A Federal Reserve 2014 Report states that real estate is the largest asset class in the U.S. worth a staggering $40 trillion! With such mega investments made in the real-estate markets, the country’s real-estate agencies cannot be rules out easily from the proven, traditional business model. However, in the last 15 years, the global real-estate industry has shown a growing reliance on technology to deliver its services more timely, more efficiently, and more economically. All these have been possible because of the realized benefits of technology, or more specifically telecommunications technology.
Today, the home buyers and sellers rely heavily on online and mobile resources for searching and acquiring information related to their real-estate needs. To reduce the time and cost associated with home buying or selling, most buyers or sellers use telecommunications and integrated technologies.
Among the types of information that home buyers typically look for are sharp photos, details or specifications of open homes, details of neighborhoods, or agent information. Once upon a time, the property buyers used to conduct the same tasks through a combination of newspapers, physical visits, and phone calls, which typically took a heavy toll on their time and energy. With the growing use of online systems, the 90% of modern property buyers engage in virtual property shopping till at least several open properties with full details have been shortlisted.
On the other hand, once a visited property has been selected for purchase, the real-estate agents steps in and remotely processes, manages, and closes deals solely through technological means. The agent can remotely arrange for teleconferencing sessions between the lender, the appraiser, the buyer, and the seller to discuss and negotiate terms before closing deals.
The 2014 Rea Estate tech Trends by Properties Online Inc, seems to suggest that between 2001, and 2013, the rise in online search for homes has been roughly 20% (from 69% to 89%), which indicates the virtual property-hunting trends has been steadily on the rise.
VeriShow Technology Facilitates Video Sharing Online for the Benefit of Home Buyers and Sellers
The buyer, the seller, and the agent—each can benefit in his or her own way from the integrated facility for video sharing online.
- Online exchange of videos of homes : The remote agent can use video sharing online to distribute home tours across all interested parties before initiating discussions or negotiations on terms of sale, terms or lending, or terms of appraisal.
Access to specifications with photos :Through the co-browsing and video sharing online facilities of VeriShow chat, the agent can share and discuss the details of specific properties and even compare the details of several properties.
- Property details and photos at fingertips : The ability to post and share vivid property specifications, which may combine many images with descriptive text, offers a powerful alternative to office visits and property tours for the real- estate agencies and their customers.
- Virtual communication between stakeholders : From beginning to end, the property deals can be closed without the real-estate agent ever leaving her virtual office. There have even been cases, where buyers have closed deals remotely, solely based on excellent tours provided by video technologies.