Why real estate agents close more business with eSignatures
In 2021, US home sales reached the highest value observed since 2006. A total of 6.1 million housing transactions were completed in that year, up from 5.6 million in 2020. This doesn’t even account for commercial sales made.
In a booming industry and with sales through the roof, real estate agents have more than their fair share of paperwork. From sales contracts and rent agreements to mortgage forms – the list of time sensitive documents just goes on. Whilst the list of essential paperwork varies depending on the state, the bottom line is that managing this process effectively for clients and internal purposes alike is the key to success.
We explore the reasons behind this and how eSignatures can help real estate agents close more business at a faster rate, so you can get ahead of the competition.
Legally binding eSignatures
Above anything else, it is important to recognise that eSignatures are legally binding in the US.
They are fully legally recognized in the United States and are regulated by the Electronic Signatures in Global and National Commerce Act (ESIGN). Certain states also apply the Uniform Electronic Transactions Act (UETA). Signable exceeds the requirements of these acts, as well as other global regulations such as eIDAS.
So in a nutshell, signing a document electronically holds the same value and legitimacy as that of a wet signature on paper.
Did you know that U.S offices use 12.1 trillion sheets of paper a year? And with the total amount of paper we waste each year, we can build a 12 foot high wall of paper from New York to California?
With countless forms attached to each lease and sale, real estate agents and brokers are big contributors to paper waste. Here are just some of the forms and documents that are used to complete a transaction:
- Offer to purchase
- Closing disclosures
- Sales contract
- Mortgage forms
- Certificate of occupancy
- Rent agreements
- Name affidavits
With eSignatures, not only are you reducing the use of paper which has detrimental effects to our planet, but commonly used templates can be saved and sent at the drop of a hat. So you can wave your printer good-bye!
Keeping up with the times
According to new data, 5% of brokers report that “keeping up with technology” is the biggest challenge their agents face. Furthermore, the number one software tool most often encouraged by firms is eSignatures by a landslide of 83%.
The reason for this is that printing and posting documents is such an antiquated method of doing business. It’s not only inefficient but can give off a more unprofessional impression to clients.
Conduct business anytime, anywhere
Real estate agents and brokers certainly aren’t sitting behind their desks all day. It’s a busy and bustling life, with trips to various sites and properties and traveling between them. The beauty of eSignatures is that documents can be sent while on the go. This is crucial when working to secure time sensitive opportunities for your clients.
On top of this, your clients are happy because they can sign documents anywhere too. This will save many unnecessary trips back and forth to the office, which they no doubt would need to schedule around their busy working days.
Before you know it, your reputation will be through the roof.
Printing and scanning documents, or even traveling to clients to retrieve signatures leaves a lot of room for human error which means valuable time wasted.
As master documents can be saved as templates, it’s super quick and easy to send out documents whilst minimizing the chance of errors.
In the fast paced environment of a real estate brokerage, being able to send out documents quickly yet correctly may just be what secures the deal.
Reduced turnaround times
Think about the amount of time it takes to print documents then send them over to the signee only to wait days if not weeks for them to be returned, then scanned. All of this could be reduced to a few quick and simple steps.
Not only does this improve the service you provide your clients, but it means that you can get more business done at a quicker rate. In the fast paced environment of a real estate office, these are incremental changes that will have big effects.
Audit trails providing more visibility
From the moment a document is sent, its journey is tracked by a visible audit trail. Often this shows when the document was received, whether it has been opened and how many times and how many of the signers have signed the document.
This transparency is impossible to achieve without eSignatures. This information provides your agents so much more power to push the signing process along, as they can easily identify where there is a hold up and address the issue directly.
Wave goodbye to guessing and anticipating a closed deal only to be left feeling disappointed, and say hello to end-to-end transparency and accurate pipeline predictions.
Signable for real estate
Looking for a faster way to get documents like tenancy agreements or sales contacts signed? Thousands of businesses across the property sector have already adopted eSignatures, allowing them to get documents signed electronically online.
Real estate and letting agents are sending their documents with Signable – a faster, more secure way to remove the hassle around sending contracts for both them and their clients.