The coronavirus pandemic — and the current onslaught of viruses — has had a definite impact on the housing market and on the way consumers view real estate transactions. To keep pace with health and safety recommendations, many real estate teams moved from real-time to virtual viewings and closings. This shift made the buying and selling of homes more efficient for all parties, so many of these processes are here to stay.
Technology was instrumental in quickening the adoption of these practices, which made most processes faster for shorter, more accurate homebuying timelines. In fact, loan underwriting and appraisals sped up during the pandemic and beyond, considerably shortening the length of time needed for the buying process. Many technologies, such as document management, can contribute to this more efficient process and allow real estate agents to process transactions faster and more efficiently.
Document Management Strategies for Real Estate Professionals
The public’s enthusiasm for digitally driven real estate is still high. In fact, nearly three-quarters of people surveyed claimed they would purchase a home sold by a real estate technology company, and most people would consider selling digitally as well, with Millennials leading the pack. Document management strategies can help agents appeal to these consumers — and keep transactions running smoothly. Here’s how:
Consumers Want a One-Stop Experience
People are expressing a wish to have a more cohesive real estate experience — and document management can make that happen. Real estate transactions consist of numerous forms, applications, inspections, appraisals, and more. Handling all of these documents — and keeping up to date with changes and edits — is critical to keeping a transaction on target. Document management software (DMS) allows agents to easily track and organize important data.
Consumers Also Want Security
A recent Consumer Reports survey showed that more consumers than ever are focused on privacy risks associated with their personal data and, importantly, their digital footprint. In fact, consumers are implementing measures on their own, such as stronger password protection, multi-factor authentication, and others to keep their data safer. In this day of rampant data breaches, consumers are demanding cybersecurity measures from companies they do business with.
Real estate agents process reams of personally identifiable information (PII) including incredibly sensitive information such as social security numbers, tax identification numbers, and financial information. Document management solutions not only help to organize this information, but also keep it safe. Using a DMS, your agency can control access to documents, even remotely, and receive audits on when each piece of information was accessed, shared, or changed — and by whom. Additionally, most DMS has inherent security features that assist in keeping private information safe, and compliant with any data protection and privacy requirements.
And They Want a Personalized Experience
For real estate agents, repeat business is the key to a healthy bottom line. Ensuring your clients are getting the service they want means personalizing the buying or selling experience. Using a document management system, it becomes easier to make notes regarding a client’s individual needs, including remembering important dates such as birthdays, anniversaries, or even the date they bought (or sold) their home. By reaching out with personalized marketing at the appropriate time, an agent can cement a relationship and ensure enduring loyalty.
Blue Technologies Can Provide the Right Document Management Solution for Your Agency
In the busy world of real estate, there is no time for downtime. While switching to a document management system to handle all of the documentation your agency generates might seem daunting, it really isn’t. At least, not if you have the partner in your corner.
At Blue Technologies, we have created relationships with some of the leading creators of document management software to bring their leading-edge utility to our client base. Our in-house document management experts can help you refine and define what you need to accomplish and create a custom-tailored DMS specific to your agency’s needs and goals. We will not only create it, but successfully deploy and maintain it, while training your employees on how to get the most from its many benefits.
Let a robust document management system help your real estate agency excel in the new world of digital real estate! Contact a Blue Technologies consultant and discover how our team can help you choose the right DMS for your needs today.