Suppose you thought you noticed a trend for many goods and services trending digital before March of 2020. In that case, you may have really seen the shift when so many industries and business operations had to go virtual due to the ongoing pandemic. Real estate was not only impacted by this as well, but thankfully, the industry was already primed and poised to make such a pivot seamlessly and successfully.
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Below are five ways technology is impacting the real estate market in 2020:
Gone are the days where a client must drive to a realtor’s office and gather information about services offered or the current market. Nearly every part of an initial consultation can be done virtually via email, phone, or video-streaming. If you are selling, your listing agent can provide you with all of the data you need to make informed decisions about listing price and market value. If you are buying a home, a realtor can quickly gather and sort information to help you narrow your choices based on your personalized criteria. On either end of the spectrum, time is money!
Agents have access to platforms that can nearly instantly pull current comps, MLS data, and more to help give clients a much closer estimate of a home’s value to a much finer (and more accurate) degree than popular apps like Zillow or Realtor.com. These days nearly every step of the listing and selling process can be done digitally with e-signature programs. If you are unable to be physically present, it’s no problem.
Advertising and Marketing
Technology today is making it possible to view the features of a home without ever stepping foot inside. Things like drone video and photography, 3-D, and virtual walk-throughs give expanded vantage points that an in-person look may not uncover. Additionally, having access to these digital products offers a huge advantage when it’s time to market your home. No longer does a sign in the yard or an addition to the MLS do the trick. Agents these days use software to send out email blasts to their colleagues with links to high-resolution imagery and video to help sell your home.
Searches and Showings
Thankfully, when you are in the market to purchase a home, this technology works in your favor as well. Having electronic access to home searches and virtual showings means you can confidently secure a home even if you can’t be there physically to see it. If you are in town, having the option for virtual walk-throughs can help you eliminate non-contenders and spend your valuable time physically visiting only those homes about which you are most seriously considering.
Financing and Payment
Whether you find yourself sitting in the buyer’s or seller’s seat at closing, many technologies make this final, satisfying part of the deal more efficient as well. From financing, reviewing lender, loan, and property documents, to wiring funds, all of it can be done electronically. Having a realtor who is up to speed on the latest trends will enable you to experience a smooth process from start to finish.