The Digital Transformation in the Real Estate Industry
Ever since the digital revolution started, we’ve witnessed drastic changes across every industry and sector. Technology has been constantly reshaping how our society functions, delivering novel conveniences and efficiencies that were unimaginable just a few decades ago. One such field undergoing a massive digital push is the real estate industry. Amid the rapidly accelerating push for digitalization, one particular figure has shared their perspective on shifting an entire industry to digital – the Chief Technology Officer (CTO) of Stavvy, a cutting-edge digital real estate platform.
Stavvy’s CTO, Kosta Ligris, has firmly endorsed going digital and has encouraged the real estate industry to adopt a more technology-oriented approach. He pointed out the multiple technological advancements taking place and related them to improving productivity and efficiency across the board.
The Need for a Digital Shift
According to Ligris, one of the prime reasons why the real estate industry has to adapt and embrace digitalization is because of the ever-changing regulations that vary from state to state. The burden of complying with different requirements becomes substantially lighter as frameworks and platforms become more integrated and capable of dealing with them.
Moreover, he believes the rapid shift towards digital technology has been further fueled by the ongoing global pandemic. It’s indisputable that the COVID-19 pandemic has highlighted the importance of digital readiness in every industry, including real estate. It’s more crucial now than ever before to provide easy access to services, all the while maintaining the highest level of safety measures.
Ligris appreciates that, due to the pandemic, many lenders and participants in the industry have had no choice but to jump aboard the digital bandwagon, ensuring that the industry stays afloat despite the various challenges. The acceptance that face-to-face interactions aren’t the only way forward for businesses is leading to an unprecedented acceleration in the adoption of digital processes.
The Role of Tech Players in the Transformation
Tech industry players like Stavvy, who work with financial institutions, real estate professionals and consumers, have an essential role in spearheading the digital shift. They are developing tech solutions that streamline complex processes within the real estate industry.
Stavvy’s own platform is designed to facilitate online transactions, which aligns with Ligris’s belief that technology enables users to work as efficiently as possible. He highlighted that next-evolution tools should steer away from design and functionality silos, focusing instead on interactivity and seamless integration with existing platforms.
Ligris also emphasized that technology must add real value to the human connection instead of replacing it. In the real estate industry, personal interaction remains vital despite the shift to digital. By maintaining this human connection while enhancing it with digital tools, businesses can serve their clients more effectively than ever before.
The Rise of E-signing and Mobile Notarization
One of the critical advancements Ligris highlighted is the rise of digital signatures (e-signatures) and mobile notarizations in the real estate industry. The value of e-signatures comes in the form of instantaneous transactions, reducing waiting periods and facilitating real-time responses.
Mobile notarization offers even more significant opportunities. By allowing certified notaries to authenticate documents remotely, mobile notarization is revolutionizing real estate transactions. It’s a valuable tool that ensures document authenticity and integrity while maintaining social distancing guidelines in light of the current pandemic.
Despite the clear benefits, the legal professionals have been slow to incorporate digital notarization due to complex and varying rules and regulations differing from state to state. However, given the current public health crisis, many states are now revisiting their laws to allow for full or partial online notarial practices.
Overcoming Resistance to Digitalization
Despite the many advantages, pushing an entire industry to going digital is not without challenges. There’s a natural resistance to change, especially in such a conventional industry. Nevertheless, Ligris believes that robust education programs and regular training sessions can combat this resistance. Knowledge is power, and the more industry stakeholders understand the benefits and uses of technological advancements, the more likely they are to embrace them.
Additionally, aligning regulatory policies with technology adoption is a hurdle that needs addressing. The legal framework must be flexible enough to accommodate changes and yet strong to maintain regulatory efficacy for the safety of all parties involved.
The Future of Real Estate is Digital
According to Ligris, the real estate industry will continue to move towards automation and digitization while staying true to the industry’s foundational business premise – building and maintaining relationships. By incorporating technologies that foster this principle, the real estate industry participants will be trendsetters for a more digitally-centered, efficient, and productive era.
In conclusion, the digital transformation of this sector is no longer just an idea or a possibility but a definitive reality. The way forward is clear, and technology is paving the path. Under the guidance of seasoned professionals like Kosta Ligris, the real estate industry will see a brighter, digitally-enabled future.
