5 Ways Technology is Changing the Real Estate Industry

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In 2020, the real estate industry has shifted to accommodate an unprecedented level of new requirements and restrictions. Technology has allowed agents to adapt in new and interesting ways, making the entire transaction process as easy as possible for buyers and sellers across the country. Real estate technology makes it simple to find a home, put in an offer, negotiate price, and handle the transaction process from start to finish.

In recent years, technology has brought five key benefits to the real estate industry—impacting the lives and livelihoods of buyers, sellers, agents, brokers, and everyone else. Here’s how.

Discovering New Homes

New buyers searching for homes in their area have more options than ever before. Want a free and easy way to see every home for sale in your area without signing up for a service or subscribing with your email address? Download an app. Zillow, Trulia, and Redfin are among three of the most popular home-buying apps on the market today.

Benefits to Buyers

What’s even more advantageous for buyers is that they can easily access up-to-date information on any listed property as well as the surrounding area. This includes things like price, square footage, number of bedrooms, purchasing history, and more as well as local information like school district, local attractions, proximity to major roads and expressways, and more.

Benefits to Sellers

When you’re selling a home, you can easily look up home values and see what other properties in your neighborhood are selling for. This is a great way to begin researching the market.

Plus, when it comes time to sell, having your home readily available on a home-buying app increases the amount of potential buyers who will see it.

Virtual Tours

Setting up a virtual or 3D tour for your property has a number of different benefits. It allows a potential buyer to easily tour your property from the convenience of their own home. As such, virtual tours maximize your property’s exposure and enables more and more buyers to easily see it.

It’s also a great way to attract out-of-town buyers, as well as buyers who don’t feel comfortable leaving their home right now due to COVID-19 concerns. By making it as easy as possible to tour your property, you’re increasing the number of prospective buyers who see it.

There are plenty of 3D and virtual tour services out there that can easily take your property and turn it into an interactive digital tour.

Applying for a Mortgage

Buyers can easily become pre-approved for a home mortgage online with just a few clicks of a button. In fact, many banks now allow you to complete the entire mortgage application process online or by phone.

To apply for a mortgage online, you’ll have to provide the lender with the following information:

  • Documentation to verify your current employment
  • W-2’s from the last two years
  • Recent pay stubs
  • Personal and business tax accounts
  • The completed purchase and sales agreement

The Transaction Process

Much of the paperwork associated with buying a home can now be completed online—leading to quicker turnaround times for buyers, sellers, and their respective agents. This also creates greater organization for all involved parties, as important documents are all stored online in one central place.

In addition, many of the payments, scheduling, and appointments that come with buying a home can be coordinated and completed online. Technology is streamlining all aspects of the real estate transaction—resulting in faster and simpler transactions.

It’s also possible to sign your most important documents and contracts online, taking away the need to meet in person to complete your transaction.

Applying for Title Insurance

It’s never been easier to apply for title insurance in North Carolina. Here at Tryon Title, you can easily apply for and purchase title insurance without having to leave the comfort of your home.

Whether you need commercial or residential title insurance, we’re here to help. We partner with the state’s leading title insurance underwriters, guaranteeing you a streamlined and stress-free title insurance process. Click here to get started today.