How Technology Has Changed The Real Estate Industry »RealtyBizNews: Real Estate News
As with most things, COVID crippled the real estate industry before embarking on rapid change. Some trends have been slowly gaining ground over the past few years, but COVID has created exponential growth that might otherwise have taken many years.
Residential and commercial properties offer many opportunities to use today’s technology in real estate. Here are some of the ways in which technology has been incorporated into more parts of the real estate buying and selling process.
Electronic signature services
New platforms are becoming available to carry out real estate transactions involving multiple parties, save time and stay organized. Many industries have resisted the evolution from wet signatures to electronic signatures. COVID has accelerated the use of this trend, leaving online legal real estate services seize and offer secure and legal electronic signatures.
Digital documents and signatures that allow all parties to virtually sign and seal the agreement will likely be part of common practice even after COVID.
Online ads and mobile apps
Websites have long made it possible for anyone to look up inventory and see what’s available, and many of these websites now have apps. In addition to photos and detailed descriptions of the houses, it’s easy to find all kinds of information about the property and the neighborhood, making it easy to find out how far away you could be from a highway, a shopping center. transit or shopping center.
By using apps, housing seekers can stay informed without having to do anything. You can set up notifications on new properties and listings that match your specific search criteria.
3D staging and virtual tours
The photos look great, but new software offers buyers the ability to take a 3D virtual tour of a property, making it seem like they are visiting the place in person.
Virtual visualizations have been around in real estate for some time and have made it easier for potential buyers, the ability to view a property anytime, anywhere and decide whether a place is worth visiting.
Virtual tours can be offered as a 3D render of a space or through a video conference with a real estate agent and are likely to remain a regular part of what buyers can expect.
Traditional staging has also been common practice in real estate for quite some time, but now there is virtual staging as well. Spaces are designed using digital software that adds 3D furniture and in some cases can even show the potential for renovating a property.
In addition to reducing risk and adding the convenience of being able to show a home at its best on a digital platform, virtual staging offers significant savings over traditional staging, where rented furniture must be brought in and a home is professionally decorated. Many of the changes that technology has brought to the real estate industry have allowed for greater social distancing, but they will stay for their added convenience and cost saving measures.