How COVID-19 Has Modernized The Real Estate Industry
The coronavirus pandemic has changed almost every aspect of people’s lives. Businesses have had to adapt quickly to survive, and the real estate industry is no different. Safety protocols, market changes, and addressing clients’ fears are the new normal, as is an even heavier reliance on modern technology. However, the real estate industry can and has adapted quickly to the ever-changing world we face.
Real estate transactions are becoming more automated each day. Home buyers no longer have to depend on in-person meetings or conference calls with mortgage brokers to try to figure out debt-to-income ratios or credit scores. With today’s technology, it is simply a matter of plugging the information into a mortgage calculator to find out how much a monthly mortgage payment will be or how much of a down payment will be required to qualify for a particular type of loan.
Additionally, listing agreements and sales contracts can be completed and signed without a real estate agent having to meet in-person with a client. Software programs like DocuSign and RealPage IMS are making managing transactions virtually the norm, these days, rather than the exception.
Agents are increasingly using customer relationship management (CRM) software systems to track leads. Systems that integrate with social media and can verify leads are the wave of the future.
Investment in Photographic Technology
Floor plans and 2D photos help buyers visualize how their furnishings will work in a space. This is not new technology, but it is extremely useful in the era of COVID. Combined with video walkthroughs, floor plans and photos are tools buyers can use to make themselves comfortable with their decision-making process. These tools also have the added value of allowing buyers to share their thoughts with friends and family.
Online hiring platforms
Real estate agents have historically prospered through word-of-mouth referrals, but today’s clients are relying, more and more, on online platforms to find agents that seem best suited to their particular needs.
The challenge for home buyers is finding a professional who can help them navigate the financially intensive aspects of real estate transactions.