BUSINESS FUNDAMENTALS
PROP-TECH
Quick to Close HOW PROMISING TECHNOLOGY CAN FURTHER TRANSFORM REAL ESTATE TRANSACTIONS.
by Steve Streetman
R
eal estate acquisition and sale has traditionally been a slow-moving process. When I purchased my first home in 1987, a typical home-buying process took 30 days. Today, with modern technology, elec- tronic communication, searchable databases, and the ability to execute contracts online, a typical home-buy- ing process takes – 30 days. How has technology transformed real estate so far? What is the potential when currently envisioned technology is applied to real estate? And why, with all the changes that have already
been implemented in real estate, has the time from contract to closing remained relatively constant? Over the years, numerous technologies have been in- troduced into real estate transactions. In many jurisdic- tions, title can be searched online via publicly accessible databases. No more going to the courthouse to dig out records. If you’ve purchased or sold real estate recently, you probably used DocuSign or another online capability for signing contracts or closing documents. No more ap- pointments to sign; no more making copies and mailing
30 | think realty magazine :: february 2020
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