The Rise of Technology In Real Estate Transactions
Technology continues to be ever changing. When used correctly, it is possible to lower costs and create greater efficiency in any industry. Real estate is one such case in point.
One Oxford study suggests that technology in real estate will make real estate agents obsolete in the next ten years. In the last few years, technology changed the way real estate transactions happen in many ways. From researching to financing to purchasing a property, technology has streamlined the process. This cuts down on the time it takes to transact business. As technology evolves, those left in its wake can either evolve with it or be left behind. If you don’t want to be left behind, then there are a few things you should know about the ways technology is changing real estate. Here are some ways that the real estate industry continues to adapt to technology.
In the past, when a client was looking for a home, they would contact a real estate agent to discuss what they were looking for. Then, set up a time to go and see properties that had potential. These days, clients can go online to visit large MLS sites. They simply type in search criteria like location, number of bedrooms and bathrooms and the price they are willing to spend. The website then sets them up with a list of places they can look at online. Most people still prefer to see potential properties in person, but the online search can allow them to rule out all but the top contenders. They can also visit things like county auditors’ websites to look up the history of the home, appraisal value and property taxes.
When it comes to real estate investments, investors are also able to research investment options, properties and platforms to plan out their investments. Research is a great tool and all who want to enter the real estate industry can benefit from it.
Long Distance Purchase & Investments
Sometimes a client may buy a house without even visiting it. Current real estate technology allows clients to take 3D virtual tours which make it possible for a client to view a property without a physical visitation. If a client is moving a long distance, traveling simply to visit the property may not be possible. Virtual tours make the selection process easier and help in narrowing down the options.
The same concept applies to real estate investors, especially for those looking into crowdfunding. Crowdfunding real estate platforms allow you to invest virtually from anywhere you are located. For example, you can live in Miami, Florida, and invest in a luxury property in San Diego, California. Great deals are always available on our platform, and as an accredited investor, you can invest with us while being anywhere.
Never worry about collecting rent again.
In the past, a risky tenant would be turned away. Now, there is technology that can have rent money directly removed from the tenant’s paycheck. The landlord knows he will get paid and can thus lease the apartment. The technology that removes the payment directly from his paycheck also informs the credit bureau of his timely payment, thus improving his credit score.
In the same sense, with passive income opportunities available on our platform, you do not have to worry about collecting rent, managing the properties or any of the other day-to-day tasks at hand. With DiversyFund as the developer and project lead, we handle all of these things for you from start to finish. All you have to do is simply invest and watch it grow. Of course, we will always send you updates and you can always check your investment’s status within your online dashboard.
Buyers & investors can be approved quickly.
Real estate technology is not the only thing moving forward. Financial technology is advancing all the time. Thanks to online lending sites and banking, a person who is in the market for a home may be able to get financing by filling out an online form. With the new Fintech, the potential lender has the ability to check credit scores, work history and savings almost instantaneously. The potential homeowner can find out in a matter of minutes if they are approved for a loan. This can speed the home purchasing process up exponentially.
Moreover, investors are also able to complete the process to become an accredited investor online. The process is fast and you can complete it right on our platform as well.
Paperwork has become nearly obsolete.
Once upon a time, real estate agents drew up contracts and had things printed. They would have to set up meetings for clients to come into the office to sign paperwork. These days agents do not even have to be in the same room as their clients. They can send documents via such services as Dropbox. Clients can print them or in some cases even sign them virtually and return them. In fact, it’s not only real estate. Fintech is also cutting down on the paperwork in favor of online forms.
As for real estate crowdfunding paperwork, you get access to all forms and applications online, confirmations, contracts, as well as tax paperwork is produced virtually for safekeeping of all investors.
With mobile devices, real estate technology can go, literally, anywhere. Clients can search listings and sign documents all while waiting for the bus. With the new Fintech, they can apply for loans and complete real estate transactions on their lunch breaks. There is, very little, these days, that you cannot do on a mobile device.
Crowdfunding properties are also listed online with mobile access from anywhere. Our platform has full access from all mobile devices. As an investor, you can see how your money grows from your fingertips anytime you need to see how your investment portfolio is doing.
Sell property without a real estate agent.
Who says you need a real estate agent to sell your property. Agents take a cut of the sale. What if you could sell your property and only spend $400 to $1000 instead of the $10,000 or so your agent could take for commission? There are now online real estate brokerages that get rid of the middleman entirely. A seller can pay a flat fee and receive an MLS listing, a verification of a buyer’s funds and a calendar for showings. For an additional fee, they get local agent support, professionally written descriptions, and sales contracts.
In the same way, you don’t need a financial expert to learn and access new real estate investments opportunities. You are in charge of your investment’s destiny.
Real estate investing simplified.
With crowdfunding technology, investors can now diversify their portfolios with real estate investments. Using the ideas behind crowdfunding, investors can join other investors to fund high-return real estate projects. Without even visiting a property they can earn a higher return on their investments and even spread their investment fund out over multiple projects.
Technology in real estate continues shaping the way we finish up real estate. Everything from searching for a property to financing or investing in it is should be up to date with the latest in technology. Anyone who is not keeping up will likely be left behind. Find out what Fintech can do for you and your portfolio today, sign up for a free investor account with DiversyFund.