Technology Plays a Larger Role in Real Estate: Is This Good News?

In today's world, we rely heavily on technology to do even the simplest things. We use it to keep in touch with loved ones, to buy groceries, to work and even pay bills! With that said, it shouldn't be much of a surprise that real estate agents have begun to use various means of tech to keep business flowing as smoothly as possible given the pandemic. 

With the help of HomeLight's Q2 2020 report, let's see what kind of technology real estate agents have been using, and will likely continue to use, during the coronavirus crisis.

Online housing hunting

Doesn't it seem like anyone who wants to buy a house must spend hours and hours of their time scrolling through online listing sites like Trulia or Redfin to get an idea of what they're looking for? These websites and apps allow buyers to browse homes and see how far their money can go in their desired area. 

Yet, due to COVID-19 and social distancing orders, physically going to houses have been difficult. Not only that, but people are even looking for houses in different cities, different states, and even different areas of the country! That's where these sites come into play. Buyers can go online, look for houses in their desired area and make an offer sight unseen!

Open houses and showings go digital

Doesn't it seem like there's never enough time in the day? Just imagine trying to find the right time where you, your agent and maybe the seller (if the home is still occupied) can meet and see the house. 

Thankfully, programs like FaceTime and Zoom make it easy to see a house without actually being there. THe way that it works is the buyer will call their agent and say, "Hey, I'm interested in this house. I'd like a virtual tour." Or something to that effect. The agent will go to the house with the buyer on video chat and go through the house. The buyer can ask questions, ask the agent to do this or that, and be done. Easy, right? 

Remote closings

In light of the pandemic, 75% of real estate agents are choosing to do their closings remotely. This means that everyone who is typically at the closing table can now get on a video conference call, go over the documents, explain the terms of the contract, and sign documents without the hassle of setting a date and time to meet and making the trip to wherever the closing will be held. 

People can stay home (or at the office), do the closing, and be done. What's cool is that buyers can get the documents notarized via a mobile notary, which makes things easier, too. 

Hello technology and goodbye stress and anxiety

Even when there isn't a global pandemic, buying (or selling) real estate can be taxing even on the calmest of people. Technology has simplified the process and gives buyers more options. They no longer have to make a trip to another state just to see a house if they're from another state. They don't have to worry about rearranging their lives to go on showings. They don't even have to trek all the way to some office and sit in a stuffy office with a bunch of people who may or may not be sick. 

You can bet agents will continue to use tech going forward, but the real question remains: what new technological innovations will make it to the real estate industry in the future? Who knows, but it'll be interesting to see!