How Technology is Changing Real Estate - Nick Statman

According to Nick Statman, it is already widely known that technology has affected almost all industries, and the real estate market is no exception. From advertising to selling, new applications are revolutionizing the ways that agents carry out their duties and ways that consumers obtain appropriate properties.

Virtual Home Tours

Another of the most exciting innovative technologies that have happened in real estate is virtual home tours. As an extension by Nick Statman, home buyers can now virtually tour listed properties by simply using their computers or phones, foregoing the need to set appointments to physically view a property. While some tours rely on still picture images, others provide 3D video shots taken with drones or cameras within the house. Virtual tours allow for more listings to be toured in less time than it would take if one were physically moving from one property to the other.

Smart Home Tech

It has become common to find almost everything in new homes connected, especially through networks that buyers can control with their phones, including lights, thermostats, locks, and appliances. Integrated digital tools can also be a selling factor because young people are more likely to purchase homes equipped with smart technologies. The proposal also brings up possible maintenance concerns at some point in the future. Real estate agents working in this industry must be aware of the latest technology trends in smart homes to assist sellers and buyers effectively.

Online Marketing

The majority of real estate selling and purchasing is done online nowadays, according to Nicholas Statman. Some of the methods employed by agents include social media advertising, email blasts, listing websites, and automatic advertising systems. Newspaper advertisements, especially printed ones, are no longer as effective as before. Marketing, which is done online, is even able to reach more potential buyers as compared to when marketing is done through other traditional techniques.

Big Data Analytics

Mortgage brokers and estate agents leverage analytical techniques in similar ways by employing data from past sales, demographics, preferences of buyers, and a number of views of the listing. It assists agents in setting the right home prices for a house and directing potential buyers to the correct listings. Big data is a great benefit for agents and brokers because is provides information to make more effective choices.

eSignature Technology

Essentially, real estate transactions involve the sale of properties, and properties require contracts and other papers to be signed eSignature technology makes closing such transactions easier since all the parties can sign the contracts and other papers electronically. Certain states have even legislated for the use of remote online notarization when dealing with deeds. Electronic signing services eliminate or reduce some of the time-wasting incidences associated with the physical signing of documents. They also make interaction more faceless when physical contact becomes impossible.

Conclusion

The advancement in technology has brought greatimpacts on the real estate market, which favors both the buyers and the agents,according to Nick Statman. Features such as virtual tours, smart hometechnology, marketing, and analysis tools, as well as electronic digitalsignatures for closing deals, make the process of looking for a property orhome and the eventual purchase a lot easier. In an attempt to help the agentsbecome more efficient in marketing the listings, it is evident that they needto incorporate the available technologies in marketingthe homes to the available literate buyers.