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Last updated: April 2, 2020 • Real Estate, Real Estate Trends

Closing Real Estate Deals from a Distance using Virtual Tech

With the evolution of technology, nowadays distance isn’t an issue anymore. Multiple industries throughout the world use the internet to market their products and services. Now you can purchase anything from the comfort of your own home and it will be delivered at your doorstep. Expanding your reach is so important for all industries and success has followed many companies who used virtual tech to their advantage.

With distance becoming less of a challenge, the real estate industry saw this as an opportunity to go online. Back in the days finding a home for sale through yard signs and word of mouth was common. Now it is easier and more convenient to go online to a listing site and look for a home in the area.

Now contacting and finding top real estate agents is easier than ever with the help of internet and online platforms. Nowadays the process of selling/buying a home can be done from a distance without requiring the physical presence of the parties involved. As long as everything is legal you should not have any issues in closing a real estate deal from a distance using virtual tech.

Selling a home using virtual technology

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The traditional way of selling a home is no longer as reliable as the methods used nowadays thanks to virtual technology. A 2017 survey made by the National Association of Realtors reported that 51% of home buyers were looking for homes online, and 30% of people found a home through an agent. Only 7% ended up finding their home through a yard sign.

There is no doubt that both virtual technology and virtual reality have transformed and will continue to change the process of selling a home. Let’s see how it affected the real estate market currently.

Nowadays for more exposure, you should definitely go online and you can do this in two ways. You can choose to sell online with the help of a real estate agent that will list your home for you. Or you can sell it online yourself without the help of an agent. Both methods offer the benefit of virtual technology by going online for more exposure. We will cover the aspects of choosing one or the other.

Sell your home online with a listing agent

smiling millenial sit on couch with headphones

There are many listing services out there that would allow you to put up your property for sale online. Another way to market your property is to get it on MLS, which is an online database. This database provides a list of all properties sold by real estate agents. Only licensed real estate agents are allowed to post details and photos on the local MLS to ensure the accuracy of the data.

Choosing a real estate agent to help you with your sale might be your best bet. Not only that they list your home, but they also promote it online and help prepare you home for sale. While virtual technology nowadays allows for virtual home stagings for an easy way of promoting your home online, finding real estate agents is just as easy.

With the help of virtual tech we now have multiple real estate related websites, such as our platform RealEstateAgent.com, that allows you to easily get in touch with agents. The Official Real Estate Agent Directory® offers you an easy way to search online for top real estate agents in your area and get started as soon as possible on your home selling procedure. Take advantage of the directory listings through a user-friendly platform that is easy to access.

Top real estate agents provide you with a professional photoshoot of your home in order to make a great first impression. They will also schedule house showings for potential buyers. In addition, traditional marketing strategies such as fliers, signs and open houses are still available when hiring an agent. 

The agents will also assist you in determining a price for your home by comparing it with others on the market. They will also create selling strategies and negotiate on your behalf to ensure you get the maximum amount from the sale. Handling legal documents and other appointments is included in their service. Also, keep in mind that all this can be done remotely. The agent will handle all the necessary formalities to ensure everything goes smoothly while you can relax.

Selling you home online by yourself

online shopping concept women looking for house

There are websites that charge a flat fee in order to list your home on MLS, without the help of an agent. When you decide to go on your own, without the help of a real estate agent, this is often called for-sale-by-owner(FSBO). Without the help of an agent, you will have to initiate the marketing process yourself.

While Virtual tech allows you to go online to list your home it won’t get it ready for you. So prepare your home to be marketed, by deep-cleaning and moving away from things that are not necessary. Maybe you should even consider renovating some of the areas in your home before selling it.

Now that you are on your own you might save some money that would otherwise go to the real estate agent. But, on the other hand, you have to take care of all the necessary steps related to the marketing strategy and price your home competitively. Showings, appointments and legal documents are some other matters you need to take care of. Since for many people, time is money you should consider the help of a real estate agent. 

In spite of selling for yourself, you would need to pay a real estate commission fee, for the real estate agent that represents the home buyer. This can be avoided if you find a buyer that is not working with real estate agents. This can either be done by advertising your home on free websites or finding them through your network. This can impact the number of people that see you home so if you don’t want to go through the hustle you might opt for an agent for a quick home sale.

Virtual tech that benefits home buyers

360 view on mobile

Virtual tech made it easier even for real estate foreign investors to close on real estate transactions from a distance. Therefore, closing deals remotely is the new way for real estate investors to find investments all around the world.

While it’s fairly common for home sellers to be elsewhere at the time of the signing, most home buyers choose to be on the spot when they make their purchases. Getting the keys to your new home is a big moment for any person, and most people want to experience it first-hand. However, there are a couple of things virtual tech made easier for home buyers in case they can’t be present.

Virtual tech allows for remote closing that is both feasible for sellers as it is for buyers. The advance in technology allows agents to send the contract in electronic format to the buyer. After reviewing it an electronic-signature system offers the buyer the possibility to sign.

The attorney still requires a physical signature, so work with your agent and the closing attorney in order to deliver the documents ahead of closing. Some mortgages actually require that the home buyer be present for the signing, so be sure to run any and all plans past your lender to make arrangements. Otherwise, a notary cam can be employed.

Innovations in terms of virtual technology also allow for 3-D home tours. There are quite a few companies out there that would create a 3D walkthrough throughout your home. If you can’t be physically present for a traditional showing then opt for this virtual showing that is just as detailed as the real one.

With the virtual technologies expanding so quickly in real estate, virtual cyber tours is the new way of showing a property.

Buying a home is a long process and a big experience. In many cases, it might not be completely conventional, but as long as you have all of your legal matters in order, things are much more likely to roll smoothly. Who you know also counts – if you already know, say, a real estate agent, buying a home there from the comfort of Michigan isn’t as big a deal.

Be sure to prepare for a long-distance signing with the same precautions you might give an in-person signing, and then some. It may take a little more fancy footwork to get the job done in the end, but the end result is bound to be just as satisfying. There’s nothing that can make you feel more relieved and accomplished than owning a new home, so once the keys are in your hands and the deal is sealed, take a moment to congratulate yourself!

Also, make sure to leave a comment in the comments section and let us know if you found this article useful.

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2 Responses to " Closing Real Estate Deals from a Distance using Virtual Tech "

  1. Deedee says:

    my name is Deedee Standberry, I live in Jacksonville Florida and have an notary and agent signing business in Jacksonville Florida. However I am endeavoring to start a virtual agent signing business within the surrounding states. Do your office offer the Virtual Cyber-tech training? if yes please respond to my email address with the information for me to enroll. Thanks so much.

    • TeoTeo says:

      Hi, Deedee! Unfortunately we are not offering any kind of courses or training. We are a real estate agent directory that connects home buyers, home sellers and renters with real estate agents from all over the country.

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