We have said here before, the average home sale is packed with too much paperwork, forms and signatures. We type on computers, but the typical real estate transaction seems to be performed on an antique typewriter. Consumers must slog through an inefficient mess to achieve the American Dream.
But that could all change, thanks to leadership from the California Association of Realtors and the National Association of Realtors, who announced on Tuesday that they would be developing a Realtor-centric transaction management platform for both the real estate industry and other related service providers such as title and lending companies. CAR is leading the charge, with NAR agreeing to invest $1.2 million in the venture.
The trade groups are perfectly poised to make this happen because they will be effective at pushing industry adoption. Plus, the initiative is starting through the digital form pathway, not some gold-plated technology dream.
Most agents are already beginning to use electronic forms, so that should give CAR and NAR a toehold for achieving success.
The new platform will facilitate interactive collaboration between consumers and their Realtors, with each party receiving an electronic copy of the appropriate documents when the real estate transaction is complete. The platform also will have the ability to track document content as well as create and deliver the transaction’s document history and then archive the documents electronically at the transaction’s close.
We wish the venture success and applaud the leadership of the trade groups. It is time for the digital transaction, which will help the housing market and make the home buying and selling experience better for all involved.
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