With the immense growth of technology in the last decade, real estate has become even more accessible to both buyers and sellers. Well in seconds anyone can access public information like property details and tax records on a smart device, not everyone can be a negotiator or know how to navigate the market, find reliable resources, or understand the value their home may hold in the current market, or even if the return on such a large investment as a home purchase is wise.
As NAR CEO Bob Goldberg claims, “Technology will continue to improve and, in some cases, automate some aspects of the search and transaction. However, the widespread proliferation of real estate technology, resources, and information often leaves consumers feeling overloaded and overwhelmed.”
Therefore, bringing in an expert with knowledge and skills in the homebuying or selling process is so important. For example, a Realtor can ensure that a homebuyer can wind a bidding war without overpaying on a home, allowing the buyer to make a sound and feasible investment. The National Association of Realtor (NAR) conducted a 2020 study finding more than 50% of homebuyers said that their agents were able to uncover more valuable information from online listings than they could have on their own. Also, according to NAR, 87% of buyers purchased their home through a real estate agent or broker. This increasing trend is saving buyers money, time, and stress. Sellers similarly can benefit from working with a real estate agent as valuable support, effective pricing, and marketing their homes opens avenues most are unable to achieve without the right knowledge and expertise.
As technology has advanced and become an important part of real estate, the human element still hasn’t left. “Real estate is local,” Goldberg said, “While buyers and sellers may have some understanding of the market, Realtors being the experience, expertise, and market intelligent that cannot be found from online sources.” Local real estate agents are knowledgeable and understand their local markets better than anyone, allowing for both buyers and sellers to benefit.
There are substantial opportunities to integrate new technology into the buying and selling processes. From virtual tours and meetings to electronic signatures and drone videos, technology is changing the real estate landscape making processes easier and more accessible for everyone. For 20 years, NAR has supported efforts to legalize electronic signatures, particularly in the real estate industry. Today, features like Docusign and Dotloop empowers agents to better serve buyers and sellers by getting paperwork and transactions done quicker and easier from anywhere. With technology providing consumers access to information at their fingertips and real estate agents making sense of all that information, consumers can make the right choice about where to start a family, raise their children, build communities, and make solid investment in their future.
Written by Cherie Denslow-Brannan