Cincinnati, OH (PressExposure) March 23, 2011 -- Virginia real estate professionals in need of a solution to increase efficiency and security in their business need look no further. DotLoop, the independent collaborative workspace for real estate transactions and negotiations is being further adopted in "Old Dominion," simplifying the lives of agents and the clients they serve.
DotLoop's collaborative workspace enables agents and clients to work together in real-time to adjust and electronically sign documents pertinent to a real estate transaction. Bypassing the redundancies of traditional real estate - printing, faxing, filing and driving-- agents and clients facilitate quicker negotiations and close more deals.
The benefits of a collaborative workspace are many and vary. For starters, using electronic signatures in business has been underutilized in real estate. Despite the fact that electronic signatures are more secure and legal in the purchase and sale of a home, many brokerages and agents continue to use the traditional ink-to-paper option.
A 2010 study by Aberdeen Group states, "Companies using electronic signatures have been more successful than other companies in reducing sales cycle times on a year-over-year basis, ostensibly because they create an easier, online experience for their prospects and customers to 'seal the deal' rather than relying on printed matter shipped by email, fax or courier to receive the final agreement as confirmed by the buyer's signature."
In conjunction with electronic signatures, DotLoop's collaborative workspace uses "Version-Now TM" technology, allowing for real-time interactions regardless of geographic location or time restrictions. "Version-Now TM" technology creates a virtual space where agents and clients can work together from the same document maintaining an always "Version-NOW TM" with revisions associated to the transactions automatically logged and tracked with transaction ID's on each page, every document is secure and easily accessible to the necessary parties.
Performing transactions online is what today's typical homebuyers want. According to the National Association of Realtor's Profile of Home Buyers and Sellers 2010, 50 percent of recent home buyers were first-time buyers. Additionally, typical first-time buyers were 30 years old, meaning the mobile generation accounts for a dominant share of the market.
Considering nine out of 10 people use the Internet to begin their search for a home, closing a deal online will soon be expected of most agents and brokers. Doing so benefits both the agent and their clients.
Facilitating negotiations and transactions online reduces anything that obstructs a process otherwise known as a "choke point". Processing countless pages of paperwork is a burden on both parties in a real estate transaction. Keeping track of every signature, redrafting after counter offers and maintaining records costs both time and money.
Implementing a solution to reduce the paper, time and space needed to maintain thousands of documents means agents can make more efficient use of their client's and their own time. For large brokerages, such a solution can lower administrative costs that could add up to significant savings.
The NAR Profile of Home Buyers and Sellers 2010 indicates that 81 percent of buyers found their real estate agents as a useful source of information when searching for a home, however 43 percent of homebuyers were not very satisfied with the home buying process. Implementing a collaborative workspace to facilitate transactions quickly and easily online will effectively bridge the gap of the home search to close process.
For agents it's sensible, for clients it's simple, for brokers it's economical and for everyone, DotLoop is where deals get done.