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How to Buy a Home in Under an Hour

The next technological trend in the real estate world will be the ability to buy property in little more than an hour, predicts Pat Lashinsky, CEO of ZipRealty.

Lashinsky foresees it working something like this:

1. A home shopper drives by a property and calls a practitioner on his cell phone.

2. The practitioner qualifies the buyer through banking contacts, then sends him an electronic key that allows him to tour the home.

3. An electronic tracking system monitors his tour while the practitioner answers questions via cell phone.

4. Closing will be managed through an electronic meeting.

Lashinsky believes the real estate industry has been slow to embrace change, but customers will demand it. “Those [practitioners] who don’t make it happen are going to fall by the wayside,” he says.

Source: Orange County Register, Jeff Collins (06/08/2010)