Real Estate Professionals Leveraging Face Time to Sell Properties
- Commercial Real Estate
- CREtech Blog
Technology is no longer just a vision of the future for selling real estate; it is now a reality. An increasing number of real estate professionals are now making use of tech features such as FaceTime to send property images to prospective buyers. Time is often of the essence in many real estate transactions, particularly those in which the property in question is marketed to international buyers. When that is the case, buyers are often not able to travel quickly enough to see a prospective property. This can be particularly true in a hot market in which properties may sell within days or even hours of being listed.
FaceTime makes it possible for real estate professionals to give tours of a property even when the prospective buyer cannot actually be there in person. In the event that a buyer decides to make an offer on a property, he or she can negotiate and sign the final paperwork electronically.
FaceTime vs Virtual Tours
While virtual tours have become increasingly popular in the last few years, they are still limited. Tours provided via FaceTime often provide far more advantages than virtual tours, which tend to be passive in nature. Whereas a buyer is restricted to seeing only what the seller and his or her agent chooses to include in a virtual tour, that is not the case with a FaceTime tour. When using a FaceTime tour, real estate professionals are able to provide far more in-depth information to buyers, including zooming in on particular details or offering a better angle. As a result, it is as though the buyer is truly with the agent and participating in the tour in person.
Possible Hurdles to Cross with FaceTime Video Tours
Still, the process of completing deals via long distance is not without its challenges. There can be a tremendous amount of pressure associated with ensuring that the buyer sees everything necessary to make an informed decision regarding whether to submit an offer. Although FaceTime certainly presents far more advantages in terms of touring a property online than the typical virtual tour, not all buyers will find that such an approach is suitable for their needs. In order for a FaceTime tour to work for a buyer, he or she must be willing to give up the ability to walk through a property multiple times and to physically check out the fixtures.
Ultimately, FaceTime tours are a definite trade-off for being able to view a property that might not stay on the market long while also saving the time and the costs associated with traveling long distance simply to view a prospective property. As the number of international investors continues to turn their attention toward properties in the United States, particularly in cities such as New York and Miami where condos and luxury properties are often viewed as a solid investment, FaceTime tours could prove to be the new way to seek out investment properties.