Technology is being increasingly integrated in industries that you wouldn’t expect it to have a place in. For example, industries like transportation, food, and financials are all being disrupted by new technologies that makes everything more accessible and streamlined.
The real estate industry is the last of the old guard, meaning that they are one of the few remaining industries that have yet to be disrupted in a big way. Even so, there are a growing number of new sites and services that seek to be said disruptor, including 3D Virtual Tours.
Mortgage technology is a good example, with an increasing user base by the day. Even on your smartphone, there are now apps that so things such as calculating your maximum loan, your recommended mortgage period, providing variable vs fixed rates, and so forth. Ratehub’s mortgage affordability calculator would be a good example of an app that includes all of the above, along with additional features that all help to simplify the process of getting information about your future mortgage.
Streamlining the research process
With the invention of things such as smartphones and tablets, users expect more from real estate companies and brokerages—they want to be more involved with the entire purchasing and selling process. For instance, a new buyer looking for Toronto homes for sale will more than likely calculate what their mortgage would add up to before heading to a mortgage broker. Mortgage loan originators – more widely known as loan officers – are also changing and adapting with digital mortgages. While previously known to simply be passive research and data collectors, they are transitioning to more active advisors for borrowers and creditors alike.
One of the main things that justify the revolution of mortgage loans is that consumers want transparency. The implementation of the review system has helped shed light on whether a specific product is good, or if there is a better, cheaper option out there. This links back to mortgages where people want more automation and self-service options for a role that is traditionally been exclusive to licensed brokers. As a result, companies are developing new software with the consumer in mind so that their software has a friendly user-interface, ease of use, essentially giving the consumers a selection of choices.
Pros still have a place
However, while having access to these new technologies is a great step towards modernizing the real estate industry, it should not be the be-all, end-all of a consumer’s research; brokers should still be one of the final resources that you use to get the most accurate information and data for your home purchase. However, it is nice to see that, from looking for houses for sale to getting a loan, there are now more resources for the consumers to use.
Zoocasa.com is a real estate company that combines online search tools and a full-service brokerage to empower Canadians to buy or sell their homes faster, easier and more successfully. Home buyers can browse homes across Canada on the website or the free iOS app.