Technology

Paperless transaction network grows by 53,000 agents

Dotloop signs Realtor associations in Illinois, Indiana and Tennessee

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Paperless transaction management provider dotloop has signed agreements with three Realtor associations who will offer the dotloop platform to their more than 53,000 members, and make forms they’ve developed available within it.

The agreements — with the Indiana Association of Realtors, the Tennessee Association of Realtors and the Illinois-based Mainstreet Organization of Realtors — bring the number of Realtor associations on the dotloop network to 86, and the total number of real estate professionals to 1.4 million, dotloop said.

When Realtor associations partner with dotloop and license their forms, their members don’t have to manually scan and upload the standardized contracts they use to process home sales — they are available for them to access in a forms library.

Dotloop competitor DocuSign is aligned with the National Association of Realtors, which holds a small stake in the company. DocuSign offers discounts to NAR members, and integration of its platform with Realtor-owned zipLogix allows users to access forms used by more than 280 Realtor associations and brokerages.

In some markets, like California, zipLogix has exclusive licensing rights to forms — a sore point for dotloop and real estate agents and brokers who would like to access the forms they use from within the dotloop platform, but can’t because of licensing issues. ZipLogix is a joint venture between NAR and┬áCalifornia Association of Realtors subsidiary Real Estate Business Services Inc. (REBS).

Florida’s statewide Realtor association is also a player in paperless transaction management, offering Form Simplicity, a product developed by a defunct subsidiary, Real Estate Industry Solutions LLC. Florida Realtors dissolved REIS in 2013 — after the association posted $4 million annual deficits in 2010 and 2012 — but it continues to offer Form Simplicity to its own members and to Realtors in other states.

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Other competitors in the paperless transaction management space include SkySlope, planetRE, appFiles, Instanet, SureClose and TransactionPoint.

Last week, dotloop announced it had reached an agreement with Keller Williams Realty to continue powering the transaction management component of the franchise giant’s all-in-one tech platform, eEdge, into 2021.