Realtors Want Tech-Forward Lenders to Stream Online Closings
Real estate agents helped sell nearly six million homes in 2017, guiding buyers through one of life's most stressful moments. But as competition rises across the mortgage industry, agents are feeling the pressure to connect clients to a simpler, more seamless home buying experience.
According to the National Association of Realtors, buyers typically finance 90% of the price of their home and close in 46 days, on average.
But if you can buy a $125,000 car on a Saturday afternoon, why does it take six weeks to buy a $125,000 house? Realtors are hungry for solutions that shorten the mortgage process without cutting corners.
That’s why the realtors of tomorrow will favor tech-forward lenders.
Lenders who adopt technology to accelerate the online closing process will be the preferred partner for realtors, and the key differentiator in a world where any competitive edge can dramatically change a business.
We’re not that far off from a future where anyone can walk into the home of their dreams, get approved for a loan, and buy it the same day. Blend Labs, Fannie Mae, Freddie Mac, Notarize and others are helping signers apply for mortgages online, automate the underwriting process and click-to-close on-demand, 24x7.
But in order to make that vision come true, all stakeholders will need to adopt technology that helps streamline the mortgage process. And the first to marry speed, convenience, and choice will win.
It’s not enough to have a great marketing team, a great way to advertise, or a dedicated network of clients. The most successful real estate agents will play a vital role in connecting the entire real estate process; from the home search to the home closing.
That’s why technology has a vital role in the real estate toolbox.
Ninety-five percent of all home buyers search for their home online, yet less than 1% close on that home the same way. As companies build tools that better connect the real estate industry, realtors will play a key role in bringing that vision to life.
Want to read more predictions on the future of home buying? Read our free eBook here.