Today’s real estate market is on fire. In 2022, prices are high and competition is stiff for homebuyers looking to find their dream home. Mortgage rates are starting to climb, creating some buyer anxiety. Now is a great time for people selling their home, but they’ll be keen to get the best possible price, knowing that they’ve got a hot commodity on their hands.
For real estate agents looking to help their buyers and sellers in today’s market, technology can provide the extra edge that will give their clients the best possible experience. From virtual tours to eClosings, real estate agents can leverage digital tools to create efficiency, cut through the clutter and ensure the best deal for buyers and sellers alike.
Millennials, a generation accustomed to doing things digitally, have taken the lead as the largest buying group for homes in 2022. These online natives turn to digital sources for information before picking up the phone or stopping by an office to speak with an agent. While online real estate listings are a major part of today’s real estate game, virtual tours are becoming increasingly popular. One study found that a listing with virtual tours sold 6% faster. Even in a hot market, when many listings sell in record time, virtual tours can deliver added interest.
For those real estate agents appealing to particularly savvy buyers, offering an augmented reality or virtual reality tour takes homebuying to the next level. Sellers will be impressed with the cutting edge capabilities being used to market their home. Buyers can get a better understanding of the house’s layout and yard, giving them added confidence to bid above the asking price or enter a bidding war, even sight unseen.
Another growing trend is the use of CAD software to create “before and after” images of older homes to give potential buyers a better idea of how they could update the home. Rather than invest in an expensive renovation or staging, digital image enhancements can inspire buyers and save sellers’ time and money.
In today’s “work from anywhere” world, people are becoming more comfortable transacting online, even for big purchases like a new home. There’s no reason why people should be able to search for homes online, but then have to switch to a paper process for loan pre-approval or submitting an offer.
Real estate agents can appeal to more clients if they provide online transactions that are more efficient and more accessible. Online signatures (eSignatures) are available for real estate agents and their clients, virtually eliminating the need for paper. From bidding on a home to signing a contract, online signatures not only ensure that the process is legal and binding, it saves time and reduces errors. Real estate agents can help their clients transact faster, potentially beating out the competition for their dream home, or accepting a great offer from a remote buyer.
Another thing real estate agents can do to appeal to digital-minded clients is to work with lenders who offer fully-digital closings (eClosings). An eClosing is one that allows all aspects of the closing to take place online, including notarizations, through a closing platform. By encouraging lenders and title agents you work with to utilize an eClosing platform such as Notarize, your buyers will have the convenient option to close on their home remotely.
With the Notarize platform, the signatures and notarizations required for a closing are simpler and safer, making the entire closing process seamless — and digital. Mortgage closings are notoriously stressful for homebuyers and sellers. Knowing that they can close faster — and from anywhere — can mean the difference between a positive experience and a negative one.