer is not required to borrow the maximum amount that they qualify for. Many people opt for homes far less expensive than their maximum budget. Lending companies might refer you to a real estate agent, you have no obligation to use this agent.
The MLS or multiple listings system allows people in the market to buy to get the latest listings. Hidden gems are now few and far between as everyone has access to this information. The need to put in an offer in a faster fashion due to the possibility of missing out on a home has increased. The marketing of the home is taken care of by putting the listing on various home selling aggregator websites. The ability to sort through the different homes based on desired variables helps a buyer narrow down a search. Seeing the length of time on the market also gives the buyer negotiating room if the asking price has deterred previous offers.
The signing of documents is so much easier than in the past where a fax machine or meeting physically was required. The purchasing or selling of a home comes with so much paperwork it can make a person’s head spin. The document systems used also helps keep documents very organized. In the past, missing signatures on important documents led to delays in closing or deals falling through.
Project management systems integrated with these electronic signing solutions reduce the possibility of this occurring. Storing important information like signatures should only be done on the safest platform. Ask your realtor if you are not sure if the information required is appropriate. Emails asking for information are frequent when purchasing a home, you do not want your information falling into the wrong hands. The wrong credit card opened or loan taken out by an identity thief can hurt the chances of an individual receiving a mortgage loan.
Electronic closings are starting to become more prevalent due to their convenience and security. Companies like Endpoint Electronic and Escrow offers these services while other providers have not adapted to technology. The access to information of documents signed or that you will sign makes for a far more informed buyer. Taking a look at quality closing companies is important with the sale/purchase of a home. The selling or purchase of a home is one of the most important financial transactions of a person’s lifetime. Perfecting these processes now will only help when virtual reality tours of a space are available. Virtual tours do not always tell the full store like a virtual reality tour to see how much space there is in a home.
Technology will continue to influence real estate with more consumers wanting smart technology integrated into their homes. The home buying process is only going to change as virtual reality tours become much more advanced. The focus will continue to be on the security of private information and convenience for buyers, sellers, and lenders alike. The future of real estate-focused technology is exciting for those with a long future in the industry.