From virtual showings to online notaries, the homebuying process is finally going digital
Coronavirus might be forcing the long-predicted digital revolution in the real estate transaction
Boston-area realtor Melony Swasey was in the process of closing on a home when the spread of COVID-19 forced state courts to close without notice. Court buildings hold many registries and deeds needed to record the sale of a house.
“We weren’t sure as of first thing in the morning whether we were going to be able to complete the closing,” she said. “We were able to record the closing electronically because our attorney has that technology. The state was allowing limited electronic recordings yesterday so ours got through.”
Situations like this are playing out all over North America. Canadian real estate professionals are having to find innovative ways to finish transactions that were already underway and create a path forward for future sales.
Some consider the traditional real estate transaction to be an antiqued process that relies on redundant paperwork and in-person meetings for things like notarizing paperwork, appraisal, inspection, and final walkthroughs. None of those elements allow for easy social distancing.
Fortunately for the real estate industry and future home buyers, digital technology can solve these problems. The industry has been slow to adopt these technologies, relying on dated traditional methods, but COVID-19 has turned digital technologies from a novelty into a necessity, and it could end up being what finally forces the real estate industry into the digital age.
“We’ve been working on a lot of these technologies and integrating them into our business [prior to the pandemic],” says Ben Nicholson, chief operating officer of homebuilder Janssen Homes. “We always felt like this was where the industry was going long term. I think this situation has just created a catalyst to move forward even more aggressively.”
Virtual 3D home tours have become a staple of home shopping since the outbreak of the pandemic. Zillow allows sellers, agents, landlords, and property managers to create 3D home tours using a panoramic photo taken on a smart phone. The company reported a near doubling of the number of 3D tours created in the week after the pandemic took hold, and a one-day jump of 326 percent on March 20.
Janssen Homes has digital tools for people buying a custom home. Customers can design their homes and preview existing homes using a digital tools, look at a map of where their house falls in a community, and watch videos of the construction site as the build progresses.
As well agents that work with Janssen Homes are doing initial showings over video chat services like FaceTime or Zoom, and in-person visits by appointment are still available for all showrooms with additional cleaning precautions and one to one tours.
We’ve got lots of digital options available for both home buyers on available homes and building your next dream home. Contact us today and we can discuss the digital tools and options available via conference call or Zoom video call.
