Industry NewsNews Brief

Let’s automate the transaction now

Commentary: Unnecessary documents hurting consumers, housing markets and the industry

At Real Estate Connect San Francisco last week, we held a session dubbed "How Millennials Shop for Homes." The panel included three 30-something homebuyers: Greg Pasquali, Brittany Ashlock and Martin Ringlein. This articulate threesome was determined to be homeowners, though they were each a tad cynical about the risk and the woes of homebuying. One thread throughout the discussion was their desire for digital documents and an easier transaction. For 15 years, Inman News has been preaching the importance of automating the transaction with digital documents and an easier transaction process. While there are signs that the process is improving, this panel was a reminder of how arcane the transaction still is. Many of the woes can be blamed on government requirements and unruly documentation that bureaucratic rules require. As Ringlein said, "I didn't even read the documents." That seems like a practical response to the ridiculous requirements...