Today is National Technology Day! What better time to reflect on the massive influence technology has had on the real estate industry?
In the pre-internet era before online databases, Realtors used printed MLS books and traditional marketing methods, like radio and newspaper ads, to sell homes and find properties for their clients. Without extensive listing photos or virtual tours, in-person showings were the only way for buyers and Realtors to assess properties. There was even a time when lockboxes weren’t commonplace! Realtors often had to go to other offices to retrieve keys then return them after showings. Perhaps the scariest remnant of real estate back in the day was navigating without GPS. Using a physical map to show homes is not our idea of a good time. Even the days of printing directions off MapQuest are enough to make us shudder.
Call us spoiled, but we certainly prefer the modern ways of doing business and we can only assume our clients agree. Not only has technology simplified the more tedious aspects of our job, but it’s also streamlined the process for buyers and sellers. Here are some of the tools and statistics that show how technology has shaped the industry.
shopping for a home online
As we mentioned, Multiple Listing Services (MLS) used to be a printed book that Realtors had to browse from their office. These days, anyone can see what’s on the market from the comfort of their own couch. Whether you’re a Realtor on the MLS or a consumer scrolling Zillow, you can use search filters to find homes that match your criteria in seconds. You can also save searches so you’re immediately notified when a new match hits the market.
It’s also easier than ever to rule out homes or decide if an in-person showing is the next step. Many MLS platforms allow for 50 or more listing photos to be uploaded. Virtual tours, like walk-through videos or 3D Matterports, are very common. Drone photos and Google Maps allow a bird’s eye view of the property and a closer look at the neighborhood.
The MLS also has map integrations, attachments uploaded by listing agents, and other useful features. Property disclosures, lists of updates, lot lines, and pertinent property information are often readily available to Realtors. You can do extensive research on a home before ever stepping foot inside, which is certainly an advantage in competitive markets. Having access to this information prior to in-person showings allows buyers to make educated decisions when time is of the essence.
47% of homebuyers start their search on the internet, according to data from the National Association of Realtors. In comparison, only 18% contact a Realtor before browsing homes online. While Realtors were listed as the top resource for buyers at 86%, mobile or tablet searches followed by online videos were the second and third choices for buyers seeking information on a property. 51% of buyers surveyed found the home they ultimately bought on the internet.
showingtime + listing access
ShowingTime allows agents to effortlessly schedule showings for buyers. The homeowners are set up to receive emails, texts, or even a call notifying them of the request. They can confirm or decline showings right away. The app also sends automatic feedback requests to showing agents that will be sent directly to both the listing agent and seller once submitted. This makes it quick and easy to find out what potential buyers thought of your home and whether you need to make adjustments.
In addition to ShowingTime, SentriLock and other types of electronic lockboxes can help keep listings secure with timestamped access logs. If there are any questions about who was at the home and when, this information can be obtained with a few simple clicks.
dotloop
Dotloop is one of the most convenient technologies in the industry. The buying and selling process comes with an overwhelming amount of paperwork. Thanks to Dotloop, clients no longer have to meet with their agent to sign every single document. Using your email, you can click to sign or download documents for later reference. Not only does this simplify the execution, it provides security and transparency that physical paperwork lacks. Dotloop erases all signatures when a change is made to the document and keeps an activity log of all access and edits.
It’s hard to fathom a world in which real estate functioned without modern conveniences, and this isn’t even close to a complete list of advancements. From file sharing portals to inspection tools to online notaries, the list goes on and on. Technology has revolutionized the buying and selling process, making it less stressful, more secure, and more informative for everyone involved in the transaction.