The real estate is one of the busiest industries in the world. Real estate agents have a lot of paperwork to prepare, several signatures to collect and sales to close by the end of the day so that they can earn their commission.
Signatures make everything official in this industry. In as much as some contracts might end up not turning into a sale, realtors can only fight such breaches if the contract was signed in the first place.
To save time, money, and resources, this industry is heading towards a more digital way of doing this.
Technology is not a new thing in the real estate business and this means that adapting electronic signatures should be equally easy and exciting. With several electronic signatures solutions for real estate already available in the market, realtors have a lot of options to choose from.
Because the real estate industry stands to gain a lot from these signatures, let us take a look at how these digital tools can make a realtor's life a little better.
A Quick Overview
Digital signatures were recognized as legally binding in 2000. Many instructions were quick to embrace it, while some as still slowly transitioning to it.
Companies are slowly throwing out the traditional mode of signing and welcoming digital signatures.
In the real estate business, even when pen and paper signatures are still required, digital signatures can come in handy during the initial processes of preparing documents and statements. If you are selling a house, for example, you want to close the deal fast.
This means you have to schedule appointments, review sign off letters, review purchase and sale agreements and closing papers.
Juggling all these while also finding the perfect time that works for both you and your clients is a nightmare not to mention the mountain of paperwork that you have ready and waiting for your client. Such processes are what digital signatures are set to streamline in real estate.
To be able to speed up the process and improve a client’s buying experience, every realtor should provide their client with electronic signing. eSignature for real estate companies helps to get rid of paperwork, manage and store documents, frees up a realtors time, and negates office appointments for pen and paper signing.
With digital signature tools realtors will create, track, sign, and manage all the paperwork needed from any location. It ensures that no document is missing.
Realtors can today use digital signatures to:
1. Prepare Contracts
There are quite several ways that realtors can use to prepare for a contract for electronic signature. The easiest way is by using PDF software.
Software such as Soda PDF Anywhere can be used by realtors to upload or scan an existing template, edit the content of the template to suit your current client, then finally add all the fields that need to e signed. Alternatively, real estate agents can create a new contract within the application directly.
When preparing the contract, it is very easy to add signature fields, form fields, ad multiple singers. You can also request a mandatory attachment, and add an expiry date by which the documents must be signed.
With this system you realtors will enjoy:
- Zero paperwork
- Save time, money and resources
- No signing meetings
- Faster process
- Zero errors
- Documents safety
- And more
2. Track Signatures
With digital signature tools, realtors can easily track the documents that they have sent for signing. Once you send the real estate contracts, you can simply just wait for the recipients to sign.
The contract is sent via email and the signer can sign them just with a touch of a button. It will only take a few minutes to seal the deal with electronic signatures.
Some of the software used can allow you to track the status of every signature in real-time. This means you will be able to know who has signed the contracts ad who is yet to do so.
You will get a notification immediately someone signs.
3. Send Reminders
Electronic signature software has a built-in reminder feature that allows you to retrieve signatures. Realtors no longer have to send emails, call buyers, or leave voice mail messages just to remind them to sign the contracts.
From the app, real estate agents can simply hit the send reminder button and a message will be sent reminding the client to sign the documents. Do not worry about sending reminders to the parties that have already signed because there is a reminder button located next to each signer's name.
If you had included an expiry date in the contract, then you do not need to worry about sending a reminder. The system automatically sends notifications as it nears the set date.
Such features ensure that all contracts are signed in time, avoiding any unnecessary delays in the process.
4. Download Evidence Summary
The main reason why electronic signatures hold up in court is the ability of the digital signature tools to produce a very detailed audit trail. This summary contains every step taken from the creation of the documents to the signing.
It will show the creator of the document, where it was created, who, when, and where it was signed. Some systems are able to give the IP address of where the document was viewed or signed.
This summary is provided by the e-signature services provider and is downloaded with just one simple click straight from the app.
Benefits of electronic signatures in Real Estate
There are plenty of reasons why real estate agents should consider going paperless. Apart from the above-mentioned processes, here are more benefits that electronic signature offers the real estate world:
It goes without saying that time is important in this industry. A few minutes' delays in signing a contract could end up costing the buyer the deal.
Electronic signatures ensure that there is no delay and each party gets to sign the required fields as necessary. This system get rids of time-consuming practices like scanning, mailing, printing, and any other practice.
One of the greatest advantages of electronic signature for the real estate industry is mobility. With this technology, real estate brokers and agents can create and sign documents from any location.
The buyer can also do the same. These two parties no longer have to meet in an office to go through the paperwork.
Because e-signatures are supported by cloud-based software, you can sign the documents from your smartphone, laptop, tablet or PC, from any location. This can also allow agents to multi-task.
You can be showing a house while closing a deal at the same time. Your clients will easily sign the documents even when on a vacation.
3. Accuracy and Efficiency
If you have ever signed and mailed a document only for them to be sent back to you because you forgot to sign some mandatory field then you know how time-consuming and annoying such experience can be. Digital signature tools require that all the mandatory fields be signed before you are able to send the document or proceed to the next step.
A document cannot be submitted unless it is 100% complete. This reduces the time it takes to edit, revise, and resend paperwork.
Electronic signatures also reduce the need for handling, filing, and storing paperwork and agents can use this time for more prominent tasks.
4. Reduced Costs
Being a paperless system, an eSignature real estate company will cut down on all paper-related costs. This includes the cost of buying ink, paper, toners, printer repair and maintenance costs, shipping costs, additional mileage, document processing and more.
The money saved can be used to grow the business or otherwise.
The system offers a very secure way of handling documents. Real estate documents contain sensitive information and with the rise of cyber-crime, one must be vigilant when it comes to protecting a client's information.
Electronic signature solutions service providers are always on high alert when it comes to cybersecurity and the software has been built with security features that ensure that all documents and information are encrypted and cannot be accessed without authorization. The system can also generate evidence of the originality of the signatures if there is a need to do so.
With such benefits to reap from, real estate agents should be prepared to switch to the digital way of handling contracts and closing sales. Electronic signatures are the new way of handling paperwork and conducting business.
You can only expect more companies to adapt to this new era. So, why wait?
Welcome to the Digital Age: Embrace Electronic Signatures
Electronic signatures are gaining popularity and it is obvious that real estate companies will benefit a lot from them. It is up to realtors to now switch from the use of pen and paper and embrace e-signatures.
However, you need to make sure that electronic signatures are recognized by the legal system in your area. So far, the US, EU, and India are already using these signatures legally and have laws and regulations in place.
Category: Business Services OutsourcingCompany about: CIS Established in 2003, Cyber InfraStructure Pvt. Ltd. or CIS is a leading IT and custom software development company in Central India, USA and UK. Since 2003, CIS has been providing highly optimized technology solutions and services for SMEs and large scale enterprises across the world. CIS has worked with 2100+ clients in more than 100 countries. Their expertise and experience ranges across a wide range of industry domains like education, finance, travel and hospitality, retail and e-commerc ...