Property Businesses: How will e – Signing technology help the proptech scene?
Our friends at signable have written about the up and coming PropTech scene, and how it could benefit you as a landlord, or property business owner.
With PropTech gaining recognition worldwide, property has been experiencing a huge surge in the availability of tech tools. Virtual reality (VR) is perhaps the most common type of tech that’s gaining popularity in the property sector. Helping to market properties to buyers, who would otherwise be unable to view due to locations which are difficult to visit. Giving agents time to spend on other role areas instead of having to travel to different properties.
Which is the main aim of PropTech, isn’t it? It’s designed to ease the job of anybody who’s using it. Which explains the recent uptake in property companies that are adopting electronic signatures.
PropTech: eSignatures
One reason, outside of document signing, why it makes sense for property businesses to take on electronic signatures is that eSigning complements the rise in mobile use. Year on year mobile use increases. Today 45% of people now check their email on their smartphone, which has increased by 180% since 2011. We all rely heavily on our tablets and phones. And so today businesses have to accept that customers want, and more importantly, expect convenience.
Now in the 21st century, e-signatures are taking hold. Allowing professionals working in the property sector to benefit from the efficiency gains they offer. The key point is that under the new EU regulation that came into force earlier this year, electronically signed documents are as legally binding as paper based signatures.
Spending time hunting through piles of paper for applications, mortgage broker info, references or guarantor forms slows down your response time in an age when most answers are a click away, and more importantly; are expected to be a click away. Eliminating paper not only updates your methods and reduces the amount of paper your company consumes.
Proptech Benefits
It also reduces the time and money spent managing admin whilst protecting documents from going missing, ensures your information is easily searchable and kept backed up in a centralised location. Adopting electronic signatures simplifies the entire process, freeing you from having to dedicate a portion of your day to educating tenants.
Relevant documents can be instantly sent electronically to all parties, allowing them to read through the paperwork and sign to confirm they’ve understood the content – as well as giving them the opportunity to raise questions before they move in.
When it comes to sales, e-signatures are illustrating their use perfectly during the offer stage after a viewing. As an increasing amount of agents now request potential buyers to complete an offer form and provide the relevant information to the seller (eg. whether or not they have a mortgage in principle, contact details for their broker and lawyer) to help them make an informed decision about accepting or rejecting an offer.
The ability to have that information in front of you as you speak to the seller simplifies the process and gives interested parties an equal chance of putting forward their information at the same time. And as sellers may not live together – even live locally – electronic signatures remove the need for them to visit the office.
The main point? Don’t waste your time on processes or systems which are time-consuming and feel counterproductive. By taking on technology to update the smaller things, you’ll be surprised how much time you start saving. Establishing your business as one that constantly innovates and streamlines its approach.
Jessie Davies is Signable’s Content Marketing Manager (and also goes by the title “Content Queen”). Signable is an electronic signature platform that helps businesses get their documents finalised faster. As Content Queen Jessie ensures that Signable’s customer’s resource for support, educational content and industry updates are always available and clear. Jessie also makes sure the Twitter feed is full of hilarious reaction gifs and sarcastic comments.
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