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The traditional real estate transaction is a process that consists of multiple in-person meetings and an abundance of paperwork. Due to the COVID-19 outbreak in the U.S, real estate businesses are transitioning from traditional methods to a wide variety of digital technologies to support social distancing. 

As real estate businesses continue to integrate these technologies into their everyday practices, we can expect the industry as a whole to become more technologically dependent moving forward. Here are a few examples of how real estate companies are changing their operations during the COVID-19 pandemic to accommodate both buyers and sellers. 

Virtual 3D Home Tours 

American homebuyers have been reliant on virtual 3D home tours since the outbreak of COVID-19 in our country. By using a panoramic photo over a smart device, a seller, property manager, or real estate agent can upload these tours online as an alternative to in-person showings. Also, we are seeing more agents use video chat services like Zoom or FaceTime to show homes at this time.

Digital tools

A home buyer who wishes to buy a custom home in 2020 can use an interactive digital tool to help them with that entire process. With the help of one of these tools, a buyer can design a home and with mapping applications, can see how it would look once constructed in the neighborhood. Many of these digital tools even allow the customer to follow along with the construction of the home as it is being built.

Alternative appraisal methods

Many appraisers today are using online data and public information to formulate values on homes as a means to support social distancing.

Remote online notarization

How does a buyer close on a home when many documents require in-person notarization? Because COVID-19 is causing people to remain at home, some states, like Maryland, have adopted remote online notarization (RON) in response to the virus. While it is not currently legal in every state, other states may also adopt RON over time.

 

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