How Technology is Helping People Buy and Sell Real Estate Today - April 28, 2020

How Technology is Helping People
Buy and Sell Real Estate Today

Recent survey results demonstrate that buyers and sellers have been relying on technology more over the last several years.  Like so many other aspects of life, technology has also allowed innovations in the world of real estate.  It has allowed many to work their way through the home purchasing and selling process with additional access to tons of great information and with greater ease. 

Now that we are in the in the time of COVID 19, our reality looks pretty different than it did a few weeks ago.  And we can predict that this reliance on technology is even higher than it was in February!  While most of us would still prefer to see each other or a home we are thinking about buying in person, we are still able to make real estate transactions when we are actively distancing from other people.  

Like me, I am sure you have noticed that we are all learning how to do a lot of things in new ways, from how we work remotely to how we engage with our friends and neighbours. Almost everything right now is shifting to a virtual format.   And it seems to me most of us are adapting pretty well to these new practices. 

One of the big changes we’re adapting to at our home, after learning how to use Google Classrooms, is the revisions to the common real estate transaction, which all vary by province and locality. Technology, however, is making it possible for many of us to continue on the quest for homeownership, that has been identified as an essential need for all.



Here’s a look at some of the parts of the process that are changing, at least in the short-run, due to social distancing, and what you may need to know about each one if you’re thinking of buying or selling a home sooner rather than later.

1. Virtual Consultations – Instead of heading into the local Century 21 office, you can meet with real estate and lending professionals through video chat.  These consultations work very effectively for anything ranging from your initial needs analysis as a buyer or your listing appointment as a seller.  It is easy get the process started remotely and create a plan together. Your trusted real estate advisor is easy to access through one of your devices. 

2. Home Searches and Virtual Showings – According to Real Estate Associations across North America, the Internet is one of the three most popular information sources buyers use when searching for homes. Your real estate agent can send you listing information and help you request a virtual showing when you’re ready to start looking. This means you can virtually walk through the homes on your wish list while keeping your family safe. As a seller, you can still have virtual open houses and virtual tours too, so as not to miss those buyers looking to find a home right now.

3. Document Signing – Although this is another area that may vary based on your geographical location, today more portions of the transaction are being done digitally. In many areas, your agent or loan officer can set up an account where you can upload all of the required documents and sign electronically right from your computer.

4. Sending Money – There are lots of options available to allow you to pay for an appraisal or submit closing costs all from the comfort of your home.  Depending on the transaction and local regulations, you may be able to pay by credit card.  Most banks will also allow you to wire funds from your account. Sometimes you can send a cheque by mail, and in some places, a we can arrange to pick up from your home.

5. Closing Process – Again, depending on your area, there are several options that allow documents to be delivered to your home before the closing.  If your location requires an attorney to be present for signing, check with your legal counsel to see what options are available for you. 
Although these virtual processes are starting to become more widely accepted, it does not mean that this is the way things are going to get done from now on. Under the current circumstances, however, technology is making it possible to continue much of the real estate transaction today.

The Bottom Line
If you need to move today, technology can help make it happen; there are lots of options available. Let’s touch base today to discuss your situation and our local regulations, so you don’t have to put your real estate plans on hold. Give us a call at 416-522-1112.