Technology within the real estate sphere has historically been fairly slow to evolve. The advent of consumer-facing listing websites, and then mobile apps, such as Zillow or realtor.com, were innovations that allowed consumers to have their hands on real estate listings, thus pushing the industry to adapt. But perhaps there has been nothing that pushed the industry as a whole to evolve as quickly and widely as COVID-19.
Real estate agents have often had the ability to work from home or the office, but typically they would meet with clients for listing appointments, take buyer clients to show homes, hold open houses for listing clients, sit down at the closing table with title and loan representatives, and participate in a slew of other face-to-face activities that go along with the real estate transaction.
Not so much any more. Since stay-at-home orders were issued, real estate agents have had to learn to do their jobs as virtually as possible.
HomeLight, a property-tech company that matches buyers and sellers with top local agents, conducted a survey in March that found that 52 percent of top agents had seen buyers put their home search on hold and 20 percent had seen an increase in virtual showing requests. With listings on the market and buyers still surely house hunting online, agents had to adapt and start creating video and virtual tours, hosting virtual open houses and taking potential buyers through their listings virtually.
Let's take a look at what other aspects of the transaction have changed.
Videoconferencing
Whether it's in-office meetings being held virtually or listing appointments to get the gig, real estate agents are leaning hard on apps like Zoom, Google Hangouts, GoToMeeting and Skype to replace what used to be face-to-face meetings. Using these same tools, sellers can virtually walk their agents through the home to determine which repairs need to be completed, what updates should be made and what a reasonable price might be.
On the flip side, agents can also walk potential buyers through the home and highlight its features, answer questions and help buyers fall in love.
Video/virtual tours
Open houses were banned with most shelter orders, and as such, agents have turned to technology to showcase their listings online and ensure that buyers are serious before moving forward.
Using platforms such as Matterport (which in May launched a new product that allows users to shoot and craft tours using their iPhones), Cupix, and EyeSpy360.
For virtual showings, the National Association of Realtors, the tradegroup for U.S. real estate agents, recommends using:
Kleard: Self-guided open houses.
Immoviewer and FloorPlanOnline: Virtual showings and 3D or 360-degree video tours.
BombBomb: Video email.
Agents have also been using Facebook Live, Facebook Watch Parties, Instagram Stories, and other social media to highlight their listings.
Closing
One major change with closings during this pandemic has been with closing. Typically at close, title representatives, loan officers, agents and clients gathered around the table to sign a mountain of paperwork and have it notarized in the process. Clearly, with shelter orders and social distancing the old way had to change. Curbside and drive-through closings popped up all over. But one of the greatest and long-awaited advancements came with remote online notarizations (RON). Starting April 28, 2020, all but 10 states had laws allowing RON permanently or emergency authorization to perform RONs. For the most up-to-date information on RON, check the National Notary Associations map for updates.
Although these shifts in business were brought on by a pandemic, they've helped agents to be more productive, and agents who weren't quick to evolve with technology are starting to see the light. With the efficiency and safety that these technologies provide, it's safe to say that they won't be going away any time soon.
