gradient box – do not remove it
On behalf of Property Law Firm CB LLP on December 4, 2018.
You’ve probably heard many different stories of companies utilizing technologies in innovative ways to make the consumer experience more efficient. Whether it be digitizing documents, online sales, or having artificial intelligence complete tasks for you, there’s no question that advancements in technology are becoming the new normal when conducting business.
However, for real estate agents, the technology trend has been hit and miss.
Technology Versus Elbow Grease
In an article in the National Post, a recent real estate start-up firm filed for bankruptcy after seven years. Their approach was the utilization of technology for many of their business offerings. While the ambition was impressive, the result ultimately showed that digital efficiency does not always translate into profits, at least not in the present day.
For most buyers and sellers, searching properties, booking visits and other general research can be conducted online without a realtor. However, according to the article, there are some realtor benefits that home owners and future home owners are not ready to let go of just yet:
- The Human Touch: Buying or selling property can be an exciting, but frustrating experience. Since many people don’t usually buy and sell on a daily basis, there are usually a lot of questions. Did the seller pick the right buyer? Was the asking price too low? What happens if the buyer pulls out of the deal?
- Perspective: There are many different sources for real estate listings and information. This can become overwhelming for the average person. Real estate agents and brokerages may be able to provide insights and observations about prices, the market, conditions, down payment options and tailored buying and selling advice based on their years in the industry.
- The Agreement of Purchase And Sale: A real estate agent can advise buyers and sellers about the pricing, down payment and specific conditions and undertakings that are negotiated at the time of signing. The agreement of purchase and sale is a crucial document in the buying and selling process, so it’s best to have a professional involved in the process to spot any potential problems.
A real estate lawyer will then be able to review the agreement of purchase and sale, the mortgage and financing documents, confirm the conditions are enforceable – and what legal action can be taken if the conditions are not fulfilled – to keep the transaction moving.
Where Does This Leave Buyers And Sellers?
Technology is great at getting a lot of the technical and paperwork necessities moving and streamlined. However, if buyers have questions about a title search, or about their rights as an owner, technology cannot yet provide tailored answers and insights regarding all those questions in great-depth.
A physical real estate broker and real estate lawyers can customize the real estate process for buyers, and address their specific concerns and identify next steps better than an online search.
