7 Things You Need to Know about DocuSign’s Amazing New Initiative
In August 2016, electronic signature and cloud-based digital transaction management company DocuSign announced its most significant industry-specific initiative yet, its new Real Estate Advisory Board. The San Francisco-based company has assembled a group of leaders in the real estate field to further their shared goal of putting greater focus on the needs of realtors to close deals faster, streamline operations, and improve customer service. DocuSign’s “lead to close” strategy ties in with the development of the board.
DocuSign founder and CEO Keith Krach noted that the goals and structure of his company’s Real Estate Advisory Board mirror those of the company’s highly successful Global Advisory Board. That body’s participation has proven instrumental over the years in driving DocuSign to its current position as a leading provider of secure, trust-based services for some 85 million clients worldwide through its Digital Transaction Management platform.
Here are a few key facts about this pioneering initiative:
1. Industry leaders are on board.
The new advisory board consists of CEOs and industry thought leaders who work for nationally known brands. Among these are Century 21, RE/MAX, Berkshire Hathaway HomeServices, Equifax, and Better Homes and Gardens Mason-McDuffie Real Estate.
2. Realtors are catching up digitally.
The real estate industry as a whole is still in the early stages of the digital revolution. However, experts predict that the next decade will usher in sweeping changes as brokers, agents, sellers, and buyers increasingly conduct their transactions online. Over the past few years, trade publications have begun encouraging their readers to adopt digital technologies to create, share, and manage the numerous documents endemic to the profession.
3. Participating firms gain digital traction.
In conjunction with the announcement of the advisory board’s formation, RE/MAX has elected to standardize its selling and brokerage operations by centering them on DocuSign’s package of digital solutions, including its e-signature capabilities and its online Transaction Rooms for Real Estate. RE/MAX, a global franchise with some 100,000 affiliated agents and brokers, has dedicated itself to empowering these professionals through the DocuSign platform and the speed, efficiency, and security it provides from the start of a transaction to its conclusion.
4. DocuSign’s partners add value.
DocuSign’s initiatives in the real estate industry aim to facilitate a completely digital environment in which buyers and sellers can come together to conclude seamless transactions. These initiatives are additionally powered by new partnerships with the analytics- and data-driven Realtors Property Resource platform and the real estate back-office software provider LanTrax.
5. Benefits are the bottom line.
The real estate industry’s move to a digital platform will generate plenty of benefits for agents in the field. By going paperless, these agents and their assistants will no longer need to repeatedly type in the same information about their properties by hand. The boost to accuracy and efficiency will help agents speed up their processes so that they can conclude more deals in a shorter amount of time. In addition, they will be able to transfer information on every aspect of their sales immediately from a DocuSign Transaction Room into LanTrax’s Profit Power software system.
The centerpiece of the new initiative involves choice — from the initial lead to the close of sale. Real estate agents will enjoy increased control over every aspect of a transaction. And agents, buyers, and sellers will appreciate shortened transactions; a deal that might previously have taken weeks or even months to conclude can now take days or even minutes.
Associated analytics will assist agents in tracking all pertinent information about their properties. Agents will also be able to see profits generated per lead and ascertain how long it takes for their partners to connect with customers.
6. Transaction Rooms boost productivity and security.
Transaction Rooms offer realtors a secure virtual space in which to meet with clients, organize documents, and communicate regarding updates and changes. DocuSign’s Transaction Rooms for Real Estate have already aided professionals in the field to complete 2.5 million deals annually.
When realtors use DocuSign, they enjoy flexibility, simplicity of use, and 100 percent portability through mobile access, anytime and anywhere. And regulatory compliance is assured through security protocols created in accordance with national and international standards for the digitization of information.
DocuSign’s platform is tamper-proof, and its e-signatures are fully legally enforceable. Additionally, the platform assists real estate professionals in permanently recording every stage of a deal for all authorized parties to reference.
7. A case study in upgrading.
Experienced realtors understand that massive amounts of paper documentation often only contribute to stress for customers and agents alike. Sometimes a client can initiate dozens of different offers, each one requiring multiple signatures. A simple disclosure agreement alone can often fill more than 100 pages.
A recent DocuSign case study found that one professional working with high-net-worth clients had been accustomed to installing fax machines in her clients’ homes to facilitate the transfer of lengthy documents back and forth to collect signatures. However, these fax machines required constant maintenance and transmission speed was sometimes slow. And, when a breakdown occurred, the cost of faxing from nearby office-supply stores could run to $1 per page for documents that often had 70 or more pages. The realtor also had to sacrifice large amounts of square footage in her office to store the files.
DocuSign’s Transaction Rooms simplified all that. The realtor and her clients were delighted at the speediness, efficiency, and cost savings DocuSign was able to deliver.