Traditional Real Estate Transactions vs. Estatos Real Estate Transactions
Buying and selling property involves a very critical closing process in real estate. Although traditional real estate closings are widely used, there are many challenges that might delay the process. On the other hand, Estatos aims to change the entire way real estate closings work by making it seamless and efficient for buyers and sellers. Here's a closer look at the key differences between traditional real estate closings and Estatos real estate transactions:
1. Conventional Real Estate Closings
Conventional real estate closings are cumbersome and time-consuming, with multiple intermediaries and paperwork. Here is what the process usually involves:
- Multiple Stakeholders: Traditional closings involve buyers, sellers, real estate agents, attorneys, lenders, and sometimes title companies. Coordinating between these parties can cause delays.
- Paperwork Overload: From property agreements to mortgage approvals, the process requires much documentation. Mistakes or omissions can further extend timelines.
- Time-Consuming Process: On average, traditional closings take weeks or even months. Delays are brought in by issues such as title searches, loan approvals, and inspection disputes.
- Lack of Transparency: Due to limited visibility into the transaction process, buyers and sellers are usually uncertain about their progress.
2. Estatos Real Estate Closings
Estatos has transformed the way closings occur, focusing on simplicity, speed, and transparency. Check out how Estatos stands out from traditional closings:
- Streamlined Workflow: Estatos streamlines the whole closing process without requiring many intermediate parties for a smoother closing.
- Electronic Documents: With Estatos, manual paper documents are done away with because of digital alternatives. This means it reduces errors, and hence, the faster completion of agreements.
- Accelerated Closings: It takes Estatos less time to close deals with automated processes to enable buyers and sellers to complete transactions in days instead of weeks.
3. Accessibility
- Conventional Transactions: Rely on location-specific agents, limiting property search options to what's locally available. Demand in-person visits for property viewing and discussions.
- Estatos Transactions: Offer a huge inventory of properties accessible from anywhere using the Estatos platform. Facilitate virtual tours and 3D walkthroughs of the property saving buyers and tenants time and effort.
4. Cost Effectiveness
- Traditional Transactions: Incur high costs in the form of agent commission, brokerage fees, and other charges from the middlemen. Extra charges arise due to delays in the process or unexpected legal requirements.
- Estatos Transactions: Cuts down costs dramatically by eliminating middlemen and automating most processes. Pricing structures are transparent, so there are no hidden fees in the transactions, making it a more budget-friendly affair.
5. Technology Integration
- Traditional Transactions: Rely on traditional methods such as phone calls,