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Last updated on February 22nd, 2021 at 02:12 pm
Even within the better of times, buying or selling a home are often challenging. That’s particularly true within the wake of COVID-19’s impact on the economy and the way we live our daily lives.
As home buyers and sellers grapple with their new reality, technology can help reduce or maybe eliminate the friction that traditional transactions have faced for many years.
These changes may have seemed quick in response to COVID-19. for several agents, they’ll convince be a competitive edge for months and years to return.
Virtual Showings Become a Habit
The industry felt an instantaneous shift with showings transitioning into fully digital experiences. The goal was not just to sell the house – in our new world, keeping clients safe is that the absolute top priority.
As a result, agents became more nimble by leaning into technology. Some have even seen a marked increase in prospects, as more strategic virtual listings invited new buyers locally and from across the country.
Tom Hall, a top-selling agent in Oklahoma City, got creative. He met with a seller within the home’s garage, 8 feet apart, to exchange a group of disinfected keys.
Armed with booties, a mask, gloves, and disinfecting wipes, Hall completed his Matterport capture for the home’s listing. for an additional, he hosted a live Facebook Watch Party, driving almost 100 views of the “open house.”
“It’s not the simplest thing to try to, but it’s worthwhile if we will stay safe and also sell this house,” Hall said.
Accelerating Consumer Options – and Wish for Trust
In uncertain times, the foremost important thing any agent can provide is trust and transparency. That’s particularly true now, with many individuals’ lives upended by COVID-19.
Hall is optimistic that sales will still happen in his area — as long as land continues to be deemed essential — and is bullish about his ability to shut an inventory as long as he can build trust together with his clients and supply private showings to potential buyers.
In some ways, technology can help enable that trust.
Take agent matching platforms, which show clients objective data supported agents’ performance so as to seek out them the simplest agent as quickly, efficiently, and safely as possible.
These tools, and therefore the need for trust, will become the new standard of the way to do business moving forward.
Streamlining Transaction Mechanics
Now quite ever, technology has empowered agents, buyers, and sellers in new ways. As shelter in situ orders have stretched on, the move to digital has impacted the whole transaction process, as well.
Over 56% of agents reported that they adopted e-signature and digital closing tools during COVID-19. additionally, 56% reported that they’re working with inspectors to implement new safety protocols around property inspections.
For some, innovations around the iBuyer model could be the simplest option, enabling clients to sell their home, receive immediate liquidity, and make a suggestion on their dream home without sacrificing their upside.
The real estate industry has begun to point out a glimmer of recovery.
Innovation will have an enduring impact, ultimately paving the thanks to making sure aspects of the transaction process easier, more efficient, and more accessible. For Hall, he’s already felt an enduring impact.
“This goes to vary the way sellers and buyers act around listings and land transactions for an extended time after everything is claimed and done,” Hall said. “After this is often over, we’re getting to see a special world.”
With these changes in situ, the industry is well-positioned to return to its former strength – and, perhaps, even stronger than before.
Reference Source: Inman
