Look for a secure, collaborative, end-to-end digital transaction platform
BYINMAN CONTENT STUDIO
Every real estate agent knows the moment an offer is accepted, the deal’s far from done with the thorny closing gauntlet still ahead.
At this stage of a sale, commonly called escrow or a pending sale, real estate agents and their clients enter a heightened mode of vigilance and care as they coordinate inspections, prepare their down payment, execute their loans, evaluate home warranties and a variety of other activities that require important service providers.
Before a transaction closes, service providers must collaborate in a careful sequence, meet critical deadlines and share sensitive documents and information.
A successful closing requires a careful orchestration of documents, people and process, and today’s technology leaves much to be desired. As a result, agents and their clients suffer unnecessarily delayed closings and, sometimes, scuttled transactions.
Below are the six primary elements that currently hamper the real estate closing process, and some ways to remedy them.
These closing shortcomings inspired CryptoProperties (CPROP) to build a digital transaction management platform to address them. Learn more about how it streamlines, simplifies and secures closings here.
When critical information passes hands, with little accountability or visibility into who has it and when, security becomes an issue. These manual trackings leave room for lost, mishandled (or worse) information that can slow or kill deals, and compromise client trust and lead to fraud.
Many real estate agents still must muddle through the closing process with paper files, forcing them into a mind-numbing project management role as they strive to push a contract uphill to close as each party completes its section of the closing process.
A black box
Still largely stuck in the paper age, closings happen with little visibility for all involved.
While agents do their best to stay on top of every step of the process, they expend a lot of energy in keeping track of every stage, while their clients only receive snippets here and there as they have time and bandwidth to send progress reports. This is simply an inefficient setup.
This means a closing happens as fast as an agent can review, address and move along each stage.