Real estate continues to be a very unorganised sector where lead generation, property visit and customer query are still handled manually, thereby becoming a painstakingly repetitive and redundant process. This is a clear sign that developers and property dealers should consider stepping up their game and adopt new-age technology solutions. The first step that they can take in this regard is going for smart document solutions, which would not just let them save on paper but would help in many ways in saving cost and optimising operations.
An integral and probably one of the biggest challenges of the real estate sector is capturing leads, and all the more challenging part is ensuring the right modus operandi for onboarding them and providing the services thereafter. Going digital comes as a saviour here as it results in an improved holistic customer experience. Also, smart document solutions reduce the friction points and bottlenecks during the process of onboarding a new customer, for whom it is critical to buy the new property as per their need, budget and preference.
What digital documentation does is automate the complete workflow and alleviate the cumbersome and redundant scan-fax-print regime. The automation of the workflow enables a self-service model for the customers, effectively letting them have complete control of the process. They are informed at each stage, and the sense of comfort and accessibility acts as a major factor in driving their choice of property as well as developer.
Shifting from conventional paper-based processes to digital documentation has resulted in nearly 10 times faster turnaround time in the overall operation, which enabled cost-saving and made the entire process efficient. The expense incurred for the storage of documents is massive for real estate players.
The process of collaborating with multiple stakeholders, such as home loan providers, insurers, property dealers and builders, also becomes much easier with digital documentation.
While going for smart document solutions further provides significant cost savings, it also allows the sales team to focus on their core job rather than spend too much of their time and energy in handling and managing the paperwork. This helps in better productivity for the employees and, expectedly, a better and result-oriented workflow for the developers or builders.
Outside of this, there is a huge opportunity in the leasing and renting space. For instance, a digital workflow streamlines the entire paperwork process and enables property owners to rent out their property remotely. It also allows for automation since the system would automatically provide reminders for contracts that are due. And lest we forget, it provides cost savings, thereby enabling the brokers to focus on their core job to increase productivity.
Also, The IT Act 2000 states that electronic signatures are legally valid to be used if they comply with the provisions and enshrined certificates are obtained from a certifying authority recognised by the Controller of Certifying Authorities appointed under the Act, and the final documents are secured with a tamper-evident seal.
The real estate players need to corroborate that their digital documentation partner is compliant with the laws and security standards. Once this is done, they can rest assured with regard to tampering of documents. Digital documents are legally binding, just like physical documents. It was this very premise behind our idea of offering a globally compliant solution to enterprises.