Technology to play bigger role in real estate transactions

This year, real estate professionals will increasingly find themselves using online services and apps to facilitate transactions.

According to CTV News, the industry will see growing usage of technology in a bid to target increasingly tech-savvy millennials homebuyers.

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New proptech online services allow professionals to remotely conduct presentations, digitized documents, and close transactions online. “Now our clients can open their phone up, push a few buttons and the (offer) papers are signed,” Shawn Zigelstein, a real estate agent in Ontario, told CTV News.

“The agents that are not adapting to this change are going to see their business drop considerably because they can’t adapt fast enough.”

The real estate industry has been historically been slow to embrace technology, Frank Magliocco, a partner at PwC Canada who specializes in the housing market, told CTV News.

“But I think what you’re going to see now is a fairly significant ramp up in embracing that technology once it becomes more mainstream.”

“It’ll be increasingly important to remain and be competitive in the marketplace. Once you see these technologies prove out, you’ll see more and more adoption.”

 

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