On Friday a Vancouver marketing company had their first online real estate transaction.
‘Yongle’ is the new technology being used by BLVD Marketing Group which consolidates pre-sale purchasing.
No matter where you are, if you have online access, you can now buy a home. All the paperwork and signatures happen electronically.
Shayna Macquisten with BLVD says the launch was a success. “It was a fantastic start,” she said.
“We’re really, really, impressed and pleased with the technology and excited to be launching it.”
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She says from now on, all new home sales will be done online through Yongle.
Mcquisten says this will help those who cannot physically be present at the showroom.
“It basically consolidates pre-sale purchasing to generate, amend and sign contracts all digitally and securely.”
She also adds it will help save the 3.6 million pieces of paper that are used in Metro Vancouver’s pre-sale process.
“It’s not surprising to me that pre-sales would happen on the internet. It seems perfectly natural to me,” says UBC Sauder School of Business professor Tom Davidoff. “I think increasingly as we can entrust information we get online the intermediation by realtors is going to decline and the role of the internet as a way to match buyers and sellers is going to rise.”
A previous technology was announced last Novermber called BuzzBuzzHome, which would allow home buyers to purchase pre-built homes online with just a credit card.
“To me it’s a big concern, it’s scary. I wouldn’t do it. I certainly wouldn’t suggest anyone else do it,” said real estate expert Ozzie Jurock about BuzzBuzz.
Macquisten says that although some people may be concerned about foreign investment being facilitated through this app, she says it facilitates any buyer in general who is not able to be present.
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