Submitted by Charity Malmberg of Trademark Title
With the arrival of COVID-19 and the subsequent federal and local response, there’s been an upheaval of the way things have always been done. Small businesses and massive industries are innovating, finding new ways to service their clients and be successful amidst this pandemic. In this regard, the real estate industry is no different. Pandemic or not, people still need to buy and sell homes.
While you’ve probably noticed a lot of changes within your own circles and business, it’s important to reflect on how these changes impact the entire industry, and which changes may be here for the long haul.
What we’re seeing so far……
Seller pre-signs are the new norm.
Due to the pandemic, sellers are no longer required to attend the actual closings in order to minimize the number of people gathering in a space. Currently, only signers are required to be at closing. As you’ve probably noticed, this makes for greater flexibility when scheduling signings and less travel for both real estate professionals and loan officers. While this is one change that may not stick around post-pandemic, it offers you some new wiggle room in your calendar. Consider how to use this extra flexibility wisely while you have it—to grow your business, increase marketing, or invest in personal interests.
Electronic closings are becoming more common.
We are seeing increasing numbers of electronic closings, allowing added flexibility and convenience for the consumers and is viewed as a safer way to close. While this may be a temporary surge, it makes sense to see this as one of those changes that are here to stay. If someone can sign from the comfort of their own home today, why wouldn’t they want that when COVID isn’t the determining factor in the near future?
Tech companies are taking advantage.
Tech companies have sniffed out a new sector to invest time and resources in. With this increase in electronic transactions and more Remote Online Notarization closings, tech companies are moving into this space and creating resources to meet needs. We are already seeing millions of dollars in funding for this sector and expect to see this continue. Familiarizing yourself with the tech out there now will only serve to help prepare you for the future as well. Any time there’s a major shift in how organizations operate and succeed, there will be winners and those who quickly fall behind. Instead of viewing changes as something to put up with right now, embrace how they will impact the industry in the future, and how you will be a part of it.