Cincinnati, OH (PressExposure) March 16, 2011 -- DotLoop, the first online collaborative workspace for real estate professionals continues its national roll out into Utah. As an all-encompassing platform, DotLoop is designed to increase efficiency in real estate negotiations and transactions; giving providing real estate agents the collaborative workspace tools needed to close more deals and change lives.
The industry specific, independent platform workspace brings agents and clients closer together with greater transparency; simulating a transaction experience equivalent to working at the same table. With both parties always kept in the "loop," agents, the buyers and sellers are able to share, adjust and electronically sign documents from anywhere with Internet access.
For years, the real estate industry has struggled to incorporate an online solution that encompasses all aspects of the negotiation and transaction process. While other industries have leveraged technology to implement electronic signatures, file sharing and cloud computing, real estate remains reliant consumed with traditional practices such as printing, faxing and physically signing documents.
Through the traditional Real estate transactions absent of technology, agents subject their clients toinstill inefficient methods that make home buying frustrating and often times confusing for the home buyer or seller. According to the National Association of Realtors Profile of Home Buyers and Sellers 2010, only 57 percent of people who bought a home that year considered themselves very satisfied with the process.
Contrarily, DotLoop's collaborative workspace uses "Version-Now" technology to combat the inefficiencies that impair customer satisfaction. Through "Version-Now" technology, agents and clients are always working from the current version and receive updates when changes have been made, making the process seem more personal, efficient and convenient.
NAR's Profile of Home Buyers and Sellers 2010 states 50 percent of home sales were comprised of first-time home buyers. Of those first-time home buyers, the median age was 30 years old. This particular demographic is one that embraces technological advancements, thus agents and brokers must provide consumers with technology that facilitates efficient and secure solutions consistent with those used in every other aspect of their lives.
Additionally, using electronic signatures is a more secure and validated process than the traditional alternative. With transaction ID's on every page, all parties maintain a detailed record of activity.
A 2010 study by the Aberdeen Group, said best-in-class companies using electronic signatures in transactions saw a 44 percent lead conversion rate, compared to 11 percent for laggard companies that failed to adopt electronic signatures.
These numbers reflect the public's demand for a simpler solution in the realm of buying and selling. As for Utah-based real estate agents, it's important to consider how these statistics reflect their success.
According to the U.S. Census Bureau, Utah was the fastest growing state in 2008 and the third fastest in 2010 in terms of population. With more people relocating to and purchasing homes in the state, a collaborative workspace that encompasses all the aspects of real estate negotiations and transactions will better serve agents and their clients.
As the Utah population continues to surge and clients become technology dependant, agents utilizing DotLoop are better prepared to sell more homes in less time. DotLoop continues its national expansion through the month of March, entering the regions of Virginia, West Virginia and South Texas.