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How To Speed Up Your Real Estate Transactions

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In the real estate industry, property sales transactions can take a long time to complete. There is a lot of coordination of comms between the buyer and seller and their representative. Plus there’s lots of paperwork, and the job of coordinating and managing the paper trails is often still manual and the responsibility of the estate agent aka broker.

In the USA, for example, a real estate transaction process varies by state and is impacted by local, state, and federal laws. It is for this reason, sales agents will tell you that the better part of their job involves dealing with massive paper trails.

So how do you speed up real estate transactions so you can focus more time on sales?

1. Hire A Real Estate Transactions Coordinator

A transaction coordinator is a real estate professional who coordinates all communication and documentation for buyer and seller transactions.

Real estate brokers aka agents often struggle to track the status of required paperwork and transactions. At times, some tasks may fall through the cracks too, with relevant documents either not complete or mislaid due to poor storage and organizational skills.

The primary role of a real estate agent is to sell, and that’s where the revenue comes from, so if you’re spending less time marketing and more time managing paperwork you’re not utilizing your core skill as much as you could be to earn more money. Hiring help with a trained assistant will give you back valuable selling time, but you’ll also need to improve your systems as well.

Embrace paperless technologies to automate workflows your assistant can input the data and take care of coordinating communication between all parties.

A typical sales transaction requires lawyers or conveyancers, the buyer and seller; also, there may be a valuer and building inspector too. Your assistant can also use an online transaction coordinator checklist which at a glance presents the progression of your sales transactions, what documents have been completed and which relevant documents are still required. With a priority labelling feature which reminds you when deadlines are approaching the sales process is carefully tracked and project managed so you never miss a critical due date.

2. Use Online Accounting Software

Hire an accountant who is familiar with the real estate industry; it will save you time in needing to explaining your business model. Also, use accounting software and commit to inputting all money in and out and this is where an assistant helps as all systems are only as good as the data at hand, Good data in to get useful data out. Your accountant needs access to the software and also use via bank feeds directly into the accounting software – most SAAS providers are cloud-based systems, and you’ll pay a monthly fee to use the system.

3. Implement A Digital Signature Solution

In real estate, management of transactions such as property sales offers, inspection documents, and closing contracts require signatures — often with many parties involved. Cases of incomplete documents are common, especially when some signatories are not reachable in person. The process of obtaining these signatures often slows down the sales agreement process and as time kills all deals, a buyer or seller not 100 per cent committed to the offer may put out of the deal if there’s a time delay.

By implementing an electronic signature solution, such as DocuSign, you can shorten days, even weeks to mere minutes — giving your team the power to close more deals. All you need to do is send the documents to your clients, and they can digitally sign them on any device, be it on mobile or computer. These digital solutions also store your signed documents on secure servers so your documents will always be safe from unauthorized hands. There is a cost for this service but it outways the loss of sales due to inefficient time management.

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