Technology has influenced many industries permanently. As technology has advanced, so have many industries. New technologies have changed the ways that people do things, see things, and search for things. One industry that has been primarily revolutionized by technology is real estate. Real estate transactions, for example, are now completed much differently than they were just a few decades ago.
The growth of smartphone technology has provided real estate professionals and buyers to complete various tasks from anywhere. At the palm of people’s hands are the many tools they need to facilitate a real estate transaction. Transactions, and many other real estate processes, can nearly be completed on-demand.
E-signing services have played significant roles in real estate transactions, allowing parties to legally sign documents from their phones or the convenience of their homes. Many documents no longer need to be faxed, scanned, or printed to get the proper signatures. Additionally, e-signing has helped people stay more organized throughout transactions by allowing people to leave secured paper trails. Digital documents can be easily searched for when they are needed.
Ultimately, real estate transactions are now completed faster than ever before. Transactions can now be completed more smoothly by simplifying both the acquisition and disposition processes, providing transparency throughout the processes. Virtual reality programs have also sped up Closings that allow buyers to view properties without physically visiting the locations.
There are now many platforms that allow people to invest in real estate without having to go through viewing properties, performing due diligence, purchasing properties, renovating properties, and selling properties. These platforms make it simple for investors to lump money together into funds operated by professional groups called sponsors. These sponsors then take the funds and invest in properties, giving the original investors returns on their investments.
Real estate transactions have come a long way as a result of technological advancements. Many emerging technologies are continually evolving the way that these transactions are carried out. The effects that technology continues to have on industries, like real estate, will be permanent.