Real Estate Industry

Benefits Of Electronic Signatures For The Real Estate Industry

Benefits Of Electronic Signatures For The Real Estate Industry

The ultimate goal of every real estate business is to simplify its business processes, boost customer experience, increase profitability and cut costs. Every company in the industry is running a race to achieve them and striving to discover an intelligent solution that will improve company workflows & win customer loyalty while minimizing the operating expenses.

Electronic signatures are one technology that helps real estate companies avoid delays in signing documents and reduce the chances of misplaced papers, mismatched signatures, or document fraud that may lead to bad customer experience and deal cancellation.

How eSignature works for real estate agents?

Real estate agents can utilize the eSignature application to create, edit and prepare the purchase, sales and financing documents by following these steps.

  1. Agents open the eSignature application on desktop, smartphone, or laptop
  2. Upload the purchase, sales & financing documents in the application
  3. Enter the client’s email address who will sign the documents electronically
  4. Fill out the subject & message to the clients explaining the agenda of documents
  5. Click send to share documents with the clients
  6. The client receives email or app notification of receiving the documents
  7. The client signs the received documents using the esignature interface & hits send button
  8. The completed esigned copy is automatically sent to the agent
  9. The deal is confirmed between the client and the real estate company

Factors to be considered while selecting an electronic signature for a real estate company:

1) Mobile Friendly: Is your eSignature application mobile-friendly? If yes, this will help real estate agents stay updated with every pending document on the move.

2) Integration: Does it allow integration with third-party tools to extend its functionality?

3) Storage limits: Does it help upgrade storage space if you reach your limits?

4) Security: Are your confidential transactions safe with the eSignature tool? How does it help protect the client & company interests?

5) Core usage: Can it be used for different activities in the real estate industry? Examples:

Administration: Approval, change requests, repair orders, appointments

Rentals: Contract renewals, termination notices, non-payment notification, payment authorization

Construction companies: Contract with the company, sub-contractors, Purchase orders

Buying & selling: Agreement with third parties, home insurance, Terms & conditions

Check out some of the fantastic benefits of electronic signatures for the real estate industry:

1) Faster closing of real estate deals electronically

You may face surprising issues at the time of closing sales like missing documents, missing signatures, client unavailability on specific dates, or sudden objections from signing parties that could slow down the closing of real estate deals.

LunarPen electronic signatures let real estate agents sign documents more speedily and efficiently from any location. The application assures that all necessary signed copies are available during the closing of deals.

The electronic signing of real estate documents offers these benefits to close real estate sales quickly:

Faster and efficient: There is no need to rush to sign, re-sign, and deliver the updated agreements. As a result, the closing times of the real estate sales reduce.

No chances of missing document: Never miss an important document when closing an agreement with your client. The application helps in managing all the necessary documents in a single place.

Review the documents before closing: Parties can receive the documents well before closing. So, there is plenty of time to seek clarifications, review, and understand the documents before signing.

2) Accuracy and efficiency of the signed documents

Any important real estate document may be signed incorrectly. The signee may leave some fields blank or forget to sign in some locations.

Incomplete or incorrectly filed real estate documents can invite unavoidable legal problems, fines, or penalties. In this case, the company may put the deal on hold until the issue is resolved.

If you use electronic signature applications to fill an online document, the software highlights the essential areas within agreements to ensure that you fill the entire document.

Due to such useful features, real estate companies do not have to spend time in error rectification and repeated documentation, thereby improving the accuracy & efficiency of business processes.

3) Get enhanced security for real estate documents

A real estate document is highly confidential as it contains sensitive information about the proof of a new property, agreement, taxes, and financial transactions.

You need a highly secure, hack-proof software application to secure these documents from theft and cyber-crimes.

A digital signature is equivalent to a handwritten or stamped seal built on robust security algorithms that only allow authorized personnel to access the documents.

The application uses different security processes like email authentication, login credentials, OTP over SMS, secret questions to protect, verify and validate the editing & access rights of sensitive information.

4) Offers pleasant experience to real estate customers

To buy or sell a property, every potential or existing real estate customer must go through complicated paperwork. The unending list of required documents may cause delays for both customers and companies.

Customers favor businesses with quick and easy processes.

Agents can utilise electronic signature software to reduce the stress of filling out time-consuming and error-prone paper contracts.

So, instead of waiting for contracts to arrive in the mail or awaiting clients to come into the office to sign, the application allows you to eSign and securely send the secret agreement,thereby improving customer experience.

5) Never lose your contracts again

Real estate companies can confidently store documents using eSignature technology as they utilize cloud storage solutions that keep all the sensitive eSigned records in a safer place. The technology ensures that you never lose a contract again due to misplacement of physical documents or manual errors.

If you have trouble finding the contracts of a specific company, then you need to have login credentials & view access rights to use the eSignature application. After that, you can download the online copy of the contract easily without wasting time.

Case Study:

Introduction

William Ryan Homes (WRH) is an award-winning home builder with 27 years of experience, 11,000 projects under its belt and offers single-family homes in Phoenix, Arizona, Tampa, Florida, Madison, Milwaukee, Wisconsin, and Chicago.

The pain points

Superintendents at WRH had to rush to print a work order ahead of time, carry it to the job site, hand gather the appropriate signatures, locate a scanner, and email the finalized document to the admin team.

Instead of utilizing email, the next step was sometimes to drive the physical document back to the office to fill them.

This process squandered a tremendous amount of time and resources.

The Solution

Electronic signatures offered a couple of exciting benefits to William Ryan Homes:

Time Savings

By digitizing their workflow, WRH improved their process time by 90% with electronic signatures.

Mobile compatibility

Mobile compatible eSignature apps allowed employees to get online and offline work done & sync their progress with the rest of their team.

Quicker Sales

Getting documents signed faster meant a faster build time that helped the property sell quickly to the customer.

Document centralization

With electronic signatures, all signed documents are available at a central location that can be sent anywhere instantly at a click of a button.

The sharpened focus of employees

WRH superintendents are now able to focus more on the home building process and what the customer wants.

Conclusion

Electronic signatures provide uncountable benefits to the real estate industry, from quickly closing sales, reducing face-to-face processes, managing paperwork, & improving customer satisfaction.

If you are trying to bring digital transformation to your real estate company. Sign Up with LunarPen right away to start using electronic signatures and turn around your business.

Posted by Lunar Pen in eSignaure Law, 0 comments