Real Estate Series: How real estate agents are transforming in a digital age
The real estate agents who have modernised the way they’re preparing, signing and managing agency, tenancy and leasing agreements refer to a transformative impact, a recent survey conducted by DocuSign Australia finds.
The real estate industry is undergoing rapid change as technology continues to reshape the way people buy, sell and manage properties. While some agents are watching as new trends emerge, others are embracing transformation as a means of propelling business growth and creating customer value.
The agents sprinting ahead are those who have modernised one of their most crucial business processes: their System of Agreement.
Results you can measure
Survey respondents who have switched to a modern system of agreement, with the tools to keep paperwork online, insist it has transformed the way they work. More than half of all respondents say they have more time to spend on prospecting and selling, and almost 36% say they have a better work/life balance since switching. Efficiency has also been boosted with 10% of agents saying they are able to manage more sales.
“By using the right technology, agents can offer speed of service, security and convenience,” says Tim McKibbin, CEO of REINSW. “They can also demonstrate that their agency is forward-thinking and competitive, and agents can spend more time working on those parts of the sales process that need the personal touch.”
Moving with the times
A ’system of agreement’ refers to the collective processes of preparing, signing, acting upon and managing agency, tenancy and leasing agreements. It’s a central part of doing business, but for many agents it remains a paper-based process – stuck in the past, and rife with manual work, slow turnaround times and human errors.
Agents who have introduced a modern, digital System of Agreement, have more efficient processes, more productive agents and even happier customers.
Rather than wait for a buyer and vendor to print, sign, scan and email back the necessary paperwork to secure a sale, agents can now manage the entire process via a purpose-built, electronic platform. Everything from the gathering of electronic signatures to the enactment and management of entire agreements can be done directly from smartphones or tablets – anywhere, anytime.
Greg Troughton, CEO of REISA, says modern technologies present huge benefits for both agents and customers.
“I see agents doubling their capabilities because of efficiencies created by technology. Most importantly, I see real estate consumers talking with delight when they don’t have to take time off from work to go into the agent’s office to get an agreement finalised.”
Boosting the bottom line
Modernised systems of agreement are also having a positive impact on the bottom line, according to the survey. More than 74% of agents say it has increased their business by 10% and almost 15% say it has grown by a third. Meanwhile, 7% have seen their business lift by around 50% since implementing an electronic System of Agreement, and 4% say business has grown by more than half.
Outdated paper-based systems of agreement have become out of place in this fast-changing industry.
“In the real estate world, speed and professionalism remain at the top of the list for agents and their customers, so it’s imperative that this is achieved in a seamless manner,” says Troughton. “The simplicity and efficiency of putting in data once and using it multiple times for a whole series or an entire ecosystem of agreements are paramount.”