Author: David Bellamy, Chief Financial Officer, Alain Pinel Realtors
This article ran in the Aug 8th, 2014 Palo Alto Daily News publication Premier Homes, pg 10.
Photo Credit: Christian Schnettelker via Flikr.
Paperless transactions are becoming increasingly common in the real estate industry, and their advantages are many – making real estate agents more efficient, and ultimately benefiting their clients immensely.
Paperless transactions allow documents to be sent by an agent, and reviewed and signed by a client, any time of day, from anywhere in the world. Everything from contracts to disclosures to property reports are all able to be shared electronically, as well as signed digitally, making transactions faster, streamlined and more thorough.
In the competitive, swift-moving Bay Area real estate market, the need for efficient, fast transactions is paramount. With how common multiple offers and short transaction windows can be in our market, the ability to send, review, and sign documents electronically can put clients at a huge advantage. In fact, with many of our clients working in and around the technology industry in the Bay Area, it is frequently an expectation of buyers and sellers that their agent be able to conduct business via a digital rather than a paper-based process.
Additionally, with an influx of international buyers in the Bay Area, along with both buyers and sellers often travelling for work during a transaction, clients are often looking to do business in a more mobile way. In such cases, going paperless can help facilitate a more streamlined transaction, giving clients the ability to view and sign all forms wherever they are, even from their smart phone or tablet.
And of course, there is a significant environmental benefit, with this electronic shift removing the paper waste of a traditional transaction.
On the brokerage level, Alain Pinel Realtors has partnered with SkySlope, the industry leader in digital transaction management solutions. This tool gives APR agents access to completely paperless transaction processing. SkySlope allows agents to manage their transactions electronically, creates a platform for a more efficient review and feedback process between office managers and agents, and provides agents with a way to immediately share documents with their clients electronically. The tool also ensures that all necessary details have been taken care of from a contractual perspective, and that everything is in compliance with industry regulations.
When new tools such as this benefit clients, agents, brokerages, and the environment as a whole, it is hard to think of a downside. But going paperless still requires a shift in mentality from working with traditional hard copies of documents, and so, necessitates a different way of thinking among both clients and agents.
As a whole, while a period of adjustment is to be expected, the move to a more paperless world in real estate will help agents and clients on every level – from speed to mobility, the benefits are great.
David Bellamy is the Chief Financial Officer at Alain Pinel Realtors where he oversees all accounting functions, budgeting processes, strategic planning, financial reporting, and human resources to support the organization. Prior to joining APR in 2007, Mr. Bellamy was in executive management with The Body Shop, most recently as its CFO, VP Finance, Real Estate & IT for the Americas Region.