Technological advancements have had a positive impact on many industries, including the housing industry. Due to new technological tools and systems, the home-buying process is now quicker and less arduous than it was in the past, making it easier for buyers to obtain homes and less taxing for realtors to sell them.
Here is some information on how technology improves the process of buying real estate.
3D Cameras
3D cameras replicate human vision by capturing images in three dimensions, allowing for the perception of depth. Some 3D cameras can capture stills while others can shoot videos. Oftentimes, realtors will use 3D cameras to take pictures of each room of a for-sale house, and they will use those pictures to create a virtual tour that buyers can view when researching the interior of a home.
Benefits for Buyers
Buyers benefit from the use of 3D cameras because it gives them the chance to view the interior of a home online if they cannot view it in-person. For example, if an individual is interested in buying real estate in another city, he or she can forgo driving hours to get a glimpse of the interior of the property and take a virtual tour instead. Ultimately, 3D cameras provide buyers with a much more efficient way of identifying the features and assessing the quality of a home.
Benefits for Realtors
Realtors benefit from the use of 3D cameras because it saves them a great deal of time. Prior to the existence of 3D cameras, realtors had to schedule in-person tours and viewings, meaning that only a limited number of people could view the interior of a home at a time. Now that 3D cameras are widely available, realtors can post virtual tours of for-sale homes on their websites, allowing large quantities of people to view those homes simultaneously.
Online Home Searching
Online home searching involves the use of a search engine for the purpose of home buying. There are many house hunting sites that allow for online home searching, providing buyers the opportunity to find their ideal home amongst millions of for-sale listings. Note that while online home searching, users can input information related to location, price, features, amenities, and even school districts in an attempt to find their perfect home.
Benefits for Buyers
Buyers benefit from online home searching because it provides them with a much more efficient way of searching for a home. Prior to the advent of online home searching, buyers had to scan through a plethora of newspapers, drive through neighborhoods in hopes of stumbling upon a for-sale sign, or go through the difficult process of contacting a realtor in order to find a for-sale home.
Weather also plays a huge factor in the benefits of searching for a home online. If you are buying a home in Scottsdale in June, or buying a home in Wisconsin during the winter, online searching allows you to search for homes without being exposed to extreme elements.
Nowadays, with the rise of online home searching, buyers only need access to the Internet to find a home that has all of their desired qualities.
Benefits for Realtors
Realtors benefit from online home searching because it improves the odds of their listings being viewed. In the past, realtors had to wait for buyers to contact them or see the listings that they placed in the newspaper; in those days, the likelihood of a listing being seen and a buyer following up on it was slim.
Now, in light of the proliferation of online home searching, realtors can increase the chance of their listings being viewed by using SEO to drive traffic and generate leads.
Online Mortgage Approvals
Online mortgage approvals allow buyers to purchase a mortgage online by providing their financial information. This system usually involves an online credit check as well as online income verification. Some lenders who use this system may require buyers to close the deal, after approval, by contacting them via email, video chat, or phone.
Benefits for Buyers
Buyers benefit from online mortgage approvals because it streamlines the process of obtaining a mortgage. Prior to the existence of online mortgage approvals, buyers had to contact multiple lenders to find the one with the most suitable set of stipulations; then they had to go to their lender’s office and provide them with credit, employment, and bank documents.
Nowadays, to obtain mortgage approvals, buyers can quickly input their information online and artificial intelligence systems will find the right lender for them.
Benefits for Realtors
Realtors benefit from the use of online mortgage approvals because it speeds up the home buying process. Since online mortgage approvals allow buyers to obtain mortgages quicker, they can purchase homes quicker, making it easier for realtors to sell for-sale houses and earn much-needed commissions.
Electronic Document Signing
Electronic document signing allows buyers to sign legal and confidential documents using eSignature platforms or software. Remote document signing is considered to be more environmentally friendly than traditional document signing because it is a paperless process.
In addition, it is easier to save electronically signed documents on a computer than it is to store paper documents in file cabinets where they are prone to becoming misplaced or damaged.
Benefits for Buyers
Buyers benefit from remote document signing because they can complete the home-buying process without leaving their homes. Prior to the advent of eSignature technology, buyers had to make an appointment with their realtor, drive to their realtor’s office, and sign each required document.
Nowadays, using eSignature technology, buyers can quickly sign documents online and save a copy of each signed document on their computer. Moreover, since most eSignature systems come equipped with enhanced security measures, buyers can ascertain that their information will remain protected.
Benefits for Realtors
Realtors benefit from remote document signing because it improves productivity and workflow. They no longer have to schedule lengthy appointments with buyers; they can simply send buyers the documents they need them to sign and receive notifications once their buyers sign them.
In addition to enhancing productivity and workflow, remote document signing also benefits realtors because it allows them to obtain signed documents from buyers residing in various cities, states, and countries.