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Sign into your accountWhat You Need to Know About eSignatures and the Paperless Transaction Process
July 13 2015
With the continuous buzz of paperless technology in the real estate industry, it's time to take a look at what you need to know about paperless transactions for your business. The real estate transaction process can last days, even weeks. With electronic signatures on agreements and paperless transaction software, the time it takes to complete a real estate transaction can be reduced to just minutes.
Electronic real estate transactions are becoming increasingly popular and more real estate boards and MLSs are supporting this new process for their members. As a broker, do you have the office technology in place to support electronic transactions for your agents? Here, we'll take a closer look at what this means to your business, including understanding the electronic transaction process, how your agents prefer to manage transactions, how to choose the right electronic transaction platform for your business, how to prepare your business for the new tool and get buy-in from administrators and agents, and how to successfully implement the new software technology into your business operations.
The electronic transaction process
There are five core steps to the electronic transaction process:
- Creation – Your agents electronically complete the transaction forms
- Execution – Your agents use an eSignature platform to electronically sign the forms
- Submission – Your agents electronically submit the transaction forms to the brokerage
- Review/approval – Brokerage administration electronically reviews and approves forms and documents
- Storage – Brokerage administration electronically stores transaction documents
Your agents will manage the creation and execution of transactions through the forms and eSignature provider they choose, that your association has selected or that you've chosen for your office. Many real estate technology providers will work with partner companies to offer eForms and eSignature solutions that integrate with their paperless technology solutions.