As we currently live in a digital age, everything is going digital, including the way we sell property. Technology has always had a direct influence on real estate – in the past people could only view physical listings in real estate agencies, but nowadays people can view listings online from the comfort of their own home. As technology progresses, this also leads to fast changes in the property industry:
People may have relied on still photographs to view properties, but nowadays homeowners can use drones to film their house and make it more appealing in the market. For those unfamiliar with this piece of technology, a drone refers to a remote-controlled miniature plane with an attached video camera. The great thing about drones is that it can provide a bird’s eye view of the property for sale and easily film its surroundings, which makes the property more captivating for the prospective buyer.
Although Skype is not a new piece of technology, this free calling software will become a primary platform for real estate agents to communicate with buyers and sellers. For example, when prospective buyers are out of town, real estate agents can provide a virtual tour of the property through Skype. Real estate agents can also use Skype to conduct videoconference calls with multiple buyers and sellers.
Instead of going to an open-house in person, prospective buyers will be able to view 3-D displays of the property using wearable tech such as Google Glass. This piece of technology may increase the chances of homeowners selling their property (especially overseas properties), as prospective buyers don’t have to physically be in the same country to view the property.
A handwritten signature may have been compulsory for legal documents, but in the future, buyers will be able to use eSignature services such as Docusign to sign real estate legal contracts. As an eSignature has the same legal standing as a handwritten signature, buyers can easily and securely sign digital contracts even if they’re at the other end of the world.
Gone are the days of paying a security deposit in cash – in the future digital currency will replace real cash. Similar to the concept of bank transfer, virtual currency such as Bitcoin will provide an online platform for two parties to exchange currency without a middleman. Instead of transferring money through a bank account, in the future buyers can directly transfer a digital deposit directly to the real estate agency.