Essential Factors for Real Estate Technology to Be Effective
What is the best real estate technology? Originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
A survey conducted by Coldwell Banker and CNET found that eighty-one percent of prospective home buyers were drawn to homes equipped with the latest in-home technology. Among those, thirty-five percent of people who preferred what is known as smart homes over traditional residences believed that such features solidified the property as “move-in ready.”
Technology is also changing the field of home selling. Here are five ways that apps and other online features are making the life of a real estate agent easier.
1. Broadcasting with Periscope and Twitter
What better way to send out a massive blast than on Twitter? The social media site lets you keep it short but sweet as you tell followers that the home of their dreams has an upcoming open house session. You can also post pictures on Twitter that give potential buyers a better perspective of what they will see during their in-person tour of the property. Take the virtual showing a step further by using Periscope to share live footage of yourself walking through the house online. In past times, a substantial amount of money was necessary to promote property by way of commercials. Twitter and Periscope bring the perk to you for free so long as you have a smartphone or tablet when going live and taking pictures.
2. Tracking with Glympse and Waze
Running twenty minutes behind used to be a deal breaker pre-Digital era. Not only did you inconvenience the client but you also provided a guess that was often inaccurate and led to more time wasted at the property. Traffic apps in the twenty-first century have made such estimating unnecessary.
Waze is one app that provides navigation tips based on real-time traffic information. You can better coordinate appointments so that clients are not left waiting for several minutes and provide clearer updates when you are running late. Glympse also tracks traffic in real-time but takes things a step further by offering a link by which clients can track your whereabouts. Text or email the URL to prospective buyers and let them follow along as you make your way to the location.
3. Meet Online with Reflector 2 and Join.me
Real estate agents should consider investing in Reflector 2 instead of bringing their USB stick along to nail that next listing presentation. The app serves as a sort of projector by allowing you to cast all activity on your smartphone and tablet on a larger screen. The Reflector 2 works with nearly any device and does not require additional purchase outside of the app itself.
Free Screen Sharing, Online Meetings & Web Conferencing is another app that has made buying a selling a home more convenient. Agents can hold brief meetings with clients without requiring them to come into the office. Sharing your computer screen is the best way to convey pertinent information to new homeowners. The recording and playback feature is particularly useful when you need to recall a client’s home preferences. They will be impressed with your attention to detail in finding a house with a built-in barbecue pit. You will know that such meticulousness is because of Free Screen Sharing, Online Meetings & Web Conferencing.
4. Add Transparency and Rapidity with an Automated Mortgage Loan Process
The traditional method of the home loan process involved hours spent trying to secure financing. Leaving one paycheck stub or bank statement at home often meant holding off on the process until the client was able to furnish proof of such documentation. There was no transparency in the process, which meant that customers were entirely reliant on the expertise of the real estate agent.
Technological advances have revolutionized the mortgage loan process. Automated processing now establishes criteria by which applicants are judged that makes applying simpler. Some financial institutions can pre-approve hopefuls in ten minutes. Individuals who go through the entire process may see their loans finalized in ten days instead of the average four-week period. Digital tools provide real-time updates so that even those who are not approved can move on to the next bank quickly instead of waiting for a rejection letter to arrive by way of snail mail.
5. Agree from Home with E-signatures
In past times, the thrill of closing quickly became inconvenient for buyers upon hearing that all approved owners would need to stop by the real estate agent’s office to sign final documents. Some individuals were forced to take a sick day from work just to make their mark on the paper. Such heartache is why the masses are thrilled to learn that e-signatures have the same weight as traditional marks on legal documents. A real estate agent can email paperwork that his clients can sign at their leisure and return electronically. It is even possible to solidify documents on a smartphone in some instances, which makes the home loan process that much more convenient.
Contributed by Danny Morrison, Sr. Business Development Manager