Nearly every transaction in real estate involves a stack of paperwork, and concerned parties are required to put pen to paper. The formality of signing and initialing isn’t optional. It’s these requirements that make the process of finalizing real estate dealings time consuming. The reasons for a physical signature are the same as they’ve always been since real estate law first required them. It’s the idea that signing one’s name proved their intention and agreement to the transaction, and stood as proof that the named person is the one who actually signed it, and vice versa with all involved parties.
Fast forward to the present—the real estate market is moving fast. Almost too fast to print boatloads of pages to initial, sign and repeat. In real estate, time is money. Anyone involved in a transaction—buyer, seller, agent, lender, attorney, etc—expects the hassle of paperwork. However, as more industries drift towards paperless, electronic offices, real estate is starting to stray from the traditional processes they’ve used for decades. It all started with e-signature software and tools, like DocuSign. These new trends support the time-sensitive nature of real estate, but make it much more convenient to sign important documents.
Streamlining real estate transactions doesn’t end with the digital signature. More firms and real estate professionals are seeing the advantages of electronic, paperless offices. It might seem like a hard concept to grasp given the dependency of the industry on paper copies, signed and dated in ink. However, with the right software, tools and processes, a paperless transaction can happen. Real estate can benefit from electronic solutions so long as it’s tweaked for the unique nature of the business.
Electronic document management for real estate offer integrated solutions, such as:
- 24/7 access to documents and data
- Digital signatures
- Scanned documents to share with involved parties
- Real-time notifications when contract status changes or signatures are needed
- Secure disaster recovery built into the system
A paperless real estate transaction doesn’t just benefit the agent. Buyers, sellers, lenders and any other involved party can appreciate the simplicity of an electronic platform. It facilitates responsiveness regardless of time of day and location. Every person involved in the transaction can provide necessary information without the need to print, sign and deliver in person. It also gives the extra assurance that you don’t miss out on a great opportunity because you’re away from the desk.
To learn more about electronic document management solutions for real estate professionals, give ILM a call today.