The impact of technology on today’s real estate market is undeniable. The internet and clever gadgets have changed the way in which people buy and sell homes. So what’s next on the horizon? Well, it’s possible that real estate closings could be next in line when it comes to going digital, as mortgage lenders have already headed in this direction. In today’s article from Southern Connecticut Coldwell Banker Realtor Judy Szablak and founder of Szablak Consulting, we’ll look at how the mortgage industry is using digital e-closings and how this could benefit home buyers too.
How is the Mortgage Industry Using eClosings?
The mortgage industry has started using digital platforms for its loan closing process, resulting in a faster, streamlined process for borrowers and lenders alike.
With digital closings, lenders that can deliver faster closings. According to some reports, closings can be completed in 15 minutes or less, and with the documents immediately available after the closing. This also provides the opportunity for same-day funding — a major benefit for borrowers who are seeking to move quickly on a new home or other property.
This also appeals to the millennial demographic — a demographic that’s getting increasing attention in the real estate and mortgage industry. This tech-savvy generation is going to appreciate a forward-thinking real estate and lending professionals who utilize technology to create a transparent, efficient process that provides them with total access to the entire transaction. Brand loyalty is extremely high within this demographic, and a millennial customer could easily become a customer for life — another winning point for real estate agents if real estate closings ultimately head in the same direction.
It’s also notable that these digital closings are allowing for greater accuracy. Errors comprise some of the most significant costs for lenders, and often, those errors arise from a lack of communication and/or coordination between all individuals who are involved in the transaction.
Bringing all parties together in one collaborative environment eliminates some of these challenges and improve overall loan quality by reducing errors that can lead to costly post-closing issues. What’s more, a digital closing platform also speeds up the time to fund a mortgage and reduces overhead for closings. In the current process, lenders incur significant labor, materials and courier charges, most of which is passed on to the consumer.
According to some sources, a digital closing platform could save lenders up to $1,500 per loan. This is good news for borrowers and if the real estate industry begins to use e-closings, home buyers will also benefit because it stands to reason that digital real estate closings could also entail some significant savings.
Tips to Grow Your Career With Szablak Consulting Founder and Realtor Judy Szablak
Judy Szablak has long been recognized as a front-runner for her use of technology in the real estate field. A career consultant like Judy Szablak can provide new real estate agents with valuable insights and recommendations that put them on the path to success in today’s competitive real estate industry. A consultant will not only offer advice and recommendations, but she will also share her valuable knowledge and expertise on topics such as online marketing for Realtors and social media marketing to get leads, to sales motivation tips and other tips to sell more homes!
Aspiring top producing real estate agents may also with consider reading Realtor Judy Szablak’s related article with advice to help you enjoy a long lasting real estate career.
If you’re ready to take your career to the next level or are just starting working as a Realtor, turn to real estate professional and consultant Judy Szablak, founder and CEO of Szablak Consulting and Best Agents Online, LLC. With Judy’s guidance and expertise, you’ll take your career to incredible places, finding success that’s beyond what you believed to be possible!
If you’re a real estate agent who is ready to elevate your sales or if you’re a realty owner or manager who’s seeking a dynamic, expert coach to bring a new element of professionalism to your sales team and your brokerage firm, turn to Realtor Judy Szablak of Szablak Consulting. Call 855.438.5839 or complete the booking form.