How are Electronic Signatures becoming a hit in the Property Market?
Contractors and agents deal with a sizable amount of paperwork daily. Real-Estate and Property offices are almost always cluttered with Sales Agreements, Affidavits, Leases, Registration Forms, and hundreds of more necessary documentation. These documents need to be sent to, first, one party of sellers, tenants, and buyers, etc, followed by the other for their signatures. The entire time, moving from the office of the buyer or seller and then back again, these documents are at risk of being torn, manipulated, damaged, lost, etc. From start to end, the paper trail is long, cumbersome, and, not to mention, catastrophic to nature when you add logistics to the ongoing destruction of trees for paper. This is where a digital signature solution can come into play and improve the management and workflow of legal documentation associated with a home, land, or business space purchase or sale.
The real estate sector constantly pursues technologies that help them sort and sell houses faster and more efficiently. With an electronic signature solution, selling and buying a home or property can be further simplified. An electronic signature is electronic data that is attached to or logically associated with other data in electronic form and which is used by the signatory to sign and authenticate a document. This allows for documents to be signed electronically, saving precious time and making buying or selling property highly convenient.
A big reason for the rise in popularity of electronic signature solutions is the seamless security they provide to their users. Whether you are a real-estate agency or a one-time buyer or seller, ensuring your property documents are safe and secure is always a concern. An electronic signature solution can securely transfer sensitive property documentation from one stakeholder to the other while granting full transparency to the owner of the document.
2020 has been a year of change for all of us, accelerating the pace for digital transformation. The COVID-19 pandemic has disrupted day-to-day life and has mandated that real-estate companies globally re-evaluate remote work options. The progress of total digitization of paper workflow has helped realtors save time, money, and keep their business in motion even during total physical impediments. With plenty of digital signature tools to choose from the real estate industry can eliminate travel and still closeproperty deals and agreements.
Of the many ground-breaking technologies that have revolutionized the real estate industry over the last two decades, electronic signatures have perhaps had the most impact. DrySign, Exela’s proprietary electronic signature solution is a fast, easy-to-use, and highly secure tool provides all the usual benefits that come with the use of electronic signatures, like saving time, effort, and money. Additionally, the incorporation of such a user-friendly tool truly leaves an impression on your clients and increases brand value for your real estate brand in the market.
Here is a look at all the benefits in detail when you choose an electronic signature solution like DrySign over the traditional paper and ink methods.
“Electronic signature solutions can reduce document workflow time from 8-9 days to only 5-6 minutes.”
If you run a real estate agency, you know that there is a short window to close a deal as soon as a client expresses his or her wish to buy or sell a property. With cut-throat rivalry in this ever-booming industry, time is always of the essence. Using an electronic signature solution like DrySign gives you the edge over your competitors you need. Reduce the time taken for printing, scanning, signing, faxing, and other endless activities that delay the process. Upload a document from any device, sign it and invite your clients to sign online too. DrySign cuts the time taken for this process from weeks on end to mere minutes.
One of the biggest reasons for electronic signatures to take off the way they did during the pandemic was the simple convenience they provided to users. As a property dealer, you no longer need to get multiple sets of prints of your property papers, share them with clients, make changes if any, print them again, and so on and so forth. Client on vacation? No problem, just upload your document on DrySign and invite your client using just their email address. Your client will receive your document, securely, no matter where they are. Needless to say, with service and convenience like this, your clients will surely know who to call for their next property deal. As a real-estate player, you also appreciate the convenience that the Group Sign feature of DrySign brings to the table. With Group Sign, you can invite not just one but multiple signatories in seconds and get notified every time a signatory completes the signing process. Big business with great ease!
How many clients have you met who say, “My signatures never match!”? How many times have you had to use ink correctors and re-do entire documents thanks to unruly, unidentical, and fluctuating signatures? Not anymore! A digital signature tool offers users the opportunity to use one official signature, all throughout the documentation work, making the signature consistent and, therefore, more reliable.
Storage and Permanence
It is no secret that the sheer volume of documentation required in the real estate industry has the potential to overwhelm even the best real estate offices. In addition to maintaining this documentation, it is vital to keep these documents on file for years when working in a highly competitive global market. Realtors can enjoy a paperless environment with centralized storage space for all documents, easily accessible whenever needed.
Documents to be signed can be sent via email, and the third party or clients can sign them with a single click, sealing the deal in a few minutes with electronic signatures. Electronic signing and filing save storage space, subsequently saving your firm cost on your own infrastructure.
An e-signature platform can be integrated into any existing business platform to streamline every transaction easily. Whether it be Onedrive, Google workspace, or Dropbox, users can quickly access signing requests and upload documents to the E-signature software without any delays. From every perspective of the sale or purchase process, be it document organizing to sharing, signatures with proper storage can be handled in one easy way – providing a level of trust and confidence.
An electronic signature provides a high level of security. When a signer electronically signs a document, the signature is created using the signer’s private key, which is always securely kept with the signer. The mathematical algorithm acts as a cipher, creating data matching the signed document, called a hash, and encrypting that data. The resulting encrypted data is the digital signature. The signature is also marked with the time that the document was signed. If the document changes after signing, the digital signature is invalidated. No traditional paper workflow has as yet been able to provide the level of security that an electronic signature can provide. Once signed, the document’s integrity is protected throughout the final stage. Buyers and sellers can sign and send the documents in just a few clicks without any time wastage.
Electronic signatures solutions like DrySign, secure the legal admissibly of your signed document in the court of law. Globally, countries have adopted laws that give electronic signatures the same level of validity as agreements signed by hand.
- United States - Electronic Signatures in Global and National Commerce Act (ESIGN Act) and The Uniform Electronic Transactions Act (UETA) - Canada
- Personal Information Protection and Electronic Documents Act (PIPEDA) -
- United Kingdom - eIDAS Regulation (electronic Identification, Authentication and trust Services)
- India - The Information Technology Act (IT Act) of 2000
- The Philippines - Electronic Commerce Act of 2000 (Republic Act No. 8792)
The use of the right electronic signature solution that suits all your needs can boost your business. As every electronic signature solution has critical aspects that are important for running a business, realtors must carefully read about each factor and then implement the solution into their business.
“Real estate agencies can get 99% of their contracts digitally signed with an electronic signature solution.”
On reading the above points, we understand how electronic signatures are eventually acquiring the market and automating all steps within the real estate market dealing process. With this advanced automated, robust solution, the real estate industry is becoming more technology-intensive rather than labor-intensive. Our robust and easily accessible solution, ‘DrySign’ by Exela, makes these features readily available for your real estate business, helping your business to become a leader in the world of digital transformation.