By Emily Williams, RET Content Coordinator
DotLoop, today launched a free version of their popular real estate transaction service called DotLoop-NOW™. As Austin Allison, DotLoop CEO, and the rest of his team prepared for the launch, they took a few moments to give me an overview of this new offering.
The Back Story
"We've seen a huge amount of growth with our premium product," explains Mr. Allison, "but we wanted to bring this technology to every agent and individual interested in using it. We are extremely passionate about eliminating paperwork in real estate transactions, and with DotLoop-NOW™ we can make this solution accessible to the rest of the industry."
DotLoop-NOW™ was built to be "ridiculously simple" to ensure maximum adoption. Based on what I've seen, simplicity has certainly been accomplished.
The first thing a user encounters is a large button prompting them to create a loop.
To create the loop, you first input the basic information about a transaction. The information may populate automatically if you have entered the involved parties as contacts. Or, the property information (i.e. address) may populate automatically if you have a RETS feed in your area.
Once you've created your loop, you can then add documents. This is where the experience becomes slightly different, depending on how you are accessing DotLoop. You may choose to add documents:
- From the Document Library. This is an option for people who have gained access to DotLoop-NOW™ through their Association, MLS or brokerage. Documents from the Library are Version-NOW® forms. With Version-NOW forms, users can share access to documents, rather than sending multiple versions back-and-forth. I'll talk more about Version-NOW forms in a moment.
- From your PC. All DotLoop-NOW™ users will be able drag and drop fields onto the documents that they upload to create interactive documents.
DotLoop-NOW™ users who have access through their MLS, Association or brokerage can use Version-NOW forms. One of the primary benefits of these forms is the ability to invite parties to the contract rather than sending it out. This ensures that everyone is working from the most current version of the contract at any given time.
When you want someone to sign a document, they get an email notification, go to the DotLoop website and create a free account. They can then sign, view, and submit corrections. An activity log tracks all the activity on a document.
More Changes Afoot
In talking to the DotLoop team, it's difficult to focus on just one thing. As they explain, "We talk about the DotLoop movement and what we mean is that we want to change the way real estate business is done," Mr. Allison says. In addition to DotLoop-NOW™, they're accomplishing this with a redesigned website that has been recently launched (dotloop.com) and a variety of other initiatives.