Technology has transformed the way agents do business. However, some still rely heavily on traditional paper contracts! Does this sound like you?
We could tell you why using our e-Signature tool is such a great idea (it’s included in Acaboom, we set up your agency agreements for you – and you can get started today) but lets look at some of the downsides of using paper agency agreements here first.
- Paper is a risk heavy way of working
One of the primary dangers of using paper contracts in estate agency is the risk of loss. Physical documents are susceptible to being misplaced or destroyed, which can cause significant problems for an estate agent. If a contract is lost, it can delay the closing of a deal and create confusion and frustration for all parties involved. Moreover, lost contracts may be misused by someone who finds them, leading to legal disputes.
- It can takes ages to get even willing parties to sign
Another issue with paper contracts in estate agency is the time it takes to get them signed. Estate agents often need to wait for clients to review and sign contracts, which can take days or even weeks. This delay can cause frustration and impatience on both sides, as clients may feel pressured to sign quickly or lose the deal, while estate agents may have to delay closing other deals.
- Multiple parties needed to sign – but it’s not always convenient to get them all in the same room!
Paper contracts require all parties to be present in the same location to sign them, which can be challenging in estate agency. Clients may be located in different cities or even countries, making it difficult to gather everyone in one place. This can cause delays and complications, especially if one or more parties cannot attend the signing.
- You miss out on capturing that same-day excitement
In estate agency, timing is everything. A potential buyer may be excited and ready to sign a contract on the spot, but with paper contracts, this is not always possible. You may not have the necessary documents on hand, and the client may not be willing to wait for the contract to be drawn up and signed. This can lead to lost deals.
- Admin time sinks – are you still generating contracts at the office?
Lastly, paper contracts can increase administrative work- and you may have to travel back and forth between the office and client location, adding to workload and expenses. Moreover, paper contracts require manual filing and record-keeping, which can take up significant time and resources. Digital contracts, on the other hand, can be signed and stored electronically, reducing admin time and increasing efficiency.
In conclusion, while paper contracts have been the norm in estate agency for a long time, they are not without their drawbacks! Estate agents must consider the risk of loss, delays in signing, the need for multiple parties to sign, missed opportunities to capture same-day excitement, and increased administrative work. To mitigate these risks, estate agents can adopt digital solutions for contract management, such as e-signature software, which can save time, reduce costs, and improve customer experience.