The real estate industry has many stakeholders. The sales of property involve many people who play various roles at different stages. It is not a simple and linear transaction between buyer and seller.
Selling a property has come a long way from its traditional approach. What used to be a tedious process is now more convenient, thanks to digital technology. The internet, mobile applications, and other systems helped real estate stakeholders. Digital technology made some processes in a real estate deal more convenient. Here are some examples.
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Mortgages
Getting a mortgage is one of the first things that a buyer must do. It should not be an afterthought. This would help them decide how much wiggle room they have in selecting a house. Some buyers get overwhelmed with this stage. They could feel that the rates, interests, and choices are overwhelming.
Mortgage companies use infographics and mortgage calculators to help buyers decide. Armed with an estimate of their monthly mortgage, buyers can make better choices. They can also plan their finances better.
Digital technology also helps senior citizens understand their options. Mortgages are crucial not only during the sale of the house. It affects a person’s lifestyle as long as the homeowner pays off the amount. Some homeowners reach their prime age paying their dues. It may become a challenge with fewer streams of income. Elderly homeowners can now explore their options well, like looking at a reverse mortgage. Lenders can lay out essential details about this type of mortgage on their websites. This would help senior people make informed choices.
Listings
In years past, there are only limited ways on how potential buyers can see available houses in the market. There are even times when a person has to drive around to see those “For Sale” signs installed in the backyards.
Thanks to social media and real estate websites, houses for sale now have a wider reach. Potential buyers, even from one state, can browse for house listings from other states. Initial house viewings can also happen online via video live streams. There are fewer personal visits before a buyer decides to negotiate for the property. It helps to save the time of everybody- the seller, the potential buyer, and their agents.
Negotiations
This part of the real estate deal is best-done face to face. The rationale behind this approach is to prevent any misunderstandings that may arise. Misunderstandings are more common when the parties conduct the conversation online. Many things get misinterpreted through emails or chats.
But, it is not to say that digital technology is useless in this stage. One thing a potential buyer can do is to do thorough research about the value of the house. They could even look for some crucial details about the community. In doing so, they could make a better offer the seller would accept. With the offer having valid reasons behind it, the negotiation would be smoother. Being well-informed about a house that you wish to buy also makes your offer stand out.
Home Inspections
This stage of the deal would involve more processes and more stakeholders. It is a must to have a thorough and credible inspection to reach the right appraisal. Technology plays a big role in this stage. Inspectors now use advanced tools like thermal imaging cameras and moisture detection devices. Imaging drones also help to make a more comprehensive inspection.
Digital technology also makes home inspection more efficient. With automated scheduling, it is easier to get an appointment. Digital technology also helps to create a more detailed report of the inspection. What used to be only pages and pages of the property’s condition could now be a customized report per property. With the right software, you can create reports that are in-depth yet simple to understand. You could even incorporate 4G images and HD videos in it.
Closing
Closing a real estate deal still involves various processes. The property documents that the buyer needs to read and sign could be overwhelming. The good thing is that you could have digital copies of these documents to study them better. Electronic signatures are also now considered legal and binding. Even fund transfers online make closing the deal smoother. These are options that the parties can do when they cannot find a common schedule. But, it is still nice to close a deal in person and shake hands on it.
Buying a home is now made easier in every stage. The prolific use of digital technology contributes to the ease of transactions. This alternative way made stakeholders in the real estate industry more active.
