Buying real estate online is one of the main market trends that has become more pressing now, during the sanitary crisis.

If the digitalization in this sector was well under way before, now its pace accelerated: companies are seeking to gain competitive advantages to carry out online sales, what makes them to implement the most advanced technologies that best meet customers’ needs.

Those companies that managed to restructure and enter this race got significant advantages over their competitors: while some were calculating the amount of damage and planning to downsize in anything, others were actively looking for new opportunities to sell and expand their customer base, even in extreme circumstances.

And they found success! During the quarantine and after it, Spain recorded a significant number of transactions for the remote real estate purchase. Many of the buyers were already familiar with the area where they bought a home online. In addition, their degree of confidence in the companies that carried out the transactions is also noteworthy − as a rule, these are big agencies with extensive experience on the market and excellent recommendations.

According to Marketing Director Sareb Rosario de Castro, remote property purchases are «accelerating, and what should have been implemented within 10 to 15 years will be implemented within the next 5 years».

Virtual tours of property

Buying property online in Spain: the process and pitfalls

A trend that was ever more relevant as a result of the sanitary crisis. Many agencies successfully sell real estate online using conventional video shooting, but there are also those who have gone even further, introducing 3D-views using modern equipment and advanced technologies (for example, Matterport). These technologies allow to create the effect of being plunged and fully inspect a property from any angle.

After the client familiarized with options and chose the most suitable one, there is organized a video viewing of housing in real time. The agent demonstrates a property object chosen by the client by video link, stopping at the places that the client requests, and answering all his/her questions. Often, the agent records video not only inside the house, but also outside, showing the client all the available infrastructure, for example, the route to the sea, to the nearest shops, schools, etc. Thus, video viewing of real estate is as close as possible to the real one, but without the physical presence of the client on the ground – modern technologies make it possible.

How is the property buying process going online?

Buying property online in Spain: the process and pitfalls

It is clear with viewing and choosing property for purchase online, but how is the process itself carried out? How does the client receive and provide the necessary documents without being physically present? How is the contract signed?

The standard procedure is as follows:

  1. The client leaves a request or ask an agency about a certain property.
  2. Virtual tours and video displays by selected properties are carried out.
  3. As soon as property is selected, the client reserves it in his/her own name: the relevant contract is signed, and the property object is removed from sale. The standard deposit amount starts from €3000, and the reservation period is 3 months.
  4. Then the client takes out a power of attorney to the lawyer (at the Spanish Embassy or at a Notary), which allows to get a NIE number and complete the purchase process, get a mortgage loan (if necessary) without the physical presence of the buyer.
  5. After the transaction, the documents and keys to the apartment remain with the client’s authorized representative.
  6. By arriving in Spain, the customer will receive the keys and documents and move into a new home.

Advantages of buying property online

The main advantage of buying real estate remotely is substantial savings of time and effort. You will not have to spend your vacation in endless viewing of various options, amongst which there may be no one suitable. In addition, the submitted request allows you to be sure that as soon as a suitable property appears on the market, you will be one of the first to know about it – usually these «hot» offers are sold remotely.

In addition, you will save time and energy by entrusting all this to a reliable lawyer who will act on your behalf.

The result: you will arrive on vacation in your own home, that will spare you a lot of
trouble.

And most importantly, in times of the sanitary crisis that we are facing now, remote purchase of real estate becomes almost the only possible option for purchasing property abroad, including in Spain. You can be sure that your money is invested in a reliable asset, and you will be able to use it as you wish: for example, if you do not have the opportunity to come to your home yet, you can rent it out through a management company and make a profit.

Buying property online in Spain: the process and pitfalls

Is the future with remote property buying?

Sara Enriquez, Head of Marketing Department of real estate agency MGI, notes: «Digitalization of the real estate market is not an easy task. Implementing online sales technologies in Madrid and in a small village where the Internet is not even available yet is not the same thing. In addition, some customers do not trust the electronic signature system and various applications due to tax issues and doubt about data protection.»

However, it is only a matter of time. Change is always hard for people, and it is a natural human reaction to be afraid of anything new. For example, only a few years ago, buying goods online evoked mistrust among a large section of the population, while now e-commerce in some areas is almost ahead of traditional.

Experts believe that as the number of real estate purchases online increases, customer loyalty will increase too, and eventually remote buying of property will become completely ordinary and common – like ordering goods in online stores.

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