While the trend towards digitalization has been evident for many years, it was only recently that it became hyperactive due to the COVID-19 pandemic.
The need for contact-free options in all areas of life has gone from being a nice-to-have to a necessity. Digitalization has made it easy for the real estate industry to be digital.
Open houses can be viewed online by 97% of potential home buyers, and interior design can be done in an app, so paper contracts are just one step beyond stone tablets.
Standard PDFs will not work
Even if you use PDF forms instead of paper, it doesn't mean you are free from problems. Basic PDFs don't address the main limitations of paper.
It's just paper on a computer screen. It's not mobile-friendly, flexible, or inherently secure. Also, it doesn't provide any feedback or validation.
Also, PDFs can be labor-intensive. It can take hours to convert a PDF file into a digital format. Depending on which type of PDF you are using, you may need to use optical character recognition (OCR), or parsing technology in order to extract the information that you require.
Standard PDFs are often more complicated than they simplify, which can lead to more costly and time-consuming processes.
Start with the first step
Digital transformations are not something that can be done overnight. If you're like most agents, you might not have the resources to invest in this process.
However, that shouldn't stop anyone from starting. The most important thing is to start.
Electronic signature solutions for real estate documents can be a great way to build a digital customer journey.
Real estate transactions can be very time-consuming, which can make it difficult for clients, particularly younger GenZers, who want to get into the market.
You can make it easier for your clients and yourself to transfer real estate contracts to electronic signature software.
How do you set up eSignatures? Which electronic signature is best for real estate electronic transactions? Keep reading to find out.
Types of real-estate eSignatures
First, you must decide what type of real-estate E-signature is required for each E-signed document and contract.
Three types of E-signature are defined by the eIDAS regulation of the European Union.
- Electronic signatures can be simple or basic
- Electronic signatures with advanced features
- Electronic signatures that are qualified
They all differ in their security levels: The simple electronic signature is less secure than the others, while the qualified electronic signature offers the highest level of security.
There are many laws in the United States that relate to electronic signatures. They differ from one set of laws that applies to all industries.
There are four basic principles that govern the legality and validity of E-signature technologies.
- Signatory intent Clear evidence that the signatory intended to sign his/her name on a document template.
- Electronic consent to sign: Both the contracting and signing parties must expressly agree to a digital signature solution.
- A precise corresponding record: Any platform that uses an E-signature must maintain a record of the digital signature fields, which can be used to show the process through which it was created.
- Record retention: Any party that has the right to access the record of an E-signing process must be able to reproduce it accurately.
A variety of electronic signatures, all in accordance with the legal requirements and tenets.
It is easy to use the tool to view, E-signature software, and send any legally binding form, claim, or contract. It is easy to see what type of electronic form you require for each business document in your real-estate practice.
It's also easy to decide that you want your digital customer journey to grow. The real-estate eSignature tool is one of many digital certificate solutions that offer to address the needs of the realty industry.
Five key benefits of an eSignature real estate tool:
You can get things done quicker and more efficiently
The physical paperwork can slow down things a lot. It doesn't matter how organized you may be, sorting through stacks of paper can take a lot of time.
No matter how well-organized your filing system is, it will not allow you to find the information you need faster than a computer. This data is crucial when trying to find a client.
Not only is it about filing. It is labor-intensive to collect physical papers and manually enter data into databases.
It can be costly to outsource. You can save time and money by not outsourcing. Digitalization, especially with a simplified platform, is much easier and more efficient.
Customer experience improved
What about your clients? Clients must make time to bring paperwork or sign contracts in your office. This means that clients must coordinate their schedules and set aside work hours.
transforms any form into a seamless digital client experience. Real estate E-signature platforms can be used to sign contracts without the need for physical presence.
Clients can sign wherever and whenever they like, which reduces friction and decreases the chance that they will opt-out. It is possible to set up forms that automatically fill in data you already have about your customers. Customers will be more satisfied with not having to enter the same information on each form and they will likely remain engaged and positive about it all.
Reduce human error and increase accuracy
The proverb says, "To err is human" Regardless of how competent you may be professional, there are always going to be mistaken.
Your clients aren't licensed real estate professionals, and may not be familiar with property forms and contracts. The chances of making mistakes are higher.
These mistakes can be costly in the high-stakes real estate world. Why take the chance of an invalid or incorrectly filed contract? 's real estate eSignatures ensure that all forms and contracts are validated automatically.
These rules make it easier for clients and more stress-free. You can also rest assured that everything was done correctly.
Security enhancement
Even if you follow strict security protocols and lock your important documents in a safe file cabinet, it is impossible to protect physical documents.
Fires, theft, flooding, and other hazards are all possible, so there's no way to guarantee that your download documents wont be damaged. However, files that are digitalized and stored on secure servers add a layer of security that is not available for physical documents.
This is not just for physical security.
Electronic document management reduces fraud because it is difficult for someone to copy and paste an electronic signature from one document into another.
However, digital form security requirements and threats to digital documents are constantly changing and it can be difficult to keep up with them all on your own. The electronic signature tool makes this easy.
Boost sustainability
All of us are responsible for the planet, and we all have to do our part in improving sustainability in our daily lives.
Imagine your office full of paper piles. Think about the destruction of forests to make all of that paper. Paperless transactions reduce the environmental waste in the world.
You can also help save the forests that are carbon neutralizing and majestic by using paperless transactions. Your desk will look neater.
