Australian real estate agents may be leaders in introducing real estate transactions in the age of online communications, but much remains to be done, according to a recent study by DocuSign Australia .
Although technology has transformed many aspects of the real estate agency, such as online registration and virtual tours, 67% of agents surveyed said that a number of processes remained manual and on paper.
At a time when speed and efficiency are the rule for businesses and consumers, the paper processes for real estate contracts are clearly behind schedule and frustrating. The report revealed that 64% of agents found that the exchange of agency and other contracts was stressful, with 68% attributing this to the time needed to finalize contracts and to the pressures of all parties involved to do so quickly. Of the respondents, 66% think the industry should adopt document management technology to succeed in the current market.
The report is based on a 2018 survey of 80 real estate agents in New South Wales, as well as in South Australia and the West.
Myths related to the hangover
In an interview with Your Investment Property, DocuSign Asia Pacific Vice President Brad Newton said that real estate is one of Australia's oldest sectors and one of the most bureaucratic industries . The report showed that 48% of respondents indicated that entrenched processes and behaviors prevent the transition to digital systems.
"Some practices have been tinkered over time and have taken root, while others have been difficult to change because of the legality. Some of these legal barriers no longer exist, but there are still many myths about what can and can not legally be done digitally, "said Newton.
According to him, real estate is also an industry gathering professionals from many age groups. While newcomers feel very comfortable with technology, some older generations adopt an attitude of "if it does not break, do not fix it".
Interviewed officers revealed that the transition to a digital system after prolonged use of manual processes was one of the major barriers to adoption. However, those who made the change are satisfied with their decision once they understand the benefits that the new systems can offer.
Increased visibility
According to Newton, brokers can help real estate agents understand the need to switch to digital systems, such as online listings, mobile searches and virtual tours, showing the benefits these systems offer brokerage firms and businesses. how these benefits can apply to real estate partners.
"It's not just about the benefits it brings to their own daily processes. It is also about enabling modern and efficient transactions with their clients and the ability to connect everyone involved in the transaction – from brokers to agents to property transfer lawyers – to offer greater visibility of the process from start to finish, "said Newton.
"These technologies enable brokers to provide a modern, efficient and integrated service to their customers. The digital touch points at each stage of the real estate experience are a consumer expectation. "
Newton added that while the real estate sector has been slow in some areas, it is evolving and will continue to evolve. And there will come a time when not only those who refuse to hire will be left behind, but also those who will be more efficient in terms of time and costs.
"When it comes to document management, it's important not to look at individual technologies, but to integrate them to create an all-digital agreement system. This will connect document management from the beginning to document creation, signing, final processing, and finally document storage management at the end, "said Newton.
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