The Benefits of Digital Real Estate Closings for Agents
Things are changing very quickly in the real estate market, as I am sure you can see. People should always try to adapt to changes, especially when we are talking about the real estate industry. Having strong real estate technologies is a must to achieve success now. Strong technology allows you to generate leads.
Although generating leads is important, you only get paid after you close the deal. So, the closing process plays a very important role as well.
The closing process has changed because of the COVID-19 pandemic. The place, the time, and the form of closings are a little bit different now, and much the real estate world has moved to digital closings.
In this article, we will talk about real estate digital closings and their benefits.
Many parts of the real estate transaction are now conducted electronically and online. Moreover, in some states, it’s even possible to have fully online closings. E-closings make the work easier both for the buyer and the seller.
But when talking about digital closings, we should take into consideration the fact that that there are different types of closings: fully digital and hybrid.
The difference between these two is that only one of them allows you to close the deal online fully.
Fully Digital and Hybrid Closings
The main difference between the two types of e-closings is that in the case of hybrid closings, only part of the documentation can be signed online. The notarization process should be done in person only. In the case of fully digital closings, the whole process can be done online. The final paperwork can be signed online.
Online closings aren’t available in every state yet, but the list of states which allows digital real estate closings is expanding each year. But we can still say that Hybrid online closings are a good solution for those who want to review and sign part of the documents in advance.
Benefits of Digital Real Estate Closings
Being able to close deals online can be beneficial for many reasons:
Better customer experience-Closing deals online is easy, which improves your client’s experience of working with you.
It’s convenient– In the event that you can’t meet in person for a closing, it’s really beneficial to be able to sign papers digitally. Even Hybrid closings will help you to improve your experience and reduce risks. It also saves your time.
Can be done no matter where you are– The most important part of e-closings is that while the notary should be located in a state that allows digital closings. The signer and the property can be in another state.
Did you find the information useful? See our blog: How to Close Real Estate Deals Faster