Real estate is a business that is dynamically growing very fast in the current world.
The property sale is the end goal delivered by the real estate process. However, there is a lot of paperwork behind this point that involves binding of contacts by real estate professionals.
Today the process is started as electronic and less paperwork is needed. Although the industry of real estate involves the use of the electronic document, the physical paper has to be used when drawing designs of structures. E-signature, however, are becoming more popular in the industry as there are signing of contract and storage, sharing and creating of documents. The e-signature allows all the parties that are involved in selling and buying of properties to sign digitally and secure, save money, time, and resources.
Two types of e-signatures are used in Real Estate Company, which are, independent e-signature and depended on one-signature. Both accepted the use of an electronic signature, but they use different technology.
The use of electronic signature in real estate has many benefits and advantages. The move to paperless in e-signature real estate companies is as due to the following reasons;
For the real estate brokers and agents, the park of e-signature can help them as they can sign on document and agreement at any place and time. E-signature supports cloud computing, and agent can virtually sing from anywhere. These means that as one is showing on properties to clients, they can sign a document for another client or partners and get delivered electronically.
2. Efficiency and accuracy
The manual filling and signing of a document can lead to errors. When filling an electronic document, it cannot be submitted unless the entire mandatory fields are filled correctly. The electronic documents are also very easy to correct without messing the whole document as opposed to a traditional handwritten signature. The number of the returned incomplete document is not possible with e-signature and time used to revise and duplicate paper can be channeled elsewhere for maximizing real estate performance. E-signature decreases the need to fill and handling of paperwork. E-signature is solutions for real estate paperwork and time wastage on duplicating and revising on half-filled and wrongly filled papers.
3. Cost saving
E-signature is supported by cloud computing and technology; it quickly reduces expenses. The expenses encountered on printing, copying, scanning, mailing, and postage is easily saved as e-signature operations are conducted via electronic devices and do not need the use of paper. The cost used for purchasing ink, papers, printers, and shipping cost is cut as there is no need of using papers.
4. Security Is enhanced
The information on real estate documents is very sensitive and also involves the most critical transactions. With the rise of cyber crimes and hackers, the real estate agents and brokers need to be very vigilant in protecting their clients’ documents, data, and information, both personal and financial. Using e-signature can help protect their clients' information as a digital signature is a security measure that uses a mathematical technique to validate the integrity and authenticity of a transaction or a message. A digital signature is an equivalent of a stamped seal or a handwritten signature. The security protocol of digital signature tends to solve the problem of impersonation and tempering in a digital transaction.
The electronic signature in real estate ensures that data transmitted over the internet and trading party identification is secured. The data sent over the internet is well secured by electronic signature as they use mathematical techniques to validate and authenticate all transactions and trading partners. E-signatures for real estate agents and e-Signature for real estate companies is secured, and there is no threat of customers’ information being accessed by unauthorized parties.
5. Simple and Intuitive
The biggest advantage of e-signature in the real estate industry is that it can be accessed freely over the internet as is simple and easy to use. The e-signature services are free online, but you need a recommendation on which one to use. The system offers services such as uploading of documents, declaration of recipient and signer, and secure delivery link to the recipient. The process is completed after the recipient receives documents or the contacts and then signs them. The use of electronic signature in real estate has made operation fast and easy for the client to sign on agreement document and send it back to the sales agent within seconds.
6. Faster turnaround
The use of technology and convenience of electronics means that there is an excellent turnaround of numbers of users simultaneously unlike traditional way where you need to queue to be attended one by one. Brokers and sales agent are making a significant return from significant numbers of customers’ turnaround. Instead of the traditional way of sending a document to the users so they can print, sign, scan, and send back again, electronic signatures allows everyone to sign the documents electronically within seconds. These electronic fast turnarounds give business versatility in situations that are time sensitive.
The use of electronic signature is time-saving as there no much time needed in signing a document, unlike traditional handwritten signatures. Using an electronic signature in the real estate industry has revolutionized the time taken to complete one sales document. There is no print out that is required when using an electronic signature as an agreement between the agent and client is done electronically. However, handwritten signatures are time consumers as they involve physical mailing and postage of documents to reach the recipient. Therefore, electronic signatures are a second’s process, and documents and information are transmitted electronically over the internet. E-Signature can help your business avoid the delays caused by transitional handwritten signatures. The turnaround time of e-signature is shortened to 90%, which can help you focus on other real estate performance maximization.
The use of electronic signature in the real estate industry has revolutionized the industry and increases its property sales turn out. The information of clients is secured, and transparency is enhanced.