Go digital and boost your bottom line!

by Neil Sharma20 Jan 2019

For reasons unknown, the real estate industry has been slow to adopt technology, but DocuSign endeavours to change that.

Realty brokerages, in particular, have struggled to streamline their myriad processes through a single platform, but change is afoot. DocuSign Transaction Rooms ensures agents only enter the same piece of information once, not several like they have, unfortunately, grown accustomed to doing. Moreover, the seemingly endless list of lead generation, marketing, transaction management, accounting and mortgage title platforms brokerages use are disparate, but Transaction Rooms centralizes them. In fact, all parties to a transaction—brokers, agents, clients, appraisers, inspectors, to name a few—can all collaborate through Transaction Rooms, thanks to the platform’s incorporation of API, which allows information to get passed through from system to system.

Brokers of record oversee many moving parts, an exercise that’s both labour intensive and susceptible to errors. However, DocuSign’s Digital Transaction Management proffers them visibility throughout the transaction process so that they keep track of multitudinous documents, to mention who signed them and when, and nip mistakes in the bud before they even occur. Equally as important, the client’s experience becomes enhanced by signing documents electronically instead of in person, which can often be intrusive.

Remember, it’s imperative to consider integration with an open API, and specifically whether or not they plug into legacy systems, when choosing foundational pieces of technology. Additionally important is balancing cost with the needs of the brokerage and level of data ownership, because some prospective vendors mine data and, in effect, impinge upon privacy. Many digital business models sell data to third parties, which is sure to draw clients’ ire. Also mind that ease of use is ultimately what matters most to clients.

Brokerages that go digital enjoy competitive advantage over other realty firms that haven’t changed with the times. One advantage digitally savvy brokerages is saving time, not to mention preventing errors, through the integration of CRM, transaction management and accounting software. It’s important to have a cogent implementation plan and continuous training regimen to successfully take your business digital.

Lastly, it is important to manage change by adhering to a set of principles that prepare and support administrative staff and agents in your brokerage. Identify “change champions” within the organization that can help facilitate and implement change; communicate to the organization the reasons for change; and invite participation from within the organization to drive buy-in. Once these steps have been completed, train staff on how to use the new technological applications, and ensure they’re endowed with adequate resources to maximize performance. To ensure it sticks, reinforce the purpose and goal of the implementation to abet successful change.

To learn more about how going digital will boost your brokerage’s bottom line, click here.

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