Real estate technology company DotLoop is launching a free, "light" version of its transaction management platform and making it available to individual real estate professionals, the company announced today.
Dubbed DotLoop NOW, the platform will officially launch in mid-May. No firm date has been set.
"DotLoop’s current platform is what I would describe as … enterprise software, meaning it’s typically bought by … a real estate office or real estate brokerage. What is so much different with DotLoop NOW is that (it) is a retail product, meaning that it’s set up for the individual agent," said Austin Allison, DotLoop’s CEO.
The free platform, like the current, paid business-level version, will allow agents to edit, share and sign documents electronically in real time.
Both e-signatures and the number of transactions for which an agent can open a "loop" will be unlimited. A "loop" refers to the online environment, a sort of virtual conference room, in which the parties of a transaction and the deal’s associated documents come together.
Dotloop NOW will be an option for individual agents who may be with a broker that doesn’t provide such technology, Allison said.
"We believe in providing a place where deals happen for the entire real estate industry and we would like for every real estate agent to have access to that benefit regardless of whether they’re willing to pay," he said.
DotLoop ‘s goal is "changing and improving the way that deals happen and streamlining the process for all involved," he added.
Dotloop will also be offering a premium version of DotLoop NOW, for an initial cost of $20 per month. In addition to the features available in the free version, premium users will be able to save document sets, templates, the language of often-used document clauses, and action plans for particular transactions or clients.
Premium users will also be able to upload their photos and branding so that emails to clients are personalized. The premium edition can also be synced to a user’s email service, such as Gmail, in real time.
"The needs of a real estate agent (vary) depending on the kind of business you do," Allison said, noting that a high-volume agent’s needs may differ from those of a part-time agent.
The features available in the premium edition of DotLoop NOW are already available to DotLoop’s existing, enterprise-level customers, who will not be affected by the launch, Allison said. DotLoop provides e-document services to major franchisors Keller Williams Realty and EXIT Realty, among others.
Enterprise-level customers will still be able to use DotLoop’s platform at a comparatively discounted cost, Allison added. While the premium version of DotLoop NOW would cost $20 per month for an individual agent, DotLoop’s enterprise edition costs $8-$15 per agent depending on the size of the office, with bigger offices paying less per agent.
DotLoop has about 200,000 real estate agent subscribers and about 130,000 of those are paying subscribers, Allison said. Nonpaying subscribers are typically agents who have been invited to participate in a "loop" by a paying subscriber.
"What DotLoop NOW would do would allow that particular agent to not only be a part of that loop but to start creating their own loops," Allison said.
Those interested in gaining access to a beta version of DotLoop NOW before the official launch can sign up at DotLoopMovement.com.