How To Reduce “Versionitus”

For REALTORS®, homebuyers, and sellers, signing "the docs" is an emotionally-charged time. Often, all parties feel anxious; there are dreams, plans, and a lot of money on the line! Tired of the sleepless nights and frantic phone calls, REALTORS® are exploring strategies to reduce the anxiety of document signings.

Problems with Traditional Documents

Anxiety isn't the only problem associated with the creation, exchange, and signing of real estate documents.

1. Wasted resources. Green business practices are becoming more important every day. Consumers want to work with people who make an effort to go green. Traditional signings practically hemorrhage reams of paper. This is as bad for your bank account as it is for the environment. Paper, ink, toner, and photocopiers are expensive.
2. Inefficiency. Working around scheduling/location conflicts, driving back and forth to chase people for signatures, filing and copying multiple versions of documents – these are things that take up valuable time. Inefficiencies can prevent you from focusing on your other clients.
3. Confusion. Which version of a document is current? Which documents have yet to be completed? Where is the final version of that document?

What Clients Want

Austin Allison, CEO of DotLoop, explains that "consumers are used to electronic transactions. They're buying books on Amazon and paying bills online. They're expecting that same streamlined experience when they're buying a house and, historically, they haven't been getting it."

On the other hand, consumers may feel nervous about the security of paperless transactions. They may raise concerns about electronic signatures and the safety of their sensitive personal data. While it's important for clients to feel validated, new options for electronic transactions reduce these risks. By educating clients about this technology, REALTORS® can assuage their fears.

Solutions

DotLoop is one company that has set out to solve the problem of "Versionitus." Mr. Allison explains, "To call DotLoop a transaction management system or eSign solution isn't accurate. Instead, it is a collaborative workspace that incorporates transaction management, document sharing, and electronic signatures, avoiding the disjointed experience that some people can have when they're using multiple technologies." This disjointed experience can lead to confusion and anxiety, he explains.

With DotLoop, both buyer and seller are working from a document called Version-NOW. This shared document lives online and is updated each time an offer is exchanged or a counteroffer is created. Each party has real-time access to the Version-NOW document. This allows for communication, collaboration and transparency, helping all parties to feel more comfortable. It also allows the process to move more quickly.

What about the human element? Here are a few ways REALTORS® can help clients feel less stressed:

1. Communicate. A drawback to digital solutions is that many real estate professionals feel they lose the personal communication touch. Digital solutions are not intended to remove the in-person, on the phone, or in-email communication. Use this technology as one way to be more efficient, but also be sure to keep your client constantly abreast of all the latest information they need to know.
2. Be responsive. If a client leaves you a voicemail or sends an email, don't leave them hanging. Respond as soon as possible. Digital solutions like DotLoop are a great way to respond quickly to the forms/transaction process, but be aware that if your clients become used to your quick response via technology, they will also expect you to be personally responsive as well.
3. Develop realistic expectations, then exceed them. Be overly cautious when setting expectations for your clients. Give yourself more than enough time to meet deadlines. Err on the side of caution. Then watch the relief in their faces when things turn out to be quicker or easier than expected.
4. Be patient. Managing real estate documents may be "old hat" to you, but it's probably quite foreign to them. Keep that in mind during all of your interactions during this challenging time.

That's the client. What about you? What can you do to reduce your own stress level? After all, you're balancing a lot of responsibilities. One of the best things you can do is indulge in some positive self-talk. You're smart; you're capable; and you should darn well remember it! Then there's the advice that works for anyone, REALTORS® not excluded: be diligent about getting enough sleep, exercise, and healthy food. Find tools that help you stay organized and feel in control of the process.

Forum

Let's get a discussion going about how we've managed our own stress and client stress. Do you have any products or strategies that have worked for you?

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