Everyone involved in a real estate transaction is on the hook to create a better, more convenient closing process, one industry leader argued Friday.

Watch the livestream from Inman Connect Las Vegas today for free by joining Inman Select. Get full access to all Inman news stories for one year for the half-off price of $99.

A decade ago, real estate transactions were mostly local affairs. Despite the dot com bubble around the turn of the century, real estate was still hanging on to its analog procedures, and consumers were mostly okay with that, according to Spruce Holdings CEO Patrick Burns.

But in the years since, something changed.

“Consumers are demanding convenience,” Burns said Friday at Inman Connect Las Vegas. “They’re demanding transparency because the rest of their lives are like that.”

Patrick Burns

Burns explored how the real estate transaction is changing today during a panel talk titled “Closing process getting a major shake-up.” His company specializes in title and escrow services.

As frequently noted, consumers today have smooth, transparent experiences in every aspect of their lives — it’s easy to request a ride, order food, or buy a mattress with the tap of a button on an iPhone. So they’re expecting more from the real estate transaction process.

And increasingly, companies are trying to satisfy that desire. Redfin, for example, lets home shoppers request a home tour from their website. And a whole slew of iBuying companies will give sellers a quote almost instantly, then close on the property in a fraction of the time it takes for a conventional transaction.

These types of experiences have given consumers the expectation that every transaction in their lives should be similarly smooth and straightforward. As a result, Burns’ argument went, they want — or demand — that type of service when closing a real estate deal.

Burns also pointed out that a significant amount of venture capital is pouring into the real estate industry in an effort to create these types of seamless, transparent closing experiences. In other words, there are fortunes to be made for the people who figure this out.

However the trend plays out, though, the stakes are high and reverberate across various slices of the industry. Burns noted that consumers associate their agents with their closing experiences, which is great when the deal goes smoothly. But if there are problems, that can cloud a consumer’s impression not just of their title or escrow service, but of their agents as well.

And that means it’s incumbent on everyone involved in real estate transactions to push for better, smoother experiences.

“There has to be this understanding,” Burns added of everyone involved in a deal, “that the reputation is linked.”

Email Jim Dalrymple II

Watch the entire conversation with Burns in this video of the ICLV session. 

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×