These Technologies Helped the Real Estate Industry Amid COVID-19

COVID-19 has thrown the country into a tailspin and many industries are suffering because of it. Interestingly enough, real estate isn’t one of those industries that’ve been hit the hardest.That, in part, is because real estate agents have had to think on their towns and think of innovative ways to keep their businesses afloat. One of the ways they’ve done this is by embracing technology.

According to the HomeLight Q2 survey, many agents who participated in the survey believe that these technologies will still be in use once the pandemic has subsided. So, what technologies can we expect to see being used moving forward?

1. Virtual tours

An incredible 46% of real estate agents surveyed reported using virtual tours and 3D tours as a replacement for physical showings. They walk through the home and show prospective clients every inch of the property. Once the tour is over, agents can then upload the recorded walkthrough to the property’s website for future buyers to view.

2. Video conferencing

If this isn’t your first time to the rodeo, you probably remember that you’d meet in person with those involved with the sale. This includes the agent, the loan officer, home inspector and so on. However, because of social distancing protocols, many agents are meeting with clients through programs like Zoom or Skype. Some are even using Facetime and Facebook Live. Consequently, agents also use these programs for virtual showings.

3. eSignatures

Buying a house requires buyers and sellers to sign a lot of documents. But because of the pandemic, it isn’t very safe for everyone involved with the transaction to come together around a large table. Instead, parties can review and sign documents through programs like DocuSign or DotLoop. By signing the documents electronically, everyone can practice social distancing and also get everything signed and to the appropriate parties instantly.

4. Digital floor plans and staging

Along with virtual showings and 3D tours, real estate agents have begun using digital staging and floor plans to bolster the industry. Agents can use these programs to show buyers the home, but they can also give buyers an idea of how their belongings will fit/look in the prospective home. For example, if you have a large dining room table but aren’t sure it’ll fit in the new dining room, the program will allow you to choose a table of similar dimensions and place it in the virtual room.

Are you ready for a different real estate industry?

Real estate has changed thanks to the pandemic, but it doesn’t necessarily mean it’s for the worst. In fact, the industry may benefit from it a lot more than one would expect! Gone will be the days where agents would have to rearrange their schedules for last minute meetings. Gone will be the days where it would be a challenge to find a time that works for all parties involved in the transaction to come together and sign documents.

Digital technology is part of our everyday lives, there’s no denying it. These tools have been used by a few agents prior to COVID-19, but since then, these technologies are probably here to stay for good.

Perhaps the real question we should be asking is where do we go from here? What new and innovative technologies can we expect to see in the future? Could virtual reality be the next big player when buying a house? Who knows. But, one thing’s for certain, it’s going to be interesting!

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