These days, real estate agents have a harder time than ever in finding prospective buyers and closing homes. This is because of various market trends identified by the National Association of REALTORS® during their annual Broker Summit in Austin, Texas. These trends include data related to affordability and finances of prospective home owners, which include the effects of student debt on the housing market and the fact that millennials are often turning to the bank of mom and dad for help with down-payments. That being said, this is a great opportunity for real estate agents, as millennials are using them at higher rates than ever.
However, millennials expect their agents to be fluent in technology, and take a data-driven approach to finding the perfect for them. As such, all real estate agents should consider using a real estate transaction management software to make their sales process more efficient and keep track of their clients more effectively. With that in mind, here is how the use of real estate transaction management software can help real estate agents work with millennial buyers.
Real estate transaction management, at its core, is a complex process that requires a plethora of legal documents, signatures, loan agreements, and other paperwork. As such, it is a difficult process to manage on paper, and millennial buyers often have a difficult time with this aspect of buying a home. Because they are used to using digital solutions and are the first digital native generation, millennial buyers want to see their real estate files organized digitally. This helps them to pull and access any document when needed – and also helps the real estate agent as well. No longer will a real estate agent need to keep all the papers in specific physical file folders within their office. Instead, paperless real estate transaction management allows them to keep track of the selling process and make everything more efficient.
There’s nothing more frustrating for real estate agents than keeping abreast of compliance laws on both a state, county, and federal level. Real estate compliance varies significantly from region to region, and real estate agents need to not only be aware of the various rules and regulations, but also need to apply them to the specific buyer they are working with. Because millennials are more willing to do their own research, they are going to have a higher level of knowledge than older buyers on these compliances that need to be followed. When a real estate agent uses a real estate transaction management process, it shows millennial buyers that they are serious about following these regulations and making sure that the particular buyer in question does not have any issues with the sale due to failure to follow these.
Real estate transaction management is a very necessary process – particularly when working with younger clients and first-time home buyers who may be less familiar with the process. However, as millennial buyers tend to be technologically savvy, they will also demand that their real estate agents show the same level of savvy when conducing the sale of a home to them.