The Impact Technology Has on the Home Buying Process

The Impact Technology Has on the Home Buying Process

The experience of buying a home is nothing like it was 20 years ago. Technology now plays a role in everything from marketing to applying for a mortgage loan. Real estate agents use tech resources every day while listing homes for their clients and negotiating with sellers. This has made real estate transactions faster and more automated. 

Title companies are now using technology to provide better service to their client base. Resources such as an AI-powered virtual closing assistant gives real estate agents, buyers, sellers, and lenders the ability to access documents and information without having to pick up the phone. However, that’s just one of the ways technology can impact the home buying process. Let’s go over some other areas making a huge impact. 

Artificial Intelligence

The use of software that harnesses artificial intelligence has revolutionized countless industries, including real estate. AI has made things like virtual tours of homes and dynamic chat interactions a reality. It’s also helped streamline the closing process, especially when title companies implement AI-powered tools. For example, a virtual closing assistant can be the point of contact for real estate agents, buyers, and sellers who have important questions about the closing process. Instead of having to call a title company, a simple chat or text interaction will lead to solutions. This helps title companies focus on more complex issues with the peace of mind their clients have what they need. 

Mobile Accessibility 

Today, people use mobile devices such as smartphones and tablets to get things done while in and out of the office. Advances in technology have allowed businesses to facilitate this need for mobile capability. With regard to the home buying process, title companies can take advantage of tech resources to give their clients mobile access to documents and information. With a virtual closing assistant in place, clients can get access to secure closing documents. The virtual closing assistant can also answer questions via chat or text, which means real estate agents, buyers, or sellers don’t have to wait to get the information they need. 

Stronger Communication 

A good line of communication between all parties involved in a real estate deal is essential to a successful closing. This is one of the areas where artificial intelligence is invaluable. A title company that uses a virtual closing assistant has a hub of communication in place. Their clients don’t have to physically call closing agents for simple questions or documents. All they have to do is interact with the virtual closing assistant. The great thing is, if they run into a problem, a closing agent with the title company can get involved to ensure they have everything they need. This reduces the number of phone calls and emails coming into the title company office and also allows all parties to remain on the same page during the closing process. 

Using Technology to Enhance the Home Buying Process

Title companies play a vital role in almost all real estate deals. By using technology, they can provide a better experience for their clients and ensure a seamless closing process. 

Alanna.ai develops AI-powered software for the title industry. To learn more, request a demo today.