Remoting into Real Estate
In the future, an increasing number of real estate transactions will be taking place remotely online.
There are five facts that will shape a major transformation of the real estate industry in the years to come:
- The world of digital assets is expanding, and we are starting to see each piece of daily life and business activity being converted into a computer-readable format.
- Money is already digital; in fact, only 8% of the world’s currency is materialized in the form of physical cash.
- The stock market is digital, as well
- As for tangible physical goods of generally low value, such as books and clothes, the majority of these items are traded online and around the clock, thanks to e-commerce platforms such as Amazon, eBay, and Alibaba.
- In contrast to low-value goods and services, there is a class of high-value assets that are behaving more and more digitally due to their digital ownership representations; this category includes real estate, cars, expensive collectibles, boats, and even venture investments.
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As predicted by proptech venture capitalist Vik Chawla from Fifth Wall:
“Future real estate transactions will take place in an entirely digital format where commercial and residential real estate purchases and sales are completed seamlessly. Through the utilization of these digitized platforms, major stakeholders will see an increased speed and lower cost of transaction, coupled with a rise in available data.”
Online sales might be really possible because of easy data access and digital tools that are designed to make the property presentation more visual and the transfer process more convenient and transparent.
Whatever your reason for buying remotely, there are certain steps you can take to ensure the process goes as smoothly as possible.
You will depend on your real estate agent to handle nearly the entire home-buying process, so it’s critical that you take the time and make the effort to find a good fit.
Already for few years we do virtual tours for many properties. If the website is equipped with a module of virtual visits or the option of displaying YouTube videos from real estate, it is possible to enter the offers on the website with the appropriate link that allows the visitor of our site to look around the offered real estate without leaving home.
Time for you to consider all above and below. From inspections and appraisals through sending the documents, reviewing them for accuracy to make and break deals.
Advances in technology have made remote closings routine for sellers and very feasible for buyers.
Buying a home remotely can be a good option for second home buyers, parents who want to buy homes for their children, and out-of-state real estate investors. In many ways the process is the same as buying a house in person; however, you will depend even more on your real estate agent to find the right home, be present for the inspections, guide you through the paperwork and attend the closing. As such, finding the right agent – and one who has experience with remote transactions – is one of the most important steps you can take when buying a house remotely.
You can close on your new home at your workplace, your favorite coffee shop, your hotel lobby (if you’re traveling), or even your parents’ kitchen table.
Fortunately for aspiring and established agents, technology is optimizing their jobs rather than replacing them. The opportunity for talented agents to make a comfortable living helping buyers and sellers are stronger than ever, and real estate remote transaction are next step forward to assisting clients every step of the way.
We are looking forward to becoming among the pioneers in the industry to adopt buying homes remotely.