Buying and selling a house can be a lot of work for agents, as they must set up contracts and clients have to sift through all of the documents. To make it easier on both parties, many real estate transactions are now taking place through document management systems to streamline the process and ensure that the clients receive timely information.
The regulations set for agents can have them going to different locations in order to ensure compliance. Running to the office to get the contract or needing a client signature will have realtors traveling a lot for one document. Agents are required to track 100 or more items for a single transaction, as dictated by laws in many states, according to RealEstateCoach.com CEO Bernice Ross. Having that much physical paper creates hassle for both parties, which can be avoided with electronic documents.
By going paperless, a considerable amount of time and money is saved, while also benefiting the client. Agents have significantly reduced their workload by as much as 80 percent through using the digital document system, Ross noted. Electronic signatures have become more socially acceptable and is an option for many real estate clients, allowing them to quickly approve the documents and finalize the deal.
“My clients actually love the convenience of paperless, but I do at times still have to use ‘the old fashioned’ way of having them sign,” Elizabeth Cooper-Golden, owner of @Homes Realty Group, said. “At the end of the day, it’s all about what best fits our clients needs, whether that be paperless or whipping out the ink pen.”
Industries excel without paper
As many businesses start to adopt eForms and other tools to go paperless, real estate has found great benefits that other organizations can tap into. In a typical transaction, 25 pounds of paper is used while agents drive a total of 200 miles on average to receive signatures, according to GreenRoads Realty. Binary Office’s eForms software facilitates faster and more convenient contract executions, meaning that the client will have an edge over other agents who aren’t using electronic documents. Similarly, businesses will be more efficient in locating information and providing a positive experience for the client.
Many industries have already begun the transition to paperless facilities and have seen many advantages as a result. In real estate, the electronic documents not only bring benefits for the agent, but it also more quickly put clients into the homes they desire.