With multiple legal restrictions and exhaustive paperwork, the real estate industry processes can be very comprehensive and time-consuming. Manual work increases the work burden to a great extent and is also time-consuming. To lessen the burden of this work, the facility of E-signatures was introduced to this Industry. E-signatures are the digital form of handwritten signatures that are used to give approval or consent to digital documents. E-signatures are not just secure but also cost and time-efficient. There is an endless number of documents involved in the whole process of real estate industries that require constant verification and approvals. With the facilitation of e-signatures, all this work is now shifted to digital platforms and gets stored safely on software for future access.
E-signatures have proven greatly beneficial to the real estate industry time and again. They have not only reduced the work burden to a large extent but have also improved the overall efficiency of the industry over the years. Here, we shall discuss few of the benefits of e-signatures in the real estate industry in detail:
- Streamlines processes which increases efficiency: E-signatures have streamlined the whole process of the real estate industry. With manual signature, the presence of each party involved in the business is required to be present for verification or approval of documents. With E-signatures, all these documents can be shared digitally to each party and they can e-sign them even if they are not physically present. Documents or files can be shared or transferred through a click with other parties. This speeds up the whole process and increases efficiency of the people involved, in turn. Reduced work time motivates people to work more efficiently in the limited timespan and improves work quality.
- Reduced Costs: Transferring all your real estate data and transactions on digital platforms can reduce your costs involved to a large extent. All the money that goes into buying paper, pens, other stationery, printers, extra electricity cost due to the use of printers, document storage costs, etc. is completely reduced. All the data and information gets stored easily on the software so there are basically no extra costs involved. This saves a lot of money for the company and increases their profit to a considerable extent.
- Ensures Data Accuracy: When all the data and information of the real estate industry is shifted paper to digital platforms, the accuracy and efficiency of data also increases. E-signatures are legally binding and all the information that they give an approval to is supposed to be factually correct and has least errors. Making changes in digital documents is also very easy whereas if there happens to be a mistake in the paper documents, they become null and void. The process of duplicating or creating multiple copies is also made easier. If the employee happens to be proficient in technology, the work becomes all the more easier and accuracy is also maintained throughout the work process.
- Increased Safety and Security: The facility of E-signatures has ensured that all the work processes of the real estate industry are shifted to digital platforms and are saved and secured on single software. This softwares can only be accessed by people who have authority and are verified by the system with multiple processes of Identity verification. Therefore, the chances of data hampering or pirating the existing data is considerably low. Hampering with data on paper is comparatively simpler and the risk of data loss and data mismanagement is also higher. Other than this,e-signatures are legally binding only if they are followed within the laid guidelines and are abiding by the laws, therefore the chance of forging with the signatures of creating fake signatures is also very low.
- Increased Opportunity for Mobility: Digitisation of documents increases the scope of expanding business for the real estate industry. Realtors need not be located in close proximity to their clients. Even if their clients are located far off they can easily share documents and files with them through these digital platforms only. Those clients can go through the documents and give their approval in the form of e-signatures. Both the parties can e-sign documents from anywhere in the world. This expands the potential and scope of the business to a large extent.
E-signatures have proved to be beneficial for the real estate industry. They have facilitated easy working methods for this industry and will continue to do so in the coming years.