How Could Technology Help Buyers & Sellers More?
/The standard residential purchase contract for the Greater Cincinnati Board of REALTORS (and the Dayton board as well) was updated this year to be 7 pages long. Add to that the other required forms, property disclosures, and any addenda that might be necessary, and the average purchase packet is closer to 15 pages! The good news is that all of this can be reviewed and signed electronically (unlike all those documents at closing -- I suggest buying your signature stamp now). And your earnest money check? You can send a photo to your agent to pass along until the contract is accepted and you need to turn over the real thing.
Technology is making today's more complex real estate transactions easier and faster to execute than ever before. You can search for a home, find and contact an agent, collaborate with them on potential matches, share your favorites with friends & family to get their input, sign and negotiate a contract all from your phone. While on vacation. In Belize! And your agent can access the MLS listing, view the tax and property history, schedule a showing, write the contract, send it out for signatures, and negotiate on your behalf with the same device, all while holding an adult beverage in the other hand. But how much does your agent use these great technologies, and how much do they know about keeping your electronic communications secure?
As of 2014, the median age of REALTORS was 56 years old, which is over 20 years older than the median age for US workers. Technological innovation in real estate is happening, but it's not being fully embraced by enough agents to figure out what really works. For instance, at a forum I recently attended for agents under 35, the 12 agents in the room had used a combined total of 5 digital signature platforms and avowed that most of them aren't that great for how we actually work.
So, I put it to you. How should you or your agent be able use technology to make buying or selling a home easier?