Reach into your pocket right now and you are very likely to feel your smartphone at your fingertips. This single piece of technology has radically changed the world, and it is just one piece of technology that has had an impact on virtually every aspect of our lives. Every economic industry has seen some impacts from the development of new technologies, and that is certainly true of the real estate industry as well.
Virtual Tours
You have to see it to believe it. Anyone interested in purchasing a property will want to have a look at the property. However, it is not always easy for that potential buyer to physically reach the property they are considering. That might have been the end of things in years past, but technology has made it possible to allow potential buyers to take a virtual tour of the property that they are considering purchasing. So, what does a virtual tour mean? QuickenLoans explains:
A virtual tour will give you an in-depth walkthrough of the interior and mimics how a person would see the house if they were there. These can either be a video tour or a 3D photo tour, each having its benefits depending on your home. You will often find virtual tours of houses on any real estate website that offers them.
This allows the potential buyer to take an in-depth look at what they are getting involved with before they decide to put down the funds necessary to make it happen.
Mobile Apps
Many individuals and couples enjoy the process of lazily scanning through the listings of real estate in their local area and even in markets where they might think about moving to at some point in the future. Mobile apps make it much easier to do so. Simply create an account, set your preferences for what you are looking for, and browse the updated listings to your heart’s desire.
Another great thing about mobile apps is that you can save the data related to your searches so that you can refer back to them at a later date. You don’t have to start completely fresh every time.
E-Signature Capabilities
The process of signing documents is central to completing a real estate transaction. It is necessary to do so because many legal barriers must be overcome to officially transfer property from one individual to another. This process is made somewhat easier by using e-signature technologies to allow the buyer to sign every document that they need to sign via the Internet. There is no need to sign every form in its physical paper form. Instead, real estate agents can allow their buyers to complete their paperwork completely online. This technology has made the entire process much easier for buyers to complete the forms they need to complete to finish the transaction and step into their newly purchased home.
Investment Pools
A new type of real estate investing is possible thanks to technology. There are certain websites dedicated to crowdsourcing people together in a way that allows them to put their money together to purchase properties together. Investing in properties together like this allows for each individual investor to potentially make a gain on their investment dollars. Each individual investor might not have the funds necessary to purchase an entire property on their own, but they can pool their resources with others to come up with the money necessary to purchase a property that is completely their own.
These are just a few of the ways that technology has already revolutionized the way that real estate transactions occur. Keep an eye on these updates and many more that can have a significant impact on how the real estate industry operates.
