Ten or 20 years ago, the residential real estate industry looked a whole lot different than it does today. To stay competitive in this new business and economic environment, new strategies and practices must be adopted in the real estate industry. Technology continues to transform the way real estate agents conduct business and connect with clients, as well as how clients buy and sell homes. The rise of virtual in real estate is here to stay, and we’ll share some of the latest changes.
Internet of Things
Internet of Things (IoT), a term we’ve heard more frequently, refers to smart devices or appliances that are digitally connected to the cloud and constantly send and receive information. An example is a Nest smart thermostat, which allows the property owner to regulate the house temperature remotely. Another example is a homeowner having a device that allows them to shut off the water in the house remotely in case there is a leak. Being able to shut off the water before it is too late allows for proactive maintenance without human intervention.
Components or machines that include smart sensors can alert owners to potential problems and allow for predictive maintenance. Imagine a time in the future where homebuyers can download a comprehensive history of a home’s maintenance and upkeep through smart sensors or devices connected to the electric, HVAC, and plumbing systems. Not only would buyers no longer have to guess or pay for costly inspections to understand the condition of a home but they’d also have a better understanding of a home’s energy efficiency. It’s then no wonder the residential real estate industry is a perfect candidate for expanding IoT technology.
Nothing can replace an in-property visit, of course, but Virtual Reality (VR) gets potential home buyers as close as they can get.
VR allows real estate agents to provide a lifelike representation of a property—far beyond only photos and descriptions. It allows buyers to have a better idea of the home’s layout and details. To gain a more comprehensive view, VR can provide deeper details about the construction—such as plumbing, electrical, or insulation—too.
Having all this detailed information upfront helps real estate agents limit the number of visits they must arrange for potential buyers. Your clients will also value being able to check out homes anywhere and at any time in the way most comfortable to them.
Not surprisingly, 95% of people look for properties online. Today, real estate agents are in an era of showing homes to clients on the other side of the world through virtual tours. More and more buyers are willing to buy properties without physically stepping foot on the property, which means the game has been upped.
The pandemic has accelerated virtual home tours, with some real estate agents turning to drones to help capture video indoors. Drone tours can help highlight dramatic features, such as cathedral ceilings, floor-to-ceiling windows, or large doors opening to outdoor vistas. Additionally, waterfront properties or homes with breathtaking views are good candidates for indoor and outdoor drone photographs and video footage.
Because indoor drone tours are not commonplace (yet), it can help your listing stand out by offering unique views and a seamless walkthrough experience not available on other listings. You’ll benefit from a sense of exclusivity around a property. Even more important, potential buyers will feel as if they are inside the home and seeing it from angles not conveyed through conventional photography.
Virtual Title Companies Create a Better Closing Experience
Once you’re nearing the finish line of a home closing, the quality and type of title company can mean the difference between a smooth transaction and one that will not even make it to the closing table.
The old way of closing a home involved paper, faxing, and missed phone calls, but now we live in a world of automation and technology. You can do almost anything on your phone or computer, so why not a home closing? The technology used in the home closing can make or break the deal.
Completely virtual title companies, like Expetitle, are becoming much more popular, and for good reason. The Expetitle platform connects realtors, brokers, buyers, and sellers all in one user-friendly, accessible, and organized application to make the closing a more delightful experience. This ensures the process will remain transparent, streamlined and on time. You can check the latest status of a home closing at any time from wherever you’re at.
When it comes to the closing, pay attention to the title company’s technology. Are they using best-in-class technology, or are they pushing paper to get the transaction completed?
Many industries are rapidly adopting new technologies, and real estate is no exception. The real estate industry will continue to push for more innovation and cutting-edge technology. By incorporating some of these new technologies, your clients can benefit from a more engaging and immersive experience.