Have you ever wondered how many documents you sign or get signed from clients daily when you are in real estate? From sales agreements to bids, contracts, lots of documents get piled up in every deal. Managing, tracking, or prioritizing these documents might consume your lots of time. Have you ever thought of making this process easier with Electronic Signature for real estate business?
Incorporating eSignature for real estate business boosts your sales and will be beneficial for your entire organization. 210 million transactions in 2014 were signed electronically. If you are still wondering why you should include electronic signatures, read on to learn its benefits for your business.
But before that, let us know a little about electronic signatures!
Electronic signature or you can say eSignature is the legal method of signing or giving approval to any electronic document. It is the best and secure way to replace your handwritten signature. You can do it with the click of the mouse and is considered equivalent to any physical signature or regular seal.
Various countries like Australia, Brazil, the European Union, and the United States have given recognition to eSignatures within their jurisdiction. So, along with traditional signatures, esignatures are considered entirely legal here.
Three Types of Electronic Signatures
Signing the document and sending a scanned copy through email is referred to a simple electronic signature. But this type of signature does not prove who the signer is, so there is the lowest security level in this type of electronic signature.
When you are using an advanced eSignature, it links to the signer and enables their identification. It is created in a way that only the signer has full control over the signature. When anyone tries to forge the signed data, it is easily detectable. So, a higher security level is assured here.
Such types of electronic signatures are created using a qualified device that is based on qualified certificates. These are those that are granted status by the national competent authority. These accompany more security than advanced electronic signatures.
Now you have learned about eSignature and its types. Let us see how it proves beneficial in the Real estate partnership agreements.
Benefits Of eSignature For Real Estate Business
After sending documents to your clients for signatures, for how long do you need to wait? Days or maybe weeks! This creates massive disruptions in your workflow.
Moreover, we all know that the manual process is prone to errors and even leads to duplication of the work. But when you are using eSignature technology, the document won’t be submitted until its 100% filled. This increases your work accuracy as it reduces the return of incomplete documents and saves the amount that goes into printing papers. Moreover, it also lessens the time that otherwise might go into revising paperwork.
Going digital in this modern world streamlines your workflow by automating the tedious process of printing documents and sending them for signature. This enables you to spend your valuable time and money on other important tasks of your business.
2. Reduce Expenses
According to Corp magazine, U.S. businesses waste near about $8 billion annually in just managing their papers. Won’t it be beneficial if you spend such a huge amount on other tasks?
When you are dealing with eSignature for real estate, you won’t require any paper or ink for printing papers. However, the shipping costs associated with postage or envelopes for processing of documents are also eliminated.
You might think here that eSignature software will also result in additional costs. But if you compare the cost associated with eSignature software with the one that goes into producing printing paper and postages, you can see a huge difference.
An electronic signature is a much stronger approach. Electronic signs cannot be forged. However, if someone disputes regarding the signature, the audit trail is there to resolve any such objections.
When you prefer eSignature for real estate, your clients prefer you over others because they develop more trust in your services. Undoubtedly eSignatures are more secure in comparison to traditional paper signatures.
Unlike your traditional means of signature, eSignature has an electronic record of all the actions. This includes when the document was opened, viewed, and when it was signed. If the person signing the document allows access to the location, then geolocation is also recorded.
4. Track Your Documents
Sending a physical copy of the document and then waiting for its return is a very frustrating process and often leads to anxiety. If the documents are not received on time, the situation becomes worse.
Here if you are using eSignature for real estate, the copy of the document is stored online. This allows you to track it easily. You can see when a client has viewed the document, and you will also receive an alert when your client signs it.
5. Fast Turnaround Time
In real estate, every single minute matters. Whether your business is linked with international deals or within the nation, delay is always there when paperwork is involved.
The paper-based process involves printing, signing, and scanning of the document. All this process can often lead to delay. This can result in a massive loss to your business. Wondering why? When waiting time is more, it often ends up with the cancellation of the deal.
Electronic signatures can accelerate the turnaround time of getting a number of documents signed simultaneously. Once the concerned person eSigns the document, within seconds, it reaches the owner or the person who needs to sign next to complete the deal. This instant and the secure process remove the hurdles like printing and posting the documents that often lead to delay in the process.
Whether you are an agent, seller, or broker, you work with a single goal of property sale when you are in the real estate business. But to reach this final target, you juggle through a lot of paperwork and getting essential documents signed by your customers daily. While doing so, you sometimes lose your necessary contracts or even experience a delay in converting your lead into your client just because of the signatures.
So why not overcome this challenge with eSignature for real estate business. We have discussed several benefits of eSignature above. Implement it into your business and win your customers quickly.