Similar to other industries, the COVID-19 pandemic created a rapid demand for user-friendly technology in the real estate field. Technology has momentum right now, and there’s NO TURNING BACK. More and more real estate industry influencers are investing in new escrow technology to simplify the process for everyone.
Whether you are a real estate agent, looking to buy or sell, there’s an advantage to knowing all about these technology trends. It’s always a plus to have a solid understanding of the market’s full potential and be equipped to make better decisions. That’s why we are here to help you brush up on these new trends!
Let’s get into 4 specific reasons why innovative escrow technology will transform your real estate experience!
Reason #1: Cryptocurrency For Home Purchases
Did you know that there are around 300 million people worldwide currently using cryptocurrency? It’s no surprise that innovative escrow technology links the fintech scene directly to real estate.
In California, cryptocurrency can be used for home sales, rental payments, and even mortgage refinance. Cryptocurrency in real estate is leveraged through digital escrow processes to make the transactions secure and safe. These transactions occur almost instantly and only take a few short minutes to confirm.
This level of efficiency is beneficial to all parties involved in the transaction. As an added bonus, the use of crypto is enticing to many first-time home buyers, who tend to be younger and more tech-savvy.
Reason #2: Expanding Demand For New Escrow Technology Services
The prevalence of digital technology that performs escrow services is amazing! Real estate purchases are far from the only reason to make use of escrow.
In today’s competitive real estate market, escrow services are crucial. Escrow services connect the buyer and seller from the purchase agreement to the final closing on a property. This helps all parties stay organized and makes it easy to address any problems that may arise.
Furthermore, Escrow is particularly helpful at a time when many people aren’t able to conduct in-person meetings.
Increased Desire for Innovative Escrow Technology
Because of the expanding need for digital transactions across the board, new technology for escrow is in high demand. As these occurrences increase in popularity, many home buyers and sellers become more familiar with the benefits of escrow technology.
Innovative escrow technology users and first-time homebuyers alike will understand the essential point of using escrow to ensure a successful transaction.
Reason #3: Speedy Task Tracking During Escrow
There is a ton of information to keep track of during escrow and organization is key, Luckily, digital enhancements like the VentureTrac 4.0 app provide you with task tabs where you can list out everything you need to accomplish and check them off as you complete them!
The best part? The app also tracks your overall progress. Each time you complete a task, your completion percentage goes up. This transparent, visual reminder keeps you in the loop about every stage in your escrow process.
Picture the home inspection stage, for instance. You can sync all of the relevant tasks from the app to your calendar. Then, select to receive push notifications from the VentureTrac 4.0 app so you receive instant updates during this intense part of the home buying and selling process.
In turn, everyone is closer to shortening that escrow timeline thanks to this innovative escrow technology!
Reason #4: Must-Have Mobile App Perks
We can’t stop emphasizing the significance of mobile phone apps in the discussion of new technology for escrow! A staggering 76% of homebuyers used a mobile or tablet search device to look for their home in 2021.
Real estate agencies and service providers have already been creating their own smartphone apps to connect with customers. Here are some key benefits to having smartphone apps:
- Allow customers to access information regarding properties at any time
- Have eased collaboration between the customer and the real estate agency
- Have eased operations, saved time, and saved usage of resources
And that’s just to name a few!
Enhanced Protection & Security Through Apps
Recent app updates and improvements in new technology for escrow go above and beyond to help users avoid cyber fraud. Integrations with external services like Microsoft, Google, and Facebook add secure encryption and private messaging systems.
Apps also make multi-factor authentication easy for extra protection. These security developments allow agents, buyers, and sellers alike to save time and focus on other priorities in the homebuying process.
Ultimately, smartphone apps make the escrow process super easy and convenient for everyone involved in the transaction!
Join The Innovation Wave With New Venture Escrow
Whether it’s the use of cryptocurrency in real estate transactions, facilitating your home selling or buying journey with ease, or ensuring the safety and security of your money and assets, New Venture Escrow loves to be at the top of the innovation game and incorporate the best technology features into our services.
At New Venture Escrow, our escrow process has never been more user-friendly due to the advancements in technology. With our VentureTrac 4.0 app, your clients can enjoy a fully digital escrow closing process at the tip of their fingers. Download the app to get started on a safe, secure escrow transaction!
